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 – not a very high level and one that has already started sounding alarm bells. It doesn’t matter in what form payment is made, whether cash, check, credit card, or Yap stone money, the $600 threshold applies.
also if you have receipts you bought gold for
ReplyDelete1200 an ounce
and its 5000 grand you will have to pay tax on
only 3800 hundred
but your paper will still be worthless
thats still a great payoff
heres your worthless paper for gold
or 4 gold coins for a brand new car
50 percent of americans dont even pay taxes income
so yes this is a joke i expect a new under ground
of people buying and selling
and our goverment loseing all control on the whole econoemy
if gold drops ill by more thanks and silver
when people are rioting this will be the last of thier probloms
also anyone buying gold have money
ReplyDeleteand dont need it
the goverment is getting desperate and is a good sign
buy it know while cheap.
with some form of economic collapse surely coming, I believe that enforcement of many of the coming tax law changes will be next to impossible to inforce. If someone losses their job, their house, and is living on food stamps and unemployment, they really don't care about tax laws.
ReplyDeleteJust look at the backlog in foreclosures. There are too many for banks to take over them all. That's why many people continue to live in them for nothing. These theiving bankers don't know what to do with all the bad debt, and useless empty houses. They created a monster that must die a free market death to change. with no free market allowed, the banks are on life support from the American taxpayer.
Soon enough, the chaos will start, and total bedlam will be common. As one problem starts, it will cause another, and another, and another---well---you get the picture. The dominos have already started falling. Another good statement I heard, there's nothing stoping 1984 but 1776. very powerfull statement.
This 1099 reporting's real purpose is to condition us to a VAT. The VAT will have similar reporting requirements as the 1099.
ReplyDeleteGet ready for the existing Income Tax in addition to the VAT.
What can you do? A few thoughts:
1) What I purchase is between me and the seller. No one else. So I will have a bevy of unused tax id numbers to hand out.
2) Barter is an option.
3) Purchase those things NOW that would give Big Brother fits, before the 1099 reporting hits.
4) Expect in time you will need to swipe your driver's license with any large purchase, in addition to swiping your credit card. Even if you pay cash.
5) The law states reporting $600 or more in transactions over a year. That means almost every business will be asking for your social security / tax ID number. Who has been covering the privacy implications of this???
6) The next Congress will likely kick this can down the street a few years. So I'm not too worried at this point. I don't expect they will kill it off completely, however.
Anon at 5:49 - hear, hear!
Sounds like our government politicians are trying to destroy this country completely. Pretty soon it will be Amerika instead.
ReplyDeleteHmmm, aside from the possible future tax implications, now the government will have a record of who is actively buying/ selling gold and silver coins and bullion, and how much they own.
ReplyDeleteGreat info for them to have on hand when they decide to confiscate PMs 'for the good of the economy'.
"Mr. Jones, in 2012 you purchased 5 ounces of gold and there is no 1099 on record that you ever sold it. As a patritic American, it is your duty to now sell them to the Treasury at $500/ oz. Or go to jail."
Move everything into the speakeasy. Gold bars become platinum and silver bars, gold coins become platinum and silver coins. Everyone who is in business will just have to start burying and hiding the inventory, just as the moonshiners do with the still. This corrupt parasitic Obamaination will stop at nothing, until the wealth earners and savers are grinded into the ground. Barter your metals for cash, just as the people had to do with alcohol during the depression. These bastards in Washington don’t care about the law, so why should we care about the crap that they force down on us. Bullets will be on 1099 next.
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