You must now report purchases of coins to the IRS

[rambone]

Purchases over $600 must be reported on your 1099 form and taxed.

This will make it easier for the Government to confiscate gold from people, should they decide to repeat that act of tyranny.

Additionally, when inflation really hits us, it won't take much to equal "$600." So every purchase will be under the gun.

Rare Coin Reporting Legislation PASSES

UNDER THIS LEGISLATION RARE COINS ARE NO LONGER EXEMPT FROM REPORTING


Little has been said about legislation that passed as part of the health care reform bill.

In an effort to close the loopholes the health care reform bill includes massive reporting requirements for rare coin dealers. Any transaction of coins, paper money bullion ect over $600 is reportable under the new law. When it goes into effect all transactions will be required to be reported on IRS form 1099.

The new law is part of the health care bill and affects ALL sales of coins. The government is desperate to raise money to pay for the new health care reform.

This is far worse than the current regulations which require a minimal amount of records on certain bullion items to be filed. Eagles and Buffaloes are currently exempt under the old rules.

Its all changed. This bill is ALREADY passed and is now law.

Unless it’s repealed, its a done deal.

If you have coins or bullion you are holding for privacy -that privacy will be gone with this new law.

If you have been thinking about selling you may want to do it now rather than later to avoid government intrusion.

• Once this law goes into effect you cannot even sell 1/2 an ounce of gold or a single $20 St Gaudens without reporting it.

• By selling now can lock in today’s high prices without the red tape.

Worse yet, what happens to the coin market when this bill takes effect? If not repealed, a coin market collapse could occur.

Can you imagine the labor alone of having to report every item?

Dealers will not be able to afford to comply and many will likely go out of business.

Buyers love physical gold and rare coins because of the relative privacy compared to other investments. The advantage of relative privacy disappears with this legislation.

It is not known if the appeal attempt will be successful or not. The federal government is desperate for money and this bill has already passed. I think it proves that you absolutely cannot count on past rules staying in place when buying coins. Why would one think the government would not change the rules when it suits them? Thinking that your rare coins are safe from the government is not reasonable. The same thing that would make coins popular (rising prices) is what will get the governments attention.

If you’ve been on the fence to sell your coins do not wait. Take advantage of today’s market. Get top price before all this goes into effect and potential buyers are scared away .

In either case, call your Congressman to urge support for HR 5141 to repeal the 1099 reporting requirement included in the health care bill.

 

[NordicHeathenVinlander]

This is ridiculous.


I cant fanthom why the Gov would need this kind of info other than for skullduggery reasons.

 

[lashicoN]

I think the federal government is going to run out of straw before the camel's back breaks.

There is apparently no end to the bull**** we will put up with from one group of people. They have their greedy, grimy, sticky hands in every nook and cranny and it still isn't enough. Why stop at $600? Why not just make it every single transaction? That's what they'll end up doing anyway.

November will be too little too late. We should all be mentally prepared for that truth. It won't be puppies and sunshine anytime soon and we aren't going to steer this country back on course in a single election.

 

[Bill of Rights]

Um. It's a coin (or several.) I just can't see people necessarily making those 1099 forms up unless there is some benefit to them to do so, nor can I see many ways of tracking it happening, especially in a private-party sale.

Additionally, I can't see there being many people available to enforce it- there are just a few things I can think of that should have the attention of such people long before the reporting of coin sales should be a priority.



Blessings,
Bill

 

[rambone]

Um. It's a coin (or several.) I just can't see people necessarily making those 1099 forms up unless there is some benefit to them to do so, nor can I see many ways of tracking it happening, especially in a private-party sale.

Additionally, I can't see there being many people available to enforce it- there are just a few things I can think of that should have the attention of such people long before the reporting of coin sales should be a priority.



Blessings,
Bill

So will the IRS reporting on the Coin Dealer's end leave a trail back to the buyer?

 

[irishfan]

They are doing this in another step to make people favor the government that is offered since they are the only helping hand people in need will have. People will not realize that the agenda is not Republican vs Democrat but really communists, socialists, and globalists against independence.

