The National Coin & Bullion Association (NCBA) recently concluded successful negotiations with the Internal Revenue Service (IRS) to reduce, as of Jan. 1, 2024, the paperwork burden previously imposed on coin dealers and some of their customers. You can read the NCBA news release at www.ncbassoc.org/article_content.asp? edition=3§ion=8&article=211.
Over 30 years ago, the IRS began requiring coin dealers to report to it purchases from non-corporate sellers of selected precious metals items. This would require that dealers obtain names, addresses and taxpayer numbers to report the details on Form 1099-B of such purchase to the IRS along with copies provided
