PA's Gonna Love This - A Surprise Gold Tax

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PA's Gonna Love This - A Surprise Gold Tax - 7/21/2010 9:48:07 AM

Sanity

Posts: 22039
Joined: 6/14/2006
From: Nampa, Idaho USA
Status: offline

"We have to pass the bill so we can find out whats in it."

Nancy Pelosi

quote:

Gold Coin Sellers Angered by New Tax Law

Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions

Those already outraged by the president's health care legislation now have a new bone of contention -- a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.

The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics. Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

Full article at http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611

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RE: PA's Gonna Love This - A Surprise Gold Tax - 7/21/2010 9:52:27 AM

willbeurdaddy

Posts: 11894
Joined: 4/8/2006
Status: offline

quote:

ORIGINAL: Sanity

"We have to pass the bill so we can find out whats in it."

Nancy Pelosi

quote:

Gold Coin Sellers Angered by New Tax Law

Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions

Those already outraged by the president's health care legislation now have a new bone of contention -- a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.

The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics. Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

Full article at http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611

Im still not convinced thats what the law means, but if it does, this aspect of it is just precious!

(in reply to Sanity)

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RE: PA's Gonna Love This - A Surprise Gold Tax - 7/21/2010 10:46:07 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

The 1099s apply to any transfer of $600. This means- the grocery store- the ISP, anybody I pay over $600 in a year- will get a 1099.

In theory one already pays taxes on gains. The issue is more of privacy.

Bob Chapman says this rule is great for silver. It is also good for fractional gold pieces.

The rich already hoard gold.

I suggest a person obtaining a TIN. There is a degree of privacy using that number- rather then ones SSN.

I used my tax refund to buy a frank

http://www.apmex.com/Product/18/France_20_Franc_Rooster_Gold_Coins_AU_BU.aspx

-- I like these more tho---

http://www.apmex.com/Product/1048/Mexico_2_Peso_Gold_Coins_.aspx

I went with the Frank- as that was the special- (a different vendor)

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