$600 Sale? Get Ready for Tax Form

Timing is not only important in the markets but also in lawmaking. As confidence fiat currency wanes, a secondary transitional system (black market currency) is certain to develop. The custodians of the failing system are certain to construct and enact laws intended to track and discourage in order to maintain control.

Passage by Congress of the national health care legislation has had an unintended consequence to the nation’s coin collectors, vest-pocket dealers who buy and sell coins, and larger dealers who are frequent buyers of coins that collectors periodically liquidate as they trade up their collections for better coins, or simply sell to take a small profit or loss.

What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy.

Source: numismaster.com