As stated in my original post, ICTA was kind enough to provide me a Consumer Kit, which although based on the more extensive information contained in the Dealer Kit, does not include the letter.
REF: Message 16130829
Regarding "Broker Reporting" ICTA negotiated items and quantities for reporting:
Gold Bars .995 1 kilo or more
Silver Bars .999 1000 troy ounces or more
Platinum Bars .9995 25 troy ounces or more
Palladium Bars .9995 100 troy ounces of more
Maple Leaf, as minted, 25 1oz coins
Krugerrand, as minted, 25 1oz coins
Mexican Onza, as minted, 25 1oz coins
American Eagles, not reportable
Fractional gold bullion, not reportable
US 90% Silver Coins, as minted, any combiantion over $1000 face
US 40% Silver Coins. not reportable.
A 1099b form is required when a coin dealer buys (you sell) precious metals that satisfy the above requirements of a CFTC regulated futures contract. ICTA clearly states there is no reporting requirment when you buy (coin dealer sells) |
