Tax Reporting for Sellers

At PeerMetals, we want sellers to feel confident and informed when it comes to tax responsibilities. While PeerMetals automates certain aspects of tax reporting through Stripe Connect, it’s important for sellers to understand what is handled for them and what may still require their attention—especially when it comes to income taxes, precious metals-specific laws, and capital gains.

1. Income Tax Reporting

PeerMetals uses Stripe Connect to manage payment processing and tax reporting for all sellers.

• 1099-K Forms: Stripe will issue a 1099-K form to U.S. sellers who meet the IRS threshold for payment volume and number of transactions.

• Automatic Filing: Stripe handles reporting your gross sales volume to the IRS and provides a downloadable tax document that will be sent to your email on file.

• Accessing Your Tax Forms: You can access tax forms and update your tax details (such as name, address, or EIN) directly in your Stripe account connected to PeerMetals.

2. Thresholds for 1099-K Reporting

As of the most recent IRS guidance, sellers will typically receive a 1099-K if they meet the following:

• $600 or more in gross payments during the calendar year (current federal threshold, subject to change).

• Some states may have lower or additional thresholds, and Stripe will report based on state-level rules as well.

Note: These thresholds and policies are subject to change based on IRS or state updates. Always consult a tax professional for the most accurate guidance. This is not tax advice.

3. Tips for Staying Compliant

• Keep Detailed Records: Document your sales, purchase receipts, shipping costs, and dates.

• Track Your Cost Basis: This is crucial for accurately calculating capital gains or losses.

• Consult a Tax Professional: Tax laws vary by state, and individual tax situations can be complex. A CPA or tax advisor can help ensure you’re handling everything correctly.

• Review Your Stripe Dashboard: Keep your tax information up to date and download forms when available.

Need Help?

If you have any questions or concerns, visit our Contact Us page on the PeerMetals website for assistance. Our support team is here to help!