Health Care Bill Mandates Tracking of Your Gold and Silver Purchases. posted by Kamakazy

[CSJournals-migration]

Just more proof that nobody reads these things before they are voted on.

 

http://directorblue.blogspot.com/2010/07/health-care-bill-inserts-tracking-of.html

 

I have known about this for quite some time, but thought I would post for those who didn't know.

 

Supposed to kick in January 1 of 2011. Any big purchases you are planning to make will want to be done before then unless lobbyist are able to overturn that section of the healthcare bill.

 

See more journals by Kamakazy

[Mark T]

You would want to make large sales prior to this law going into effect.

You will get a 1099 for both purchases and sales however you only pay taxes when you sell the coin and then only if you make a profit.

The 1099 you will receive for your purchases will be used for your tax basis on the coin. For those who do not understand the law it will be your cumulative purchases for the year from a given vendor. The cut off is $600. Not everyone will comply with this law, especially if you pay or sell a coin for cash. Internet sales from EBAY paid through Pay Pal will be affected as well as any purchase or sales through an Auction house.

 

[DC Dawg]

There are bills before congress to repeal the 1099 requirement. It is unclear whether it will be considered during the lame duck session, but there is a strong move to change that law.