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.
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Unless it’s repealed, its a done deal.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.
Worse yet, what happens to the coin market when this bill takes effect? If not repealed, a coin market collapse could occur.
- By selling now can lock in today’s high prices without the red tape.
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.