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Buying And Selling Gold And Silver: New IRS Rules Start In January 2012

Discussion in 'Gold Silver (All things Metal)' started by TemplarX, Dec 13, 2010.



  1. TemplarX

    TemplarX Silver Member Silver Miner

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    Last edited by a moderator: Dec 26, 2015
  2. Cold Finger

    Cold Finger Seeker Seeker

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Thank God for craigslist and barter
     
  3. silverblood

    silverblood Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    You don't need to put the same post in two different subforums.
     
  4. TemplarX

    TemplarX Silver Member Silver Miner

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    This is a very important topic and some may not visit the other subforum.;)
     
  5. Irons

    Irons Deep Sixed Mother Lode

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Good thing I don't have any, too expensive for me. I just hang out here because you folks are cool!~:grin10:
     
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  6. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Stop using dollars, and you will never get 600 of them.
     
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  7. Spike

    Spike Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    This video may confuse some...

    The 1099 $600.00 reporting starts in 2012 not this New Year of 2011.
     
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  8. Godot

    Godot Silver Member Silver Miner

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    There go the premiums.
     
  9. TemplarX

    TemplarX Silver Member Silver Miner

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    I've talked with several local coin shops, and some very reputable ones think they need to start doing this in 2011. I believe a lot of people are confused. I have bigger problems; every time I buy some pm's, I seem to have a boating accident.:eek_ma::lollypop:
     
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  10. Spike

    Spike Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Well...you're not helping. Read your thread title.
     
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  11. TemplarX

    TemplarX Silver Member Silver Miner

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    The following is the actual You Tube video title, "New Rules: You and the IRS this January." I only modified it slightly, keeping their original meaning. Just watch the video and decide for yourself.
     
  12. Gcubed

    Gcubed Banned

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Spike was correct, IMHO. :mad:
     
  13. Spike

    Spike Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    I did watch it, and it's misleading...so is your title to this thread.
     
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  14. YugoAK47

    YugoAK47 New Member

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    OP you gonna fix the title or leave it misleading to further lead to people having no clue WTF is going on.....
     
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  15. TemplarX

    TemplarX Silver Member Silver Miner

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    I hope we don't have to start using 1099 forms in 2011 for every $600 pm transaction, but when large coin/bullion retailers are confused, who knows!:confused:;)
     
  16. Spike

    Spike Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Name one retailer who is confused....Large one right. I'll call them in the A.M. Thanks
     
  17. Gcubed

    Gcubed Banned

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    What large dealers are confused? Give us verifiable fact rather than self serving obfuscation.
     
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  18. KGMe

    KGMe Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    I thought it was 2012 as well.
     
  19. TemplarX

    TemplarX Silver Member Silver Miner

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    I have already given you my word; if that is not good enough for you guys, then I guess we will all have to wait until January, 2011 to find out for sure just how the new law is actually applied. I didn't write the law, and I am not a large retailer, but I have accurately related to you what was said to me by a large local retailer.:cool:
     
  20. Gcubed

    Gcubed Banned

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    More self serving B.S.
     
  21. Spike

    Spike Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    As i thought....the only confused one was the OP
     
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  22. Gcubed

    Gcubed Banned

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Once again, Spike is correct.
     
  23. TemplarX

    TemplarX Silver Member Silver Miner

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Like I said; we'll see!;) Unless, of course, either of you has something more solid to spout besides your opinions.:biggrin:
     
  24. Spike

    Spike Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    The checks in the mail :biggrin:
     
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  25. Spike

    Spike Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Do you know how to use Google?..
     
  26. Gcubed

    Gcubed Banned

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    I'll spout that I feel that you are not a reliable source of reliable information. You haven't provided any verifiable info on this thread.
     
  27. Zed

    Zed Kangarude! Midas Member

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Look fluffy chops.... that lighting rod ya all got on your head might be causing lectrical interfearons! Ya all sure you got it right? What would you know... eh? Its not like you have to fill them out is it?

