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Pres Obama asks congress in his SOTU address to
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Repeal the 1099 reporting law! I think it will be history soon?
Brian Wagner Rare Coins, Specializing in PCGS graded, Shield, Liberty and Buffalo Nickels varieties.
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<< <i>Repeal the 1099 reporting law! I think it will be history soon? >>
I hope so. I was quite excited when I heard that.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
<< <i>Repeal the 1099 reporting law! I think it will be history soon? >>
No question. This has not been in doubt for some time. There is strong, bi-partisan opposition to this absurd law. It will NEVER take effect.
I knew it would happen.
<< <i>
<< <i>Repeal the 1099 reporting law! I think it will be history soon? >>
No question. This has not been in doubt for some time. There is strong, bi-partisan opposition to this absurd law. It will NEVER take effect. >>
Lance.
<< <i>Elections have consequences. >>
Some more than others!!!!
<< <i>Some board members seem to think it is a great thing. >>
WHAT???
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
--- Jack Handy
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<< <i>
<< <i>Repeal the 1099 reporting law! I think it will be history soon? >>
I hope so. I was quite excited when I heard that. >>
You weren't the only one. The entire Congress was on its feet clapping. There seems to be some strong feelings on this law.
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<< <i>Cool, I love coin related threads!!
Exactly... so I'll try to make it coin related by saying that I'm going to freeze my coin spending for the next 5 years
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
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It means to me one of my favorite coin shops where I live
that I have been going to since I was a kid is going to stay
open.
The owner told me last year if the law takes effect,I close the doors.
Personally, I'm not getting my hopes up on talk.
<< <i>Heard a lot of things in the State of the Union speech.
Personally, I'm not getting my hopes up on talk. >>
I certainly understand your hesitancy, especially when it comes to Washington politics.
The reason that I believe the 1099 reporting law is toast is the vote to repeal the entire
health care package in the House did not go unnoticed. Along with the enormous
backlash that has felt by Congress and the Senate from their constituents concerning this
absurdly burdensome law. One letter writing campaign was started right here on this board.
The President offered up this law to be sacrificed in a very public manor in an effort to
save other components of the health care bill. As usual it is all about wheeling and dealing.
<< <i>Heard a lot of things in the State of the Union speech.
Personally, I'm not getting my hopes up on talk. >>
Dang, I was too busy to watch it - had just painted a wall and wanted to watch the paint dry....
It has nothing to do with reporting what profit you make as some on the board think.
It is all about all the extra work in preparing all these stupid 1099's you will be required to do that would drive everyone crazy.
You would have to keep track of everyone you sold something to and when they hit $600 you would then issue a 1099 the way I understand it.
I would just as soon stop buying and selling as go through all that.
Rampant currency debasement will be the most important investment trend of this decade, and it will devastate most people.
- Nick Giambruno Buy dollar insurance now, because the policy will cost more as the dollar becomes worth less.
OMG!
Rampant currency debasement will be the most important investment trend of this decade, and it will devastate most people.
- Nick Giambruno Buy dollar insurance now, because the policy will cost more as the dollar becomes worth less.
<< <i>Some board members seem to think it is a great thing. >>
If you are implying that this is bad because it "enables" tax evasion, keep in mind that many have estimated the economic costs of compliance with the law to dwarf the amount of revenue that might be lost to people who would use this as an excuse to not pay their taxes.
The *only* potential reason to support this law is a belief that it would reduce tax evasion. But if you raise an extra $X in taxes because of it while causing a $3X economic drain to the cost of compliance, it's not such a good idea.
<< <i>From what I understand, if you are supposed to issue a 1099 to someone and you don't, you subject yourself to a $50 fine.
OMG!
I believe unless you filed the 1099, you would lose the deduction.....
This would hurt not only the coin business but many others....
Gardnerville, NV
=========================
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He knows that bill currently does not have enough votes to pass so he wants to sound like he's with it. LOL, what a joker.
