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11/20/2019 5:07:11 PM
Posted: 7/18/2010 6:29:37 PM EST
Hope it's not a dupe. Search didn't yield anything.

Obamacare contains mandatory reporting for coin sales greater than $600.
http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=11843
Link Posted: 7/18/2010 6:50:07 PM EST
it is a repost. posted a couple weeks back when the story broke.
Link Posted: 7/18/2010 6:53:10 PM EST
Dang, leave it up to.gov to kick off the last year of the end of the world
Link Posted: 7/18/2010 6:53:34 PM EST
600 dollars.

geeze.

Link Posted: 7/18/2010 7:03:04 PM EST
actually, when I first saw this, it seemed like the .goob was targeting the metal people.
it seems like they are targeting all business transactions >$600/year.
with all of the paperwork and/or penalties, this will overburden the small businesses and definitely ruin their day.

on a related note, this will also affect consumers:
PM purchases, guns, ammo, cars,...


I feel better already
Link Posted: 7/19/2010 3:40:13 AM EST
http://www.ar15.com/forums/topic.html?b=1&f=5&t=1034035&light=
http://www.ar15.com/forums/topic.html?b=1&f=5&t=1044134&light=

This will adversely affect all businesses, not just coin dealers and investors, and will drive prices up across the board.
Link Posted: 7/19/2010 3:57:55 AM EST
As I understand it (which may be wrong) it only applies to businesses. As a consumer we do not have to fill out the paperwork. The exception being PMs if in addition to buying you also sell or trade because you are then arguably a business.
Link Posted: 7/19/2010 4:41:00 AM EST
Originally Posted By Wendelsnatch:
As I understand it (which may be wrong) it only applies to businesses. As a consumer we do not have to fill out the paperwork. The exception being PMs if in addition to buying you also sell or trade because you are then arguably a business.

Filling it out isn't the issue. Receiving the 1099-MISC and proving it isn't income it is the issue. Here are some examples:
- You consign a couple of guns with a dealer rather than selling them yourself, or maybe you trade them for credit on a purchase. You receive more than $600 from that dealer. The dealer must issue you a 1099-MISC. Do you still have the receipts for when you bought those guns so you can offset that "income"?
- You trade in a car with a dealer, and the trade-in value is more than $600. The car dealer will issue you a 1099-MISC.
Link Posted: 7/19/2010 4:43:12 AM EST
Pm's, What PM's???????
Looks like I will be buying 550.00 at a time from now on.
Link Posted: 7/19/2010 5:28:11 AM EST
I assume PM = Precious Metals.
Link Posted: 7/19/2010 9:32:17 AM EST
Originally Posted By NBKA:
Pm's, What PM's???????
Looks like I will be buying 550.00 at a time from now on.


It's cumulative per year.
Link Posted: 7/19/2010 9:38:14 AM EST
Originally Posted By Recorderguy:
Originally Posted By NBKA:
Pm's, What PM's???????
Looks like I will be buying 550.00 at a time from now on.

It's cumulative per year.

Again, the 1099-MISC reporting requirement doesn't apply if you purchase PM's from a dealer, only if you sell to a dealer.
Link Posted: 7/19/2010 9:38:42 AM EST
$600 per year, per vendor.
Link Posted: 7/19/2010 1:35:14 PM EST
say good buy to gun shows,yard sales or just putting your collection up for sale.
Link Posted: 7/19/2010 4:23:14 PM EST
Originally Posted By dragongoddess:
say good buy to gun shows,yard sales or just putting your collection up for sale.


I think you will see an increase in gun show/ yard sales/ private sale of collections because of this. Yes you will see less dealer sales at gun shows, but the face to face private sales at gun shows will skyrocket. Yard sales will also be largely exempt because of the impossibility of enforcing this across every yardsale across America, and collections being sold will largely be done through face to face transactions or transactions initiated by forums like craigslist which are largely untraceable (short of huge constitutional violations of our rights to freedom and privacy).

Link Posted: 7/19/2010 4:45:26 PM EST
Originally Posted By Wendelsnatch:
Originally Posted By dragongoddess:
say good buy to gun shows,yard sales or just putting your collection up for sale.


I think you will see an increase in gun show/ yard sales/ private sale of collections because of this. Yes you will see less dealer sales at gun shows, but the face to face private sales at gun shows will skyrocket. Yard sales will also be largely exempt because of the impossibility of enforcing this across every yardsale across America, and collections being sold will largely be done through face to face transactions or transactions initiated by forums like craigslist which are largely untraceable (short of huge constitutional violations of our rights to freedom and privacy).



Ummm.... I don't think this has bothered .gov of late!
Link Posted: 7/19/2010 5:01:10 PM EST
I agree, but...... the day the G-men start craking down on yard sales like they did to the speak-easies and shine makers of old or the IRS starts banging down my door questioning why I didnt declair the $20 income I got for selling my old nightstand on craigslist is the day that brings the infringement on our freedoms to a whole new and scary level (and the sad thing is that it is possible that that day may come).
Link Posted: 7/19/2010 5:10:33 PM EST
[Last Edit: 7/20/2010 10:36:55 AM EST by VaFarmBoy]
This reporting will be a nightmare for small businesses, and is nothing more than the government scraping and clawing to get it's hands on every single dollar it can from you now that they are going broke. I hope that either this healthcare law winds up being repealed or struck down by the Supreme Court. Odds are that we are stuck with it though.
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