Tucked into the Obama Care Law is a tax on gold coins. If you sell more than $600 of goods, the store will be required to take you Social Security number. They will send in a 1099 form to the IRS. You will need to claim the sale on your taxes with a corresponding 1099 form. This also applies to sales of guns to a dealer. You will be taxed dearly.
"…Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.
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."
http://blogs.marketwatch.com/fundmastery/2010/07/21/gold-coins-face-irs-scrutiny/
We had to pass the bill to see what was in it.
I think this will result in a bit of civil disobedience... to say the least.
"…Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.
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."
http://blogs.marketwatch.com/fundmastery/2010/07/21/gold-coins-face-irs-scrutiny/
We had to pass the bill to see what was in it.
I think this will result in a bit of civil disobedience... to say the least.
