Check out this new 1099 IRS BS they slipped in, like UIGEA !.....

Doug · Jul 28, 2010

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

Coin Dealers Flipping

Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.
This provision, intended to mine what the IRS deems a vast reservoir of uncollected income tax, was included in the health care legislation ostensibly as a way to pay for it. The tax code tweak is expected to raise $17 billion over the next 10 years, according to the Joint Committee on Taxation.

Scoops · Jul 28, 2010

F! the IRS,Dirty Crew,those IRS folks..........

Doug · Jul 28, 2010

This is really bad ! You could have bought a K-rand ( ounce of Gold) in 1980 for like $1,000 cash, sell it in Jan 2012 for $1300 ( lost your (__*__) on it essentially in real terms, now you have to report it as $1300 in income like you hit a trifecta or something ? Dealers didn't even normally give receipts for such purchases back in 1980.

Selling Gold really isn't income. If I sold my pick=up truck is that taxable income,too ?

This is really unfair !

Do I get a 1099 for everything now ?

GOD DAMN THE USA !

Doug · Jul 28, 2010

$17 billion over 10 years.....

Isn't that like a stealth bomber, a few hammers, and a turlet seat to Uncle Sammy ?

Fishhead · Jul 28, 2010

Doug said it PERFECTLY........

"SELLING GOLD REALLY ISN'T INCOME"

Gold IS money

KennyB · Jul 28, 2010

What do you mean F the IRS? It was hidden in the health care bill that got pushed through by the socialists.

cy1981 · Jul 28, 2010

I'm gonna turn in a 1099 for everything over $10 the first year. Send a fucking box full of 1099s to the assholes to see if that's what they want.

ProPokerPlayer · Jul 28, 2010

This isnt a law that just covers small buisnesses....ANY purchase by ANYBODY that totals $600 + or an account that exceeds 18K for a year must be 1099'd......that means if u buy a $625 TV at best buy u 1099 them. If u spend over 18K at the same grocery store over the course of a year...you 1099 them. Carrying and keeping up with all these forms will be such an inconvienent mess that you will gladly accept letting the Govt keep track of all your purchases, expenses, 1099's, carbon credits via smart chip......Now just decide where u want it.....forehead or hand???? cmon make up ur mind this lines gotta keep moving.......

By the way if read the political forum u would know about this already...i posted it earlier this year....

Doug · Jul 28, 2010

I missed it in Politics, don't go there much.

This stuff seems unbelievable.

I think for practical purposes The $600 would have to be in one shot.

I'd be pissed if I sold an ounce of Gold to a dealer and was expected to declare it as income. I can see requiring ID to maybe reduce fencing stolen stuff, but a bullion coin isn't unique enough to be identified, so it is really just for gov't tracking.

I hope somebody nukes goddamn Washington DC.

Illini · Jul 29, 2010

This bill is an absolute travesty of lost freedoms. This administration hates the Constitution. Vote these clowns out.

maxdemo · Jul 29, 2010

As a small business owner ******family Run Biz, we have been doing this for a few years. We dont have to pour over every transaction to determine if it needs a 1099. The new rule is simpler: If it crosses the $600 threshold, it's in.

Doug · Jul 29, 2010

Isn't a 1099 for misc. income like an independent contractor ?

A 1099-G is for like hitting a trifecta, right ?

How would buying a TV or groceries be income ?

I can see the angle on people selling stuff ( like Gold), but I disagree with it.

Doug · Jul 29, 2010

maxdemo said:
As a small business owner ******family Run Biz, we have been doing this for a few years. We dont have to pour over every transaction to determine if it needs a 1099. The new rule is simpler: If it crosses the $600 threshold, it's in.

I thought it doesn't even take effect until Jan. ?

maxdemo · Jul 29, 2010

Doug said:
I thought it doesn't even take effect until Jan. ?

True...

But we have been submitting 1099's for 2 years to get a better tax break since we have been losing $$....thanx to Obama

chipman58 · Jul 30, 2010

Get ready some day they will come confiscate your gold. Hide it well.

DrunkenHorseplayer · Jul 30, 2010

Doug said:
This is really bad ! You could have bought a K-rand ( ounce of Gold) in 1980 for like $1,000 cash, sell it in Jan 2012 for $1300 ( lost your (__*__) on it essentially in real terms, now you have to report it as $1300 in income like you hit a trifecta or something ? Dealers didn't even normally give receipts for such purchases back in 1980.

Selling Gold really isn't income. If I sold my pick=up truck is that taxable income,too ?

This is really unfair !

Do I get a 1099 for everything now ?

GOD DAMN THE USA !

Yes, if you sell your truck that IS taxable income and it's been that way for decades.

Doug · Jul 30, 2010

Drunken Horseplayer said:
Yes, if you sell your truck that IS taxable income and it's been that way for decades.

source ?

I never heard of that one. I guess it is income when I buy it too ?

I could see if I maybe bought a truck and quickly re-sold it for a profit ( as in a car dealer), then it could be taxable as that is how a used car dealer makes money.

I'm talking just an ordinary guy selling a car....that's income ? It's a loss, IMO !

sean1 · Jul 30, 2010

Doug - it's always been that way. Only difference is when you buy a car it usually goes down in value and you can write off the purchase price when selling -s ince you pay tax on profit, you pay nothing.

This bill is going to get repealed/altered, but even as is, it only affects cash/checks. Any credit card item you don't have to 1099. No one is going to report cash purchases. So just dont use checks. Does anyone these days?

Doug · Jul 30, 2010

I use a check to pay my condo association fees monthly and to pay my BOA Visa card ( at a BOA Branch) as they charge $15 to do it electronically, maybe an odd check beyond that a few times a year , for 30 a year max. My last batch of 500 checks is a lifetime supply, almost !

ALSportsJunkie · Jul 30, 2010

Can't see how this is going to change too much. As another poster said, cash business will still be cash. I deal in plastic and cash only, I honestly can't remember the last time I sat down to write a check. Seems like just another way to piss away even more money into the black hole that is the fed.

Check out this new 1099 IRS BS they slipped in, like UIGEA !.....

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