BareBones
Full Member
A fellow treasure hunter sent this to me yesterday and I thought I would pass along this info since it very much pertains to this forum. This is a copy and paste from the email I received.
I guess the bottom line here is any gold transactions equaling $600 or more will be reported to the IRS. I am confident that refineries will be included as well as they would be classified as a gold dealer.
Income Redistribution: Health Care Tax on Gold
All that glitters is not gold. But if it is gold, get ready to pay a tax on it. ABC News reports, "Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change." This nugget falls under Section 9006 of ObamaCare -- undoubtedly one of the many sections unread by those who voted to pass the behemoth bill.
According to Diane Piret of the Industry Council for Tangible Assets, which represents approximately 5,000 coin and bullion dealers nationwide, "Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public." Now every time someone sells more than $600 in gold to a dealer, the dealer will have to report the purchase to the government. With gold at nearly $1,200 an ounce, one Michigan business owner who runs a coin service company estimates that he will have to file 10,000 to 20,000 tax forms each year. "I'll have to hire two full-time people just to track all this stuff, which cuts into my profitability," he said.
The Joint Committee on Taxation says the tax will raise $17 billion for Uncle Sam over the next 10 years. But money isn't all that's at stake. Gold buying has become popular among conservatives and those wary of the economic impact of this administration's policies. What better way to target -- and track -- these gold investors than to sic the IRS on them?
The IRS office of the National Taxpayer Advocate says the tax "may present significant administrative challenges to taxpayers and the IRS." We think "administrative challenges" are the least of our worries.
I guess the bottom line here is any gold transactions equaling $600 or more will be reported to the IRS. I am confident that refineries will be included as well as they would be classified as a gold dealer.
Income Redistribution: Health Care Tax on Gold
All that glitters is not gold. But if it is gold, get ready to pay a tax on it. ABC News reports, "Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change." This nugget falls under Section 9006 of ObamaCare -- undoubtedly one of the many sections unread by those who voted to pass the behemoth bill.
According to Diane Piret of the Industry Council for Tangible Assets, which represents approximately 5,000 coin and bullion dealers nationwide, "Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public." Now every time someone sells more than $600 in gold to a dealer, the dealer will have to report the purchase to the government. With gold at nearly $1,200 an ounce, one Michigan business owner who runs a coin service company estimates that he will have to file 10,000 to 20,000 tax forms each year. "I'll have to hire two full-time people just to track all this stuff, which cuts into my profitability," he said.
The Joint Committee on Taxation says the tax will raise $17 billion for Uncle Sam over the next 10 years. But money isn't all that's at stake. Gold buying has become popular among conservatives and those wary of the economic impact of this administration's policies. What better way to target -- and track -- these gold investors than to sic the IRS on them?
The IRS office of the National Taxpayer Advocate says the tax "may present significant administrative challenges to taxpayers and the IRS." We think "administrative challenges" are the least of our worries.
? This country needs HELP big time.
