There is a piece on the "secret gold coin tax" in the heathcare bill on Kudlow on the 7:00

Justacommeman

FYI- MJ

AboutAg

Come on, come on, let's at least refer to it properly. "secret gold coin tax" is used to hype by the media.

The bill has nothing to do with gold coins, that doesn't apply to anything else that can be bought. The same law applies to toilet paper.

And there is nothing being taxed now that wasn't taxed before.

I guess just calling it "secret change to tax reporting" doesn't get people's attention as well.

Reminder for those unfamiliar, who have been sitting in a cave for the past few months: this bill requires businesses (not individuals) to file a lot more paperwork (one for each vendor/person they buy over $600 of stuff from a year), but does not in any way affect the amount of tax people owe.

gsa1fan

More "Big Brother" from the BO crew!

Frankcoins

Chill out, people. Cost of goods for sale and sales are reported on Schedule C as always. 1099 forms have always been a "catch-all" for misc income NOT REPORTED ELSEWHERE.

AboutAg

<< <i>Chill out, people. Cost of goods for sale and sales are reported on Schedule C as always. 1099 forms have always been a "catch-all" for misc income NOT REPORTED ELSEWHERE. >>



Just to clarify here, every sale has two sides. When a coin store or bullion dealer buys a 1oz gold coin for $1,000, it is reported on the Schedule C (or equivalent) as cost of goods sold. And the person selling the coin reports the sale on Schedule D (capital gains). THat's the way it has always worked.

However, in the past, no 1099 needed to be filled out. Starting January 1, 2012, 1099s will need to be filled out (which only affects the businesses having to fill them out, and people who were committing tax fraud who now might get caught).

Justacommeman

At the end of the day the amendment slipped into health care legislation will track bullion transactions. I have a real problem with that. MJ

FYI- I didn't create the title of the headline "secret gold coin tax" it want was advertised. Just reporting........

MoneyCollector

Don't forget that in order for a coin dealer to send you a 1099, he will need your Social Security number. When I sell here in Dallas, they are already required to record your drivers license info. I don't mind getting a 1099 but do I REALLY want to give them my DL info and my SS number? I think the best buyers will be other collectors/hoarders like myself here at CU that will not issue a 1099. Also, there will always be people willing to buy who will not follow the rules - its a practical world out there.

AboutAg

<< <i>At the end of the day the amendment slipped into health care legislation will track bullion transactions. I have a real problem with that. MJ

FYI- I didn't create the title of the headline "secret gold coin tax" it want was advertised. Just reporting........ >>



Sorry about that -- I've just grown very, very tired of all the new threads, most of which are "Guess what just happened!" threads from people who clearly haven't been reading the forums, most of which are filled to the brim with misinformation. I shouldn't shoot first and ask questions later.

AboutAg

<< <i>At the end of the day the amendment slipped into health care legislation will track bullion transactions. I have a real problem with that. MJ

FYI- I didn't create the title of the headline "secret gold coin tax" it want was advertised. Just reporting........ >>



Sorry about that -- I've just grown very, very tired of all the new threads, most of which are "Guess what just happened!" threads from people who clearly haven't been reading the forums, most of which are filled to the brim with misinformation. I shouldn't shoot first and ask questions later.

Justacommeman

No worries at all. I didn't take it that way and I understand. MJ