 

[phylodog]

If you have a gold coin and you smash it into an unrecognizable lump of gold, is it still a coin? Does it still have the same value (if it's not rare or old?).

 

[Boilers]

The banking regs are pretty unbelievable.

 

[dleeharrison]

What a bunch of garbage. My wife recenlty purchased some gold coins. I'm afraid to ask her if she notified the IRS. She ma go ballistic!

 

[indykid]

I am surprised that they are not demanding the tracking of all copper, lead and brass transactions!

 

[sloughfoot]

I disposed of some lead and copper today. It is buried deep in the side of a dirt backstop. Do I have to report that?

 

[John Galt]

" Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security." - The Declaration of Independence

Our Founding Fathers, in their infinite wisdom, anticipated what is currently happening and left us instructions, orders actually, to do something about it. Get involved!

 

[match14]

This reminds me of when the FDR administration made it illegal to own gold coins and bullion. But first they have to make your report/register it before they can do that.

 

[Prometheus]

" Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security." - The Declaration of Independence

Our Founding Fathers, in their infinite wisdom, anticipated what is currently happening and left us instructions, orders actually, to do something about it. Get involved!

Thats exactly what I was thinking.

This reminds me of when the FDR administration made it illegal to own gold coins and bullion. But first they have to make your report/register it before they can do that.

Yep, they learned their lesson last time around when no one turned in their gold.

This time when the issue confiscation orders, they'll know where to go.

For all you crazy kids who don't keep up on the price of coins, Gold closed at $1211.40 and Silver at $18.50 a ounce.

Barely 5 years ago gold was under 600 an ounce. This will affect virtually every gold coin (save the 1/10 fractions) and most silver coin transactions. The online sale and trade of coins and bullion is skyrocketing. I think this will help to "cap" the rise in precious metals as more and more buyers/sellers take their transactions underground.

 

[lashicoN]

" Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security." - The Declaration of Independence

Our Founding Fathers, in their infinite wisdom, anticipated what is currently happening and left us instructions, orders actually, to do something about it. Get involved!

Yes, but unfortunately we can't talk about the instructions/orders our founders left for us, on this website, yet.

 

[WWIIIDefender]

Didn't the IRS get like 60,000 new IRS agents through the health care bill. I guess they gotta have something to do with our tax dollars. My chains are starting to wear tight and I am growing tired of them.

 

[djl02]

Louisville numeric exchange charges sales tax on gold as well. That didnt sound right to me,but its true.

 

[djl02]

If you have a gold coin and you smash it into an unrecognizable lump of gold, is it still a coin? Does it still have the same value (if it's not rare or old?).

No, but you devalued it by over 50 percent. It would now be considered scrap gold.

 

[Tactical Dave]

Purchases over $600 must be reported on your 1099 form and taxed.

This will make it easier for the Government to confiscate gold from people, should they decide to repeat that act of tyranny.

Additionally, when inflation really hits us, it won't take much to equal "$600." So every purchase will be under the gun.

Soooo just buy gold at $500 a pop and call it a day. I don't see much of a problem here that does not have an easy way around it......

If someone has $1000 in gold that you want to buy give him $500 then another $500 in cash and call it a day.... or to be really honest divide it up over a few days or something.

When you buy something do you not have to pay taxes on it? So why would anyone expect that buying gold would be different? Even person to person sales LEGALLY require you to report anything over $500 I think it is.... not that everyone does.

 

[88GT]

Soooo just buy gold at $500 a pop and call it a day. I don't see much of a problem here that does not have an easy way around it......

If someone has $1000 in gold that you want to buy give him $500 then another $500 in cash and call it a day.... or to be really honest divide it up over a few days or something.

When you buy something do you not have to pay taxes on it? So why would anyone expect that buying gold would be different? Even person to person sales LEGALLY require you to report anything over $500 I think it is.... not that everyone does.

Completely. I don't see much of a problem with one-gun-a-month purchases and guilty-until-proven innocent background checks either. Or being required to carry around a pink card to exercise my God-given right of self defense and protection of property.

"Reasonable" restrictions on our liberties are just that, right?