Apmex.con (2024)

FAQs

Does APMEX report purchases to IRS? ›

Do you report my purchase of Precious Metals to the IRS? APMEX is not required to report our sales transactions to the IRS or any other federal, state or local agencies unless you fall under the Form 8300 requirement.

Is APMEX legit? Yes, the company is accredited by the BBB and has been in business since 2000.

If you're looking for the widest array of products in all categories, APMEX should be your first stop. If you value an exceptional overall customer experience, you should also check out JM Bullion.

We make it easy to sell your Gold, Silver and other Precious Metals, from locking in your price to getting paid. Start the process today by requesting a quote online or giving us a call.

Bars and Rounds

995 and the total purchase quantity must be 1 kilo (32.15 troy ounces) or more. Similarly, for sales of silver bars and rounds to warrant reporting, each silver piece needs to possess a fineness of at least . 999 with a total purchase quantity of 1,000 troy ounces or more.

There is no limitation in the United States. You can have a warehouse of couches, fleet of vehicles, pallets of US banknotes, and vaults of precious metals. The US treats gold and silver bullion like a couch. Once you pay for it along with any sales tax (if any) it is yours to keep.

APMEX is not only legit, but after 20+ years in business, they are one of the country's most credible and reliable precious metal exchanges. A team of numismatists who are experts in coins, paper currencies, and precious metals vet APMEX's products.

The owner Scott Thomas won the Presidential Award in 2009 from the American Numismatic Association and APMEX was voted Best Place to Work in 2019, 2020, 2021, and 2022 by The Journal Record.

When shopping with APMEX, state sales tax laws apply on orders shipped within certain states. Among those states with sales tax that apply, some states charge sales tax only on Jewelry or non-Precious Metals items while others require tax collection regardless of the items in your order.

The live spot prices move up and down related to supply and demand. When buying and selling during increased demand, precious metal dealers may charge a higher premium than usual. Fewer sellers are willing to sell precious metal bullion at the spot price during periods of high demand.

What are alternatives to APMEX? ›

The closest competitor to apmex.com is kitco.com.

Our top picks, listed alphabetically, include American Hartford Gold, APMEX, Goldco, JM Bullion and Orion Metal Exchange. Before buying gold online, you should find a reputable dealer.

APMEX: We buy gold bullion, coins, numismatics, semi-numismatics, rare coins, and currency. We will submit a FORM 1099-B to the IRS, like other establishments, if required.

APMEX Ratings and Reviews. For over 15 years, APMEX has provided customers with an easy shopping experience they can trust. We pride ourselves on transparency and consider every customer review to be valuable feedback. Check out some of these reviews below and see why we have a 98% customer satisfaction rating.

Choose Reputable Buyers: Opt for established and reputable buyers when selling your gold. Look for buyers who are licensed, experienced, and have positive customer reviews. Avoid dealing with individuals or unverified online platforms. Get Multiple Quotes: Don't settle for the first offer you receive.

Purchasing precious metals is typically done with cash, money orders, or cashier's checks. The dealer must use IRS form 8300 to disclose the transaction if it exceeds $10,000.

Thresholds for Reporting

The IRS requires the reporting of any cash transactions exceeding $10,000. This applies to a single transaction or a series of related transactions within a 24-hour period. For gold purchases, if the total amount paid exceeds this threshold, IRS Form 8300 must be filed.

Reporting bartering income

You must include in gross income in the year of receipt the fair market value of goods or services received from bartering. Generally, you report this income on Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship).