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Thread: Gold Coin Sellers Angered by New Tax Law

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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by Gill View Post
    OK, not a tax, but it is an expense and a huge one. It does NOT apply only to unincorporated businesses, it applies to everyone. If your company buys 6 $100 dollar employee appreciation lunches, the caterer must get a 1099. If your company buys $900 in business cards, a 1099 must go out. If your company pays the kid down the street $600 to mow the lawn, a 1099 must go out.

    The number of 1099s that must be filled out and sent will increase a thousandfold.
    That I can agree with.

    The reason coin dealers are so up in arms is that they will have to report paying me $30,000 for the gold I paid $10,000 for right after 9/11. In the past, these transactions were invisible. I could pocket my $20K profit and not pay a dime in taxes on it. They're afraid it will gore their ox. And it will. And it should. That's just one example. Cheating this way is rampant.

    This is no different than banks being required to send out 1099's on every piddly little interest payment they make to an account holder; but in their case it can be 25 cents. The gvmt then cross-checks those 1099 interest payments to individual returns to make sure they're reporting them.

    @ Reverend -- I respect your postings...like to read them. What am I missing?
    Last edited by MaggieD; 07-21-10 at 02:52 PM.
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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by MaggieD View Post
    That I can agree with.

    The reason coin dealers are so up in arms is that they will have to report paying me $30,000 for the gold I paid $10,000 for right after 9/11. In the past, these transactions were invisible. I could pocket my $20K profit and not pay a dime in taxes on it. They're afraid it will gore their ox. And it will. And it should. That's just one example. Cheating this way is rampant.

    This is no different than banks being required to send out 1099's on every piddly little interest payment they make to an account holder; but in their case it can be 25 cents. The gvmt then cross-checks those 1099 interest payments to individual returns to make sure they're reporting them.

    @ Reverend -- I respect your postings...like to read them. What am I missing?



    Well, are you still saying that these 1099's are applying only to unicorporated biz? What I am reading is an expansion to incorporated biz..
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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by MaggieD View Post
    That I can agree with.

    The reason coin dealers are so up in arms is that they will have to report paying me $30,000 for the gold I paid $10,000 for right after 9/11. In the past, these transactions were invisible. I could pocket my $20K profit and not pay a dime in taxes on it. They're afraid it will gore their ox. And it will. And it should. That's just one example. Cheating this way is rampant.

    @ Reverend -- I respect your postings...like to read them. What am I missing?
    NO, the gold dealers are mad because they'll have to send a 1099 to every newly divorced woman and man who brings in all the gold to sell that their ex-spouses gave them.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Gold Coin Sellers Angered by New Tax Law

    @ Gill -- That raises an interesting point, actually. I hadn't thought of that scenerio. I wonder how the gvmt will deal with that issue....? Paid for with after-tax dollars; who ever keeps the receipts for things like that? Will it be treated as an "automatic profit?" Will a person have to provide receipts to show they sold at a loss? Yes, I can see that being a real problem. Hmm.......

    Still, overall the legislation (even if it has to be tweaked) will stop scammers in their tracks.

    The Reverend said -- Well, are you still saying that these 1099's are applying only to unicorporated biz? What I am reading is an expansion to incorporated biz..
    Actually, I had first understood the legislation to mean that 1099's would only have to be issued to sole proprietorships and individuals. When I looked it up just now, it appears it will apply to every payment. One has to be a Philadelphia Lawyer to understand the legaleze. If it applies to every single check over $600 that a company writes, then it is not only onorous on the businesses that have to report it, but impossible to enforce. Are we going to cross-check every single payment Apple receives to make sure they reported it? Can't be done.
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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by MaggieD View Post
    @ Gill -- That raises an interesting point, actually. I hadn't thought of that scenerio. I wonder how the gvmt will deal with that issue....? Paid for with after-tax dollars; who ever keeps the receipts for things like that? Will it be treated as an "automatic profit?" Will a person have to provide receipts to show they sold at a loss? Yes, I can see that being a real problem. Hmm.......

    Still, overall the legislation (even if it has to be tweaked) will stop scammers in their tracks.


    Actually, I had first understood the legislation to mean that 1099's would only have to be issued to sole proprietorships and individuals. When I looked it up just now, it appears it will apply to every payment. One has to be a Philadelphia Lawyer to understand the legaleze. If it applies to every single check over $600 that a company writes, then it is not only onorous on the businesses that have to report it, but impossible to enforce. Are we going to cross-check every single payment Apple receives to make sure they reported it? Can't be done.
    Between this requirement and health care reform penalties, the IRS will have to double in size. Guess that's one way to help unemployment.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Gold Coin Sellers Angered by New Tax Law

    Ha! That's another thread!
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by Your Star View Post
    He couldn't see the puck!

    Sorry had to do it
    Thats really sad you would attack his health problems because you don't like his positions.
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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by MaggieD View Post
    Ha! That's another thread!
    Off topic........do you show dogs??

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Gold Coin Sellers Angered by New Tax Law

    No. But I see why you asked. That's Josh, my GSD. I adopted him from a woman who had 28 other show dogs. He was six and had never lived in anything but a dog kennel in a really fancy garage with the other show dogs. He won Best of Breed. She decided he deserved to live with a family B4 he left this earth, and so gave him to us.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by MaggieD View Post
    This isn't taxing small businesses. A 1099 simply reports payments made. This is a loophole closed that is long overdue. Every taxpaying American should be delighted that others who've skirted by under the radar will now be cross-checked. The only thing better than this "good start" legislation would be an automatic withholding on those 1099's of 10%.
    Why was it hidden in the healthcare bill?

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