COIN SHOPS.......TAKE NOTE!......A must read.

[Count_Erfit]

Big brother is in deep debt trouble and looking for scapegoats.

 

I am sure that bullion dealers are already classed in the group with pawnshops.

 

Better check with ICTA and your other professional organizations.

 

 

And WATCH those winky-winky deals.

 

JUST before we retired, we had a couple come in and sell just OVER the 25 oz of gold and they didn't bat an eye when I gave em the fed form. Just filled it out and left. They also sold at some other shops that day.

 

Patriot Act extension

[truthteller]

I owned a coin shop in the mid 1990's. We never paid in cash for transactions over $1000 since my our bank was located right across the street. If the person selling coins or gold wanted all cash, he/she had to go to the bank and get cash. In addition, we never bought quantities of gold or silver, and turned very large gold transactions to another, larger shop 2 miles away. The PR was great for us, and the customer appreciated the refereral, all the while, we never had the worries. Today, many dealers want to pay me in cash, and I almost always prefer a check, both for security and ease, since I travel to shows frequently. Hidding cash transactions was a thing of the past. Today, the banks watch you carefully.

 

 

 

TRUTH

[Count_Erfit]

Never turned down ANY deals. Cash, chickens, check, money order. Any quantity of bullion.....bring it on.

 

HOWEVER.

 

We filled out all the forms and everybody who met the criteria got a 1099b every January.

 

At my IRS audit, the auditor found some discrepancies.........until.........I flipped through HIS papers and showed him where we had done the 1099.

 

Whoops......"well I think I'm done now" was all he said.

 

Shoot we had CHURCHES selling 500+ oz of gold at a time. I didn't care where it came from. If they would give me the info AND SIGN IT, it was fine with me.

 

 

[Oldtrader3]

This Administration is using the Patriot Act in many ways (unconstitutional ways??) other than the means by which it was "intended" to be used. Atty. Gen'l Ashcroft is very highhanded and IMHO despotic. Our elected Congressmen and Senators do not seem to have the will to stop making "Pork" long enough to stop this nonsense from continuing. They all only want to make "deals", not govern.