Do you buy broken jewelry?

Yes, we buy any broken gold, silver, or platinum jewelry. We also buy jewelry that isn’t broken if you don’t wear or want it anymore.

Should I clean my coins?

No, do not clean your coins as it may decrease any numismatic value they may have.

Do I need to polish/clean my silver/silverware if its tarnished?

No, there is no need to polish or clean any silver/silverware. Just bring it on in and we will take care of the rest.

Do you buy silver plate?

No, we do not buy anything silver plated at this time.

Would you still buy my watch if it’s not running?

Yes, we specialize in buying high end watches. If your timepiece is not running we can have our experts check it out and we will make you an offer if it is repairable.

Do I need an appointment?

No, please come in to any of our locations whenever it is most convenient for you.

Do I get paid on the spot?

Yes, we just need your state issued ID or drivers license and you will receive immediate payment.

Do you buy diamonds?

Yes, we specialize in buying diamonds of all shapes and sizes.

Do you do repairs?

No, we do not do any repairs at this time.

Do you have a numismatist on staff?

Yes, we have a staff numismatist ready to make you an offer.

Do you give written appraisals?

No, we do not do written appraisals (such as ones required by insurance). Bring your items in for our verbal offer on the spot.

Are you a pawn shop?

No, we are not a pawn shop. Buying outright allows us to offer you a top price for most items.

How does the process work?

Bring your items in and we will give you a fair offer while you wait. The process can take as little as a few minutes to get you in and out! For designer items allow a little more time for us to do a thorough evaluation and make you the highest offer we can.

Do you pawn?

No, we do not offer any pawns or loans. Buying your items outright allows us to make the highest offer we can.

Do you buy gift cards?

No, we do not buy any gift cards.

 

IRS Reporting Information

At NY Gold & Silver we have examined both federal and state laws in detail to ensure that we are in compliance with all of our legal obligations. Businesses like ours are subject to specific IRS regulations and to anti-money laundering provisions detailed in the “Patriot Act,” enacted in 2001. Pursuant to this, we are required by law to report any qualified activity to the proper authorities. Very few bullion transactions require 1099-B reporting; they are listed in the table below.

IRS Form 1099-B:

Precious Metals dealers issue a 1099-B to report the proceeds of customer sales to the dealer of any of the Precious Metals from the IRS Reportable Items List. (see table below)

Reasons why & instances when IRS Form 1099-B is filed:

The 1099-B form is used to report any proceeds paid to a non-corporate (private) seller to the IRS. This reporting enables the IRS to determine whether any individuals who may be selling items as a source of income have properly reported the income from those sales on their tax returns.

When an IRS Form 1099-B is required to be filed:

Dealers are required to file a 1099-B form when a customer sells the minimum quantity of any Precious Metals product that is included on the IRS’s Reportable Items List as listed in the table below.

IRS reportable items:

The IRS has specific rules relating to reportable transactions that require a Form 1099-B to be filed; those rules are included in the Form 1099-B instructions found on the IRS website. The following are guidelines provided by ICTA (Industry Council for Tangible Assets) applying to Precious Metal sales, and these guidelines, as well as the IRS rules, are subject to change at any time without notice.

If you have additional questions, please consult a tax professional for details on your specific tax situation.