Jump to content
Objectivism Online Forum
Sign in to follow this  
Hermes

1099s Needed for Transactions over $600

Rate this topic

Recommended Posts

Coin dealers and collectors were warned that any purchase or sale over $600 will require the filing of a 1099.

$600 Sale? Get Ready for Tax Form

By David L. Ganz, Numismatic News June 29, 2010

Passage by Congress of the national health care legislation has had an unintended consequence to the nation’s coin collectors, vest-pocket dealers who buy and sell coins, and larger dealers who are frequent buyers of coins that collectors periodically liquidate as they trade up their collections for better coins, or simply sell to take a small profit or loss.

What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy.

The responsibility for issuing forms kicks in at $600 for coins or bullion ...

"Section 9006 of the Patient Protection and Affordable Care Act (Public Law 111-148, signed into law by President Obama this spring) turns 1099 forms into reporting forms not only for independent contractor’s income – what they have long been used for – but also to show sales, gains and losses on purchases and sales of goods as part of a trade or business."

Ganz is a practicing attorney and former president of the American Numismatic Association. -- Hermes

Edited by Hermes

Share this post


Link to post
Share on other sites

On the bright side, this should boost the returns for people working as lawyers and accountants. Lucky the government hired 10,000 more IRS agents in the bill too... i think they're going to need more to track down ever $600 transaction. I can't help but laugh.

Share this post


Link to post
Share on other sites

I would make them track me down. Ignore the 1099. The government is broke. How are they going to afford to chase after every $600 transaction? It's intended to break the system.

"Unintended consequences"? Rubbish.

Share this post


Link to post
Share on other sites
I would make them track me down. Ignore the 1099. The government is broke. How are they going to afford to chase after every $600 transaction? It's intended to break the system.
Be sure they there is no way they can prove that you did -- it will give them something they can charge you with, if they have an urge to prosecute you.

Share this post


Link to post
Share on other sites

I would make them track me down. Ignore the 1099. The government is broke. How are they going to afford to chase after every $600 transaction? It's intended to break the system.

"Unintended consequences"? Rubbish.

I'd be careful if I were you. The one thing the Obama Admin is very, very serious about is making sure they get your money.

Not only that, with the IRS the burden is on your to prove your innocence instead of the other way around.

Between 16000-19000 new IRS agents are planned for hiring. Consider yourself warned.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

×