He doesn't even write his own speeches, he's a teleprompter reading actor.
There were so many lies/propaganda in his so called speech it gave me headache.
I suspect that 1099 will be back, it's there to help kill whatever is left of the US economy.
I dont' think it's time to celebrate yet.
They may just compromise to increase the limit from 600 to 1200 for example, or perhaps make it per transaction versus cumulative etc. That would eliminate 80% or so of the paperwork since most collectors are small spenders. Of course, for the 20% of us that do 80% of the buying / selling it won't help. It will be more of a nightmare on the 20% of us that do most of the business than on the Shop owners at that point. I think a lot of us collect and don't want the IRS involved in every thing we do. I suspect that almost any reporting requirements at all will have a devastating(sp) effect of the upper 20%, on the number of people that will leave the hobby. I for one am not going to be giving my Social Security number to any Coin Dealer, and then have to try to figure out cost basis on every coin over decades. It just isn't going to happen. In some upper echlon collectors it won't matter. At least for those that die with their coins and then leave a very detailed list of coins in the will so that heirs can step up the cost basis to market value. I suspect that most of us however, intend to use a good amount of our collection as income in retirement.
However, I can certainly understand if they do make compromise to the requirement versus eliminating it. There are many goody two shoe board members that think it's all about tax evasion, we can assume that attitude prevails in the over all populaton. It's much easier for Congress to tweak the law and have republicans agree to the change when it's tweaked in such a manner that it's apparent it will provide some tax compliance with a smaller burden on businesses.
Of course, none of this has a bearing on Ebay's policy of issuing 1099's this year for those with 20k or 200? sales. I don't know if that was governmental policy or Ebay came up with it. Does anyone here know ?
I didn't have the time for it. I had to watch the Buckeyes open up a can of whup on the Boilermakers.
<< <i>Thanks for posting. I missed it in between all the verses of Kumbaya. Good on him. MJ >>
That's why I just can't bear to watch a SOTU address. Either party, BTW. They're just so ... platitudinous!
<< <i>Barry Soetoro (or whatever his real name is) - aka Obama was just saying that to look good and ease your fears.
He knows that bill currently does not have enough votes to pass so he wants to sound like he's with it. LOL, what a joker.
He doesn't even write his own speeches, he's a teleprompter reading actor.
There were so many lies/propaganda in his so called speech it gave me headache.
I suspect that 1099 will be back, it's there to help kill whatever is left of the US economy. >>
You must not like any president in the last 60 years -- not many of them write their own speeches.
Of course, your first line says it all, doesn't it.....
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
that items bought or sold for inventory are in no way EVER reported on 1099 forms.
<< <i>You can see here http://www.irs.gov/efile/article/0,,id=98114,00.html
that items bought or sold for inventory are in no way EVER reported on 1099 forms. >>
Since the new rules were to go into effect in 2012, they would not be included on the IRS's list of items reported on 1099's, since that list has just the currently required items.
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>So do the street dealers go to jail for tax evasion if they don't submit a 1099 when buying their stashes? >>
Yes, and as much as I hate the new law, clamping down on tax evasion is its sole purpose. You'd think with all the electronic transferring of money these days the IRS would be able to do their job and identify tax evaders without having to have others do it for them.
Rampant currency debasement will be the most important investment trend of this decade, and it will devastate most people.
- Nick Giambruno Buy dollar insurance now, because the policy will cost more as the dollar becomes worth less.
<< <i>You can see here http://www.irs.gov/efile/article/0,,id=98114,00.html
that items bought or sold for inventory are in no way EVER reported on 1099 forms. >>
Not under current tax law. Check your website again after Jan. 1, 2012.
Rampant currency debasement will be the most important investment trend of this decade, and it will devastate most people.
- Nick Giambruno Buy dollar insurance now, because the policy will cost more as the dollar becomes worth less.