So what are you going to do about it? Re: Pending reporting requirements
Mission16
Posts: 1,413 ✭✭✭
I've read multiple threads and articles on the bit slipped into the health bill about reporting on transactions over $600. Everyone laments and gnashes teeth over how government is screwing us and taking our liberties.
But WHAT are YOU going to do about it??
Lie back and pi$$ and moan about it? Go out of you way to avoid it? Or just sit silently while our rights and liberties are taken from us one at a time?
BULLS--T!!!!
Here's the thing: that bit was slipped into a 2500 page document that not ONE SINGLE LEGISLATOR READ IN IT'S ENTIRETY. And honestly, would you have?
So, most if not all of our ELECTED officials were not even aware it was in there, OR even would have understood the implications of it.
So WE THE PEOPLE need to bring it to thier attention. Call, write, email, every one of your legislators that voted on the Health care bill and let them know your feelings. Don't forget to call the ones who voted against it, they could be your best allies.
Bad legislation gets passed because of apathy.
(off soap box)
But WHAT are YOU going to do about it??
Lie back and pi$$ and moan about it? Go out of you way to avoid it? Or just sit silently while our rights and liberties are taken from us one at a time?
BULLS--T!!!!
Here's the thing: that bit was slipped into a 2500 page document that not ONE SINGLE LEGISLATOR READ IN IT'S ENTIRETY. And honestly, would you have?
So, most if not all of our ELECTED officials were not even aware it was in there, OR even would have understood the implications of it.
So WE THE PEOPLE need to bring it to thier attention. Call, write, email, every one of your legislators that voted on the Health care bill and let them know your feelings. Don't forget to call the ones who voted against it, they could be your best allies.
Bad legislation gets passed because of apathy.
(off soap box)
0
Comments
<< <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. And for vendor services and supplies that might fall under the new reporting requirements, just use a credit card to pay for them. Then the credit card company, not you, will handle the reporting. >>
There are two sets of people complaining.
One is the coin dealers that according to the law will have to fill out 1099s for any customer that sells them $600 or more worth of coins in a year (so in theory, a kid walks in with an old wheatie and gets $.10 for it, it has to be recorded in case he comes back later in the year with $599.90 of stuff to sell). Remember, the law does NOT cover people buying from a coin dealer (who may pay with a credit card), it covers people SELLING to a coin dealer (and coin dealers don't pay customers with a credit card).
But the majority of complaints are from people who don't understand (and need to chill!), thinking that they have to pay more taxes now (the only people that will are the ones that are not reporting income, and committing tax fraud).
<< <i>
<< <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. And for vendor services and supplies that might fall under the new reporting requirements, just use a credit card to pay for them. Then the credit card company, not you, will handle the reporting. >>
There are two sets of people complaining.
One is the coin dealers that according to the law will have to fill out 1099s for any customer that sells them $600 or more worth of coins in a year (so in theory, a kid walks in with an old wheatie and gets $.10 for it, it has to be recorded in case he comes back later in the year with $599.90 of stuff to sell). Remember, the law does NOT cover people buying from a coin dealer (who may pay with a credit card), it covers people SELLING to a coin dealer (and coin dealers don't pay customers with a credit card).
But the majority of complaints are from people who don't understand (and need to chill!), thinking that they have to pay more taxes now (the only people that will are the ones that are not reporting income, and committing tax fraud). >>
It won't increase taxes, it will increase record keeping and tax paperwork. That costs the small business money. It also will require me to obtain personal information from those that sell to me.
Frank, Reporting cost of goods sold on Sched. C does not tell the IRS who got the money. The newly required 1099 will. It's the whole reason they came up with it. And you will have to fill out the 1099 on qualified purchases because your costs of goods sold only shows a total of yearly purchases and doesn't identify who received the money.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
This is how we get our rights and privlidges slowly taken away. Sit back, relax and let our elected officials take care of everything.
Not.
<< <i>"Chill out, people."
This is how we get our rights and privlidges slowly taken away. Sit back, relax and let our elected officials take care of everything.
Not. >>
Amen
At least we think it's the proper form as its instructions have not been updated, no IRS guidance given, and will likely have to be done again once rules have been published.
Life's too short to worry about what may or may not happen in 2012 !
No, this provision won't increase taxes. However, they plan on increasing taxes a myriad of other ways. This is just another cost increase, but not a tax increase.
I knew it would happen.
<< <i> But the majority of complaints are from people who don't understand (and need to chill!), thinking that they have to pay more taxes now (the only people that will are the ones that are not reporting income, and committing tax fraud). >>
I am simply amazed how people are ignorant of the massive, monkey-like surrender of individual privacy to a Government by the simple insertion of two-three sentences into a Heath Care Bill that no one read until 6 mos. after it passed. This is a Gestapo-like reporting that will be imposed upon Bullion Sellers passing our names on to the Clown’s Tax People.
<< <i>"Chill out, people."
This is how we get our rights and privlidges slowly taken away. Sit back, relax and let our elected officials take care of everything.
