May be of interest?

Brian Marshall · Feb 25, 2015

At least to those of us living and working in the USA...

Buried deep in the bowels of the 2,000 page health care bill is a new requirement for gold dealers to file Form 1099′s for all retail sales by individuals over $600.

Specifically, the measure can be found in section 9006 of the Patient Protection and Affordability Act of 2010.

Without going into a rant that would surely be censored... I can't say much more.

Brian

BKJ · Feb 25, 2015

... but... couldn't a gold sale over 600 adversely affect ones health?

Makes one wonder what other &^%@#^ is buried in there!?!?!?!?!?!?!?

Jesse.beckham · Feb 25, 2015

Maybe a dumb question, but outside of dental use of gold, what bearing does healthcare have on gold dealers?

DKanger · Feb 25, 2015

Patient Protection and Affordability Act of 2010.

If the bill has been around for almost 5 years it would seem that any impact has already taken place for those it affects. At the least, one's accountant should be aware of it.

Brian Marshall · Feb 25, 2015

Seems that the same things that occured to me, are occuring to y'all...

B.

Brian Marshall · Feb 25, 2015

The next question is what consitutes a "gold dealer"? And what's "retail"?

I'm betting it's not gonna be just big refineries.

And since this is federal, not state - are companies like Rio Grande/Stuller/IJS/Frei etc. in violation - selling to hobbyists without sending the "1099"?

Has anyone used a pawn shop to buy bullion or scrap over $600?

Anyone on here gotten a "1099" yet?

B.

DakotaDocMartin · Feb 25, 2015

Of course, when it comes to such unconstitutional nonsense... they can do you-know-what with this:

SamW · Feb 25, 2015

To me it seems to mean that if you sell over $600 worth of gold, as an individual, to a dealer, the dealer is required to fill out a form 1099 to make sure the individual declares the money on his 1040.

DKanger · Feb 25, 2015

To me it seems to mean that if you sell over $600 worth of gold, as an individual, to a dealer, the dealer is required to fill out a form 1099 to make sure the individual declares the money on his 1040.

It's a cost vs. sale thing. You only have to declare it if you made a profit on the sale. Gold was very high then and people were dumping what they had at the inflated price. Taxes would be due on the difference between what you paid for it and what you sold it for. Capitol gains on an investment???

Brian Marshall · Feb 25, 2015

Every "crack" (read new tax/regulation) will eventually widen...

And hiding it/them in 2,000 pages of what is purportedly an entirely different subject?

B.

Ummm... if that's the case Dave - how do I tell apart the gold or silver stock I bought in the '70's & '80's from what I bought last year?

Been mixed and melted and refined and remelted. Atoms are not easily identifiable... and yes, there's still some around. I have no way of telling the difference.

Sometimes I collect sweeps for a coupla years. I certainly haven't got the time to account for a pennyweight here, a pennyweight there. It all goes in a sweeps can.

This is what they have to put up with in South Africa. EVERY pennyweight has to be accounted for! And they do random spot checks to make sure you comply.

Wanna live & work like that?

Dave London · Feb 25, 2015

I think I will use the three Monkeys form

Brian Marshall · Feb 25, 2015

So if you send over $600 worth of scrap to Rio for example - to trade for new stock?

Do you have swear what year you bought it in - to see if you made a "profit" of some kind?

Anyone done that and gotten a "1099" yet? (I don't use Rio for stock)

B.

DKanger · Feb 25, 2015

Ummm... if that's the case Dave - how do I tell apart the gold or silver stock I bought in the '70's & '80's from what I bought last year?

FIFO, LIFO, or Cost of Goods Sold, Cost of Goods Gone

So if you send over $600 worth of scrap to Rio for example - to trade for new stock?

If you're trading it even swap, you're not selling it. See above. There should be a line item for scrap in your books.

When I was in business, I had to take a physical inventory at the end of every month. Profit was based previous month's closing inventory plus new inventory minus this month's closing inventory. I don't know how you guys run your business' but suspect there is an opportunity for a bit of underground economy going on. I was a regular corporation, so my books were certified by a CPA. In 30 years, I was audited twice by the state for sales tax. Both times they found no irregularities. My accountant told me that they had a habit of sending new agents into the field to do audits, thereby using the accountant to give them "free" training in how business books are kept.

Brian Marshall · Feb 25, 2015

Dave,

It would be nice if the rest of us were so precise... I'm definitely not. (You've been here and seen it)

Nor am I going to try to go back 20 or 30+ years and figure out when and where and what I paid for that odd roll of silver 1/2 round stock that's been lying in the back of the safe - that I now want to send in to trade or refine into something I wanna use next week.

And then sit down and compute what I "might" make on one of those $600 deals?

If you are trading silver that you bought for $10 less per oz. than todays market - in an "even swap" - it gets way too complicated for me...

And if you trade silver for gold or vice versa? One has gone up 50% the other maybe 100%?

Sounds easier not to keep ANY old inventory! At least not past the length or capacity of your memory

B.

DakotaDocMartin · Feb 25, 2015

Brian Marshall said:
At least not past the length or capacity of your memory.

Huh? What? Zzzzzzzzzzzzz!

bronc · Feb 25, 2015

If you hire a pack of coyotes to guard your chicken house the outlook for your chicken's welfare isn't good. Most anyone knows that. But for some reason we have placed the future of this nation in the hands of a pack of human coyotes........

Stewart

Eugene Carkoski · Feb 26, 2015

wait until net neutrality takes over you won't be able to discuss this.

Big-Un · Feb 26, 2015

I'm already being monitored so what difference does it make? Just getting prepared for when the "zombies" come to see me ( with government badges?)

Tim Wells · Feb 26, 2015

Once upon a time, I wanted to by some gold for inlay from Hoover & Strong. They wanted me to set up an account and required my social security number... just to buy a few feet of wire. I refused to give my SSN and asked why they needed that personal and highly exploitable info. They said it was to track large sales to thwart money laundering for drugs.

I wrote them off as idiots and bought wire elsewhere. The end.

jerrywh · Feb 26, 2015

Also. If you buy gold over $1000.00 for cash you will fill out a form. The same goes for postal money orders.

May be of interest?

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