Congress Passes Legislation To Repeal Form 1099 reporting

[jeff of pa]

There was so much disinformation spread about the exact nature of this legislation. Hopefully this will come to an end. For instance, some coin dealers were misinforming (lying?) to potential customers that they would have to report to the federal government all sales of bullion-priced products to retail customers—a deceitful ploy to try to sell higher profit collector coins. Others were claiming that the law was intended to require everyone to report their gold and silver holdings to the US government.

http://news.coinupdate.com/congress-passes-legislation-to-repeal-obamacare-reporting-0755/

 

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[JD-GA]

Yeah I dont get what a customer "buying" bullion would have anything to do with this bill. Its when they "sell" their bullion that a 1099 would have become neccesary from the coin dealer who purchased it. At that time the customer getting the 1099 would want to be able to prove how much they originally payed for those bullion coins so they only pay taxes on the profit earned instead of the taxes on the entire amount of the purchase.

 

[Dave44]

I also thought that it meant you would get a 1099 if you sold. That was a terrible idea. The paperwork would be mountainous and not just for coin dealers! Has this been approved by the Pres yet?

 

[JD-GA]

I actually thought this had already been repealed. I can tell you how it will effect people though. If it passes I will close my businesses doors immediately. Not only will it be to much work and headache for me to deal with but my customers will end up having to pay income tax on every single penny I gave them if they can not produce receipts for something they probably never received one for. Most of the stuff they sell me they purchased years ago and have made a profit from it, but not a 100% profit that the government will want a lions share of.

 

[Dave44]

I actually thought this had already been repealed. I can tell you how it will effect people though. If it passes I will close my businesses doors immediately. Not only will it be to much work and headache for me to deal with but my customers will end up having to pay income tax on every single penny I gave them if they can not produce receipts for something they probably never received one for. Most of the stuff they sell me they purchased years ago and have made a profit from it, but not a 100% profit that the government will want a lions share of.

Absolutley right JD. That is what they were counting on to start with. The way I heard it they would require 1099s for corporations also. Also a stupid Idea