Not. >>
<< <i>... a Heath Care Bill that no one read until 6 mos. after it passed. This is a Gestapo-like reporting that will be imposed upon Bullion Sellers passing our names on to the Clown’s Tax People. >>
We were discussing this a couple months back, likely a month or so after it passed and people had a chance to digest it. It has no more to do with bullion dealers than toilet paper dealers (except that bullion dealers buy more from their customers). The 1099 won't list whether you sold gold to the bullion dealer, or shelving. Sure, in theory they could try to guess who sold gold -- but by the time they do, it's probably too late (they may well have sold it all).
<< <i>But WHAT are YOU going to do about it?? >>
I'm going to vote the rascals out in November. That's what we should all do about it.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I personally dont care, as all my business activity is recorded on a schedule C for the year, this includes all transactions, shop, shows, e-bay , paypal transactions, etc.
What I am afraid of is that folks who bring thier coins / gold into sell will no longer sell to me if they know I will be reporting the info to the IRS if it exceeds 600.00. Many folks who come would not sell if they had to report it(even though they are supposed too themselves). They will find somebody /somewhere who is avoiding the reporting requirments and do business with them.
The little transactions I buy from day to day do not keep the shop profitable, its the collections/ Bullion deals that range from about 1k to 8k that do. If folks refuse to do business with me becuase of this reporting requirement, I will be out of buisness in less than 1yr.
<< <i>Here is my worry about the new reporting requirement:
I personally dont care, as all my business activity is recorded on a schedule C for the year, this includes all transactions, shop, shows, e-bay , paypal transactions, etc.
What I am afraid of is that folks who bring thier coins / gold into sell will no longer sell to me if they know I will be reporting the info to the IRS if it exceeds 600.00. Many folks who come would not sell if they had to report it(even though they are supposed too themselves). They will find somebody /somewhere who is avoiding the reporting requirments and do business with them.
The little transactions I buy from day to day do not keep the shop profitable, its the collections/ Bullion deals that range from about 1k to 8k that do. If folks refuse to do business with me becuase of this reporting requirement, I will be out of buisness in less than 1yr. >>
I'm in the same boat 100% of people polled by me say they would not give me their ss#
<< <i>Here is my worry about the new reporting requirement:
I personally dont care, as all my business activity is recorded on a schedule C for the year, this includes all transactions, shop, shows, e-bay , paypal transactions, etc.
What I am afraid of is that folks who bring thier coins / gold into sell will no longer sell to me if they know I will be reporting the info to the IRS if it exceeds 600.00. Many folks who come would not sell if they had to report it(even though they are supposed too themselves). They will find somebody /somewhere who is avoiding the reporting requirments and do business with them.
The little transactions I buy from day to day do not keep the shop profitable, its the collections/ Bullion deals that range from about 1k to 8k that do. If folks refuse to do business with me because of this reporting requirement, I will be out of buisness in less than 1yr. >>
That's what I am going to do! When I sell my metals I will sell under the table! I guess to do so I will have to discount my gold and platinum eagles $400.-$500. below worth but at least I will be able to sell!
(x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
mariner67, and Mikes coins
My silver is already entirely 10 oz bars with a handful of ASE's.
Other than that I plan to vote for "change" in November.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
Tax is due on the GAIN from the sale.
You track your own cost basis and report your profit subject to tax. Nothing has changed other than being issued a 1099.
<< <i>A 1099 issued indicates proceeds received from a sale.....
Tax is due on the GAIN from the sale.
You track your own cost basis and report your profit subject to tax. Nothing has changed other than being issued a 1099. >>
I agree with you. I don't understand what the big deal is. If you are claiming your profits correctly now, nothing will change. I do understand that coin shops will have much more paperwork, but other than that, I don't get it.
>
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<< <i>I don't understand what the big deal is. If you are claiming your profits correctly now, nothing will change. I do understand that coin shops will have much more paperwork, but other than that, I don't get it. >>
There are apparently a *lot* of people out there that enjoy committing tax fraud. If you look at Kitco's forums, there are tons of discussions of the new law, and lots of people that are upset -- not about their privacy, but about having to pay the taxes that they weren't paying before.
<< <i>
<< <i>I don't understand what the big deal is. If you are claiming your profits correctly now, nothing will change. I do understand that coin shops will have much more paperwork, but other than that, I don't get it. >>
There are apparently a *lot* of people out there that enjoy committing tax fraud. If you look at Kitco's forums, there are tons of discussions of the new law, and lots of people that are upset -- not about their privacy, but about having to pay the taxes that they weren't paying before. >>
Most of the long term increase in PM values is due to inflation caused by the government. I can understand people not wanting to reward the government for their bad actions.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I'm guessing I'll never get over this injustice
<< <i>We bail out the TBTF banks and they give big huge pay bonuses to their CEO's on the TAX PAYERS dime.
I'm guessing I'll never get over this injustice
And heaven forbid if we let the these bonuses get taxed at the higher rate when the tax cuts fall off.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163