Massive Reporting Requirements are now in place for Gold and Rare Coin Dealers by the I R S. The American Federal says that the Bill is almost the Law and that if you are holding gold and if you plan to sell at these increased prices on gold you had better do so with privacy before this new bill in in force. If this Bill H R 5141 is passed then the reporting to the I R S for these gold coins may be repealed.
Wed, Jun 30, 2010
Subject: Big Brother Wants to Know How Much Gold You Have…
Little has been said about legislation that passed as part of the health care reform bill.
In an effort to close the loopholes the health care reform bill includes massive reporting requirements for rare coin dealers. Any transaction of coins,paper money bullion ect over $600 is reportable under the new law. when it goes into effect all transactions will be required to be reported on IRS form 1099.
The new law is part of the health care bill and affects ALL sales of coins. The government is desperate to raise money to pay for the new health care reform. They see this as away to pay for it.
This is far worse than the current regulations which require a minimal amount of records on certian bullion items to be filed. Eagles and Buffaloes are currently exempt under the old rules.
Its all changed. This bill is ALREADY passed .It it is law.
Unless it’s repealed, its a done deal.
If you have coins or bullion you are holding for privacy -it will be gone.
If you have been thinking about selling you may want to do it now rather than later to avoid government intrusion.
- When this law goes into effect you can’t even sell 1/2 an ounce of gold or a single $20 St Gaudens without reporting it.
- Selling now can lick in today’s high prices without the red tape.
Worse yet is what happens to the coin market when this bill takes effect. If not repealed, I would expect a coin market collapse.
Can you imagine the labor alone of having to report every item?
Dealers will not be able to afford to comply and many will likely go out of business.
Tags: American Federal, Big Brother, Gold Coins, Health Care Bill, I R S, I R S Reporting, Massive Reporting Requirements, Rare Coin Dealers, Rare Coin Sales, Rare Coins, Secrets in the Health Care Bill, Silver Coins