When someone purchases silver bars as a form of an investment, they ultimately look to sell those same bars for a price that makes them some money. In the past, in order to complete a task such as this required going around to all the different brick and mortar shops and finally selling to the one that would give you the largest sum of money.
With the dawn of the internet, no longer do you have to waste the time and the money in order to sell your silver bars to gain a return on your investment. Now you can sell your bars back all from the comfort of your home and you do not have to worry about traveling great distances. Of course the larger the quantity of silver bars you would like to sell back, the higher your return will be.
In the following few sections you will be briefed on how exactly you can sell your silver bars online and make away with a nice cash return.
In order to sell bars back to online dealers it is really as simple as three separate steps. The first of these steps is to go and actually find out what products a dealer is buying back; the list is long but there is an off chance that your item may not be listed. If this is the case and you cannot seem to find the specific bar you would like to sell in their listing, it likely falls under the “Any Mint/Condition” category.
An example of when you would select the “Any Mint/Condition” category is in the case where you have a large assortment of a variety of different one ounce silver bars. In the case that you have a large quantity of Sunshine 1 ounce silver bars, you would find and select the Sunshine category as the type of bar(s) you are selling back.
The second step is to simply select your items, whether they are specific brands or a general assortment, and specify how many you are going to be selling back. The next step is to fill out all of your personal information so that, once the dealer receive your shipped silver bars, they can compensate you accordingly.
Finally you then get to choose how you will be sending your items to the dealer. The shipping options you have to choose between are usually UPS, USPS, and FedEx. Many dealers suggest that you add tracking and insurance on all of your shipped items as they often take no responsibility for lost or damaged items.
Once all your items are received and accounted for you will, only a few days later, receive your check or bank wire. Whether you employ a check or bank wire as a way to receive your funds is entirely your decision.
Tax Reporting (Required)
Whenever an investor rids themselves of the physical silver they own, one of the main concerns is whether or not the money they received is eligible to be taxed. Since we are in the United States, and just about everything we do is taxed, there are a few bits of information that you should be aware of before blindly selling your silver back to online dealers.
All transactions with a reputable dealer are private, for obvious reasons, up until a point. For those of you looking to sell silver bars back to a dealer your transaction goes from being private to needing to be publicly reported once the amount of silver you are selling back exceeds 1000 ounces (excluding exempt coins like American Silver Eagles).
Silver dealers will report the transaction by making use of an IRS tax form called IRS Form 1099 B. Basically, if you want to avoid making your selling silver back to an online dealer public, your best bet would be to sell back quantities that fall under the 1000 ounce quantity.
Please note that the above is not legal advice, and you are best off consulting a tax attorney when selling silver online.