Leif’s Coins Non-Disclosure Policy

Do We Report any Transactions to the Government When You Buy or Sell Precious Metals? 

As with other types of businesses, virtually all of our transactions are conducted without any IRS reporting requirements whatsoever. However, businesses like ours are subject to the anti-money laundering provisions in the “Patriot Act” enacted in 2001. 

At Leif’s Coins, we follow the law closely to make sure we meet all obligations that are required of us. In the normal course of business, we are not required to report your purchase of precious metals about 99.99% of the time, with one exception. For a disclosure requirement to be triggered, BOTH of the following conditions have to be met: 

1. The transaction is (or related transactions are) larger than $10,000 in size, AND
2. Payment is made using cash (currency and/or coins) or with two or more cash instruments (defined as money orders, cashier’s checks, or traveler’s checks) which, individually, are $10,000 or less but when totaled together equal more than $10,000. Personal checks, debit cards, bank wires, and credit card payments are NOT considered cash or cash instruments, and, therefore, purchases using them do not trigger disclosure by a dealer regardless of amount(s)

The IRS disclosure document involved in these rare transactions is called Form 8300, and is applicable to all cash transactions in the broad US ECONOMY meeting the above conditions – not just the precious metals industry. 

Likewise we are required to report the SALE of your precious metals in specific rare situations: According to IRS regulations, only the below listed items in specific quantities that can be used to fulfill a regulated futures Contract (RFC) trigger 1099 B reporting requirement for anyone other than corporations. Those items are currently as follows: 

Reportable Item Minimum Fineness Minimum Reportable Amt. 

• Gold Bars .995 Any size bars totaling 1 Kilo (32.15oz) or more 
• Silver Bars .999 Any size bars totaling 1000 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 
• 1 oz Gold Maple Leafs as minted 25 1oz. Coins ● 1 oz Gold Krugerrands as minted 25 1oz. Coins ● 1 oz Gold Mexican Onza as minted 25 1oz. Coins ● US 90% Silver Coins as minted Any combination of dimes, quarters 

or half dollars totaling $1000 face 

value or more 

Sales of of any other types of precious metals that are not mentioned above (eg. American Gold & Silver Eagles, Canadian Silver Maples, etc), no matter how larger – do not trigger a Form 1099 B filing requirement. 

It should be noted, however, that individual taxpayers have their own reporting obligations as to their own tax returns. Because the IRS currently considers precious metals to be property, not money, it expects investors to accurately report any capital gains or losses measured in Federal Reserve note “dollars” when the bullion is sold. You are strongly urged to comply with all your legal requirements, including reporting all your income. Any capital gain or loss you incur is generally incorporated into your income tax obligation at the federal and state level. (But personal reporting is not required when the metals are purchased and not while the metal remains in your ownership). 

In accordance with our privacy policy, Leif’s Coins is dedicated to maintaining the confidentiality of our customers. Investors should buy metals with confidence; transactions with us are legal, secure, and discreet.