REGULATION INFORMATION
IRS Reporting Requirements
Folsom Gold Exchange is required to file Internal Revenue Service Information
Form 1099-B for the following precious metals sales for a
single customer within a 24-hour period:
| Reportable Item | Minimum Fineness | Minimum Reportable Amount |
|---|---|---|
| Gold Bars | .995 | Any size bars totaling 1 Kilo (32.15 troy oz.) or more |
| Silver Bars | .999 | Any size bars totaling 1,000 troy oz. or more |
| Platinum Bars | .9995 | Any size bars totaling 25 troy oz. or more |
| Palladium Bars | .9995 | Any size bars totaling 100 troy oz. or more |
| Gold 1 oz. Maple Leaf | As minted | 25 1-oz. coins |
| Gold 1 oz. Krugerrand | As minted | 25 1-oz. coins |
| Gold 1 oz. Mexican Onza | As minted | 25 1-oz. coins |
| U.S. 90% Silver Coins | As minted | Any combination of dimes, quarters, or half-dollars totaling $1,000 face value or more |
Note: Sales of quantities less than shown on the chart above, or sales of
other precious metals, are not reportable on Form 1099-B.
W-9 Requirement: If you engage in a reportable sale, Folsom Gold Exchange
will require that you complete and sign IRS Form W-9, Request for Taxpayer Identification
Number and Certification, before completing the transaction.
For more information, visit www.irs.gov.
For more information, visit www.irs.gov.
Cash Transaction Policy
Gold Exchange, like all financial institutions, is required to comply with state and federal laws and regulations which require that we know who is conducting a transaction with us. Gold Exchange operates in full compliance with the USA Patriot Act, Bank Secrecy Act, and Anti Money Laundering Compliance Program. For additional information please visit:
If you have questions about reporting cash activity, contact the
Internal Revenue Service (IRS) at
www.irs.gov.
For questions about any other requirements, contact the Financial Crimes Enforcement Network (FinCEN) at www.fincen.gov.
For questions about any other requirements, contact the Financial Crimes Enforcement Network (FinCEN) at www.fincen.gov.
Sales Tax
Selling to us: There is no sales tax added, nor deducted when you sell your items to us.
Purchasing from us: Sales tax will be added to all purchases under $2,000.
Purchasing from us: Sales tax will be added to all purchases under $2,000.
NO SALES TAX ON PURCHASES OVER $2,000
Coins & Bullion only — jewelry not included
California Sales Tax “EXEMPTION”
For sales occurring on or after July 1, 2023, a sale in bulk occurs if the total market value of the monetized bullion, nonmonetized gold or silver bullion, and numismatic coins sold in a single transaction is $2,000 or more, or is equal to or exceeds the adjusted amount as computed by Revenue and Taxation Code Section 6355. For purposes of this regulation, market value means sales price as defined in Revenue and Taxation Code Section 6011.
For sales occurring on or after July 1, 2023, a sale in bulk occurs if the total market value of the monetized bullion, nonmonetized gold or silver bullion, and numismatic coins sold in a single transaction is $2,000 or more, or is equal to or exceeds the adjusted amount as computed by Revenue and Taxation Code Section 6355. For purposes of this regulation, market value means sales price as defined in Revenue and Taxation Code Section 6011.