1099 Over $600

[endthefed13]

Is the provision of filling out a 1099 on purchases over $600 law? I am aware that this was snuck into the Obama healthcare bill and takes effect January 1, 2012. Has anyone had any experience with this new provision? Let me just say that it is an outrage. You can't buy one half ounce of gold without reporting the transaction!?!? This is not the America the founding fathers intended. Oh how we have lost our way. Anybody else agree??

[mod]Mod edit - Language.

Let us not make this into a Political discussion.[/mod]

 

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[bluehunter1973]

I always buy with cash under the table.

 

[Lburgguy]

It's been repealed so don't worry about it.

 

[$nack-Money]

America voted for change, and you just got it. Enjoy

 

[namster]

Welcome to the United Socialist States of America.

 

[Lyfeguard]

I asked my tax guy this year the same question. He said "technically" the sale of any coin (for more then face value) or precious metal should be reported for the purpose of capital gains tax regardless of the amount. Now most coin/precious metal stores would prefer cash deals as we do so if you can sell for cash without a 1099 take it and run. If they insist on a 1099 they are just covering their butt!

 

[SFBayArea]

I think there's some sensationalism here by the OP. From what I recall legend76 wrote that Obama ended something that had to do with that. I'm sure it's only required for dealers/businesses, not private citizens. There's no 1099's for 40%ers. They're don't have enough silver majority to be deemed silver. I've never gotten a 1099 from APMEX. There is an advantage of selling 40%ers although I do plan on reporting the proceeds for 15% capital gain under sale of coin collection anyhow.

Sounds like too much Ruppert Murdoch TV watching to me. We all know how nice of a guy Murdoch is. LOL