Hermes Posted June 30, 2010 Report Share Posted June 30, 2010 (edited) 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 June 30, 2010 by Hermes Quote Link to comment Share on other sites More sharing options...
freestyle Posted June 30, 2010 Report Share Posted June 30, 2010 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. Quote Link to comment Share on other sites More sharing options...
AllMenAreIslands Posted July 7, 2010 Report Share Posted July 7, 2010 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. Quote Link to comment Share on other sites More sharing options...
DavidOdden Posted July 7, 2010 Report Share Posted July 7, 2010 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. Quote Link to comment Share on other sites More sharing options...
SapereAude Posted July 9, 2010 Report Share Posted July 9, 2010 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. Quote Link to comment Share on other sites More sharing options...
Steve D'Ippolito Posted July 11, 2010 Report Share Posted July 11, 2010 All Men Are Islands is not a US citizen, and with respect to the IRS, hasn't a clue what she is talking about. Quote Link to comment Share on other sites More sharing options...
AllMenAreIslands Posted July 26, 2010 Report Share Posted July 26, 2010 If there is really no fighting the IRS, then things are beyond bad. Sounds like your freedom and rights are gone. Quote Link to comment Share on other sites More sharing options...
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