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2010-07-21 Home Front: Politix

Gold Coin Sellers Angered by New Tax Law

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Posted by Deacon Blues 2010-07-21 12:08|| || Front Page|| [2 views ] Top

#1 Since this is the most transparent administration in history, I'm sure no one will mind if the bullion dealers make a public disclosure of all purchases by senior members of the administration since the inauguration and going forward (of course including trusts, Cayman Islands LLP's, etc.) I can't think of a more reliable indicator of the state of the economy than, for example, the TGBPI (Tim Geithner Bullion Purchase Index.)

Posted by Matt 2010-07-21 13:34|| 2010-07-21 13:34|| Front Page Top

#2 You are a bad, bad, bad man Matthew.

BTW, yoof is heading back to that school, for a Masters in Public Health. From Anchorage to NOLA, I fear he might break.

:)

Posted by Shipman 2010-07-21 13:44|| 2010-07-21 13:44|| Front Page Top

#3 I supplement my income by selling paper collectibles, and this new law WILL affect me. In a bad way. I have no idea how I'm going to deal with these new rules. Sell at small local shows and accept only cash?

A policy like this will have one major effect: Capital flight. And push much of this trade into the black and gray economy.

Posted by Scooter McGruder 2010-07-21 14:05|| 2010-07-21 14:05|| Front Page Top

#4 I wonder if this applies to gun purchases over $600?

Even if it isn't, it is effectively "gold registration". Any why does the government want to know who owns gold?

If it is, then it is gun registration. But don't worry, it's only for guns transactions over $600. They would never inflate the currency so much that almost all guns would cost over $600. That just wouldn't be nice.

Posted by Anonymoose 2010-07-21 14:29|| 2010-07-21 14:29|| Front Page Top

#5 I buy a US Eagle gold bullion coin every 2 weeks. Tell me WHY its any business of the IRS how I spent my money?

Posted by OldSpook 2010-07-21 15:19|| 2010-07-21 15:19|| Front Page Top

#6 Likewise, if I want to buy a firearm from a buddy, what business is it of the IRS?

Posted by OldSpook 2010-07-21 15:20|| 2010-07-21 15:20|| Front Page Top

#7 I buy a US Eagle gold bullion coin every 2 weeks. Tell me WHY its any business of the IRS how I spent my money?
OldSpook, Form 1099 only becomes operative when the dealers purchase goods and services (including gold) not when they sell, which is part of their normal business accounting.
So if you sell an item or service to a business entity you have to provide a paper trail and also declare that income on your tax statement, as they will have a 1099 from the dealer.
In the case of gold, people who sell to dealers probably bought when prices were low and would now trigger a capital gains event. Same would apply to jewelry, I suppose.

Posted by tipper 2010-07-21 16:15|| 2010-07-21 16:15|| Front Page Top

#8 This tax reporting only applies to White Gold

Posted by airandee 2010-07-21 21:12|| 2010-07-21 21:12|| Front Page Top

#9 Yes, airandee, you do have to go to your room. ;-)

Posted by trailing wife 2010-07-21 21:59|| 2010-07-21 21:59|| Front Page Top

#10 I think I prefer copper, zinc, lead, and certain pressure=sensitive explosive compounds to gold as a SHTF investment. Not that much less convenient and a whole lot more useful.

Posted by Glenmore 2010-07-21 23:06|| 2010-07-21 23:06|| Front Page Top

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