Yes. If you hold bullion as an investment and later sell it at a profit you will have a taxable gain. Consult your tax professional for guidance.
As a dealer, we are required to report certain transactions to the IRS on a 1099, including purchases of 1,000 oz. or more of silver bars per transaction, 25 oz. or more of Candian gold Maple Leaf coins, and 1 kilo or more of gold per transaction.
Certain items are exempt from 1099 reporting requirements: American Silver Eagle 1 oz. coin, Canadian Silver Maple Leaf 1 oz. coin, Austrian Philharmonic Silver 1 oz. coin, American Gold Eagle 1 oz. / 1/2 oz. / 1/4 oz. / 1/10 oz. coins, and American Gold Buffalo 1 oz. coin.
As of the date of this post, ICTA guidelines for reportable transactions were as follows:
International customers: Please consult a local tax adviser for the rules pertaining to your jurisdiction.