    Jeeezzzzzzzzzzzzzzzz....
     
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  28. Gcubed

    Gcubed Banned

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    People wonder why I get a wee bit cranky! Fork Me...
     
  29. TemplarX

    TemplarX Silver Member Silver Miner

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Welcome to the Obamacare Tax Reporting nightmare!!!:eek_ma:



    Source: http://artandbusinessconsulting.com...rmation-reporting-starting-for-tax-year-2011/
     
    Last edited: Dec 13, 2010
  30. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Thanks TemplarX. I don't know why all these supposedly good neighbor Gimmers are coming down on you. Many of us are confused and PO'd over this new rule. And I am glad you are bringing it up. We need, IMO, to get this new rule repealed. I have already written to my congressmen, as I believe, as a retailer, that it may effect me in a bad way. Whether it is 2011 or 2012, either way, I am confused. SO I AM FRICKEN CONFUSED. IS THAT FRICKEN GOOD ENOUGH FOR THE REST OF YAS. JEEZUS PETE!!!
     
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  31. Zed

    Zed Kangarude! Midas Member

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Have you talked to your, errrrr, ummm, accountant?
     
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  32. Spike

    Spike Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    """Beginning in 2012, under a little discussed mandate of the health care reform legislation, businesses will be required to report all payments in excess of $600 for services or merchandise to the Internal Revenue Service on a Form 1099.

    “Under the new law, businesses will be required to send a 1099 to other businesses for virtually all purchases,†said Chris Hesse, director of taxation at CPA firm LeMaster DanielsPLLC in Washington state, as quoted by Chris Edwards in a Cato Institute blog."""

    http://www.accountingweb.com/topic/tax/costly-changes-1099-reporting-health-care-bill

    From your quote..""The requirement for information reporting starts in 2012. This start date suggests that means your business will need to be gathering reporting information in 2011, so it can be reported on 2012 1099s"".

    "Suggests?"..... More bad info...

    They don't "start" sending out 1099 until 2012 on $600 or more a yr, for transactions in 2012....
    .
     
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  33. Gcubed

    Gcubed Banned

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Go git 'em Spike! I dunt wanna git banned over dis chit.
     
  34. TemplarX

    TemplarX Silver Member Silver Miner

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    It sounds like you want to take your chances with the IRS; good luck!:biggrin:
     
  35. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    And we wouldn't want to see you get banned either. Would we fellas?
     
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  36. Spike

    Spike Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Banned over what? Trying to correct more bad info thats posted here? In headlines....

    By someone who claimed to get info from a "large" dealer,,,Bullshit, he listened to a You tube, without checking his facts he posted it here and misleads.
     
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  37. TemplarX

    TemplarX Silver Member Silver Miner

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    I err, if I do, on the side of caution and the law. And you?

    I have read no facts from you, only opinions!
     
  38. Zed

    Zed Kangarude! Midas Member

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    Don't confuse it with the 1099-K stuff regarding PayPal, eBay and card payments in general... that does start 31/12/2010. The other stuff is Health Bill related and comes in with that... if it comes in!
     
  39. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    You don't know that. You assume that. From where I sit, he got it right and I believe him. The most you can say is he may be overstating the issue. But I don't think it is possible to overstate this issue.

    FYI-It is rare, in my store, to have a customer sale less than $600. This bill is a bad bill, and it is going to cost me a mountain of paperwork. It is bullshit, because I report to the IRS quarterly, in addition to my annual filing. Now I must file every transaction and it pisses me off. If you are pissed off too, then we are both pissed off, and leave it at that.
     
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  40. Zed

    Zed Kangarude! Midas Member

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    Re: Buying And Selling Gold And Silver: New IRS Rules Start In January 2011

    The large dealer will be being 1099-K'd by his card companies next year.... he will not be 1099 ing you!
     

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