IRS to begin tracking gold and silver coin purchases 1-2012
Submitted by sunny on Tue, 07/20/2010 - 11:24The good folks over at numismaster.com report that, starting on January 1st in 2012, U.S. federal law will require coin and bullion dealers to report to the Internal Revenue Service all gold and silver coin purchases and sales greater than $600. The report is written by David L. Ganz and is headlined "$600 Sale? Get Ready for Tax Form." Apparently this little jewel was an add-on to the national health care legislation.
http://www.thedailycrux.com/content/5209/Precious_Metals
and the bill to repeal it:
Food, seeds, water
Food, seeds, water purifacation equipment, ammo and TP will be a better investment. Or beans, band aids and bullets!
There is no Left or Right -- there is only freedom or tyranny. Everything else is an illusion, an obfuscation to keep you confused and silent as the world burns around you." - Philip Brennan
"Invest only in things that you can stand in front of and pr
While this is of concern for
While this is of concern for anyone interested in the metals trade, how many here are familiar with the onerous rules about to kick in on reporting out of state transactions? I'm not certain if this is CA only law about to kick in, but it will kill businesses quicker than an extended IRS audit.
Support freedom and liberty candidates in 2012... Ron Paul... Gary Johnson...
Designed for TWO REASONS...
1. To ready us for a VAT Tax which is a national sales tax.
2. To allow the IRS to track what we purchase and set up a personal profile of every American. There will be a data base tracking every purchase as well as movement of citizens by knowing the point of our purchases.
"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul
I don't think I have too worry about
My weed dealer asking me to fill out a 1099 the next time I pick up a quewper...so why should I seriously expect that gold coins won't find a way around this.
Also I agree with your VAT assement 100%. Its scary. I was just sitting the car today thinking what the Flipping heck else they would use it for and I started thinking about the production process. ie. I buy crap tons of steel from a steel mill and then turn it into giant steel fabrications that I sell to another person who puts them into a machine...oh yea the VAT and flipping 1099's all around. Fascists!
This will only lead to more
This will only lead to more barter, more all cash transactions and more off-book business. A government in pursuit of control over the every aspect of people's lives soon gets bitten by a very irate public. First step, throw the bums out.
Support freedom and liberty candidates in 2012... Ron Paul... Gary Johnson...
gotcha...the 1099 requirement of 2011 of the "health bill"
including ALL purchase transactions not just gold/silver (even with corporations, ie electronics stores, office supply stores grocery stores, gas stations, etc etc)
is the lead-in to the VAT imposition/collection mechanism and the ONLY compelling reason we must then issue 1099's to ALL vendors we pay more than 600 per year
cee cee
Kind of reminds me of when
Stores used to give out free turkeys with a purchase,Families would send in every member separately to make a purchase.
"They used to come get you and lock you up because you were insane, Now they come get you and lock you up because you are sane"
gobble gobble....
same principle....and same old barnyard rules
cee cee
Yep I see
A whole lot of small purchases making more sense than one big one.
"They used to come get you and lock you up because you were insane, Now they come get you and lock you up because you are sane"
not to mention....the beauty of the ease of detection
given the use of debit/credit/check cards or checks...and all those "rewards" cards from the stores which track purchases....
as vendors/sellers will be cross-reporting purchases...
to simplify catching those who determine NOT to comply....
given it is a Federal crime to sign and submit a false tax return....
thinking the for-profit prison system is going to enjoy a windfall profit season
cee cee
Tracking metals
Would be my only concern,I also see a rash of burglary reports being filed a reasonable amount of time after purchases.
"They used to come get you and lock you up because you were insane, Now they come get you and lock you up because you are sane"
three thefts already
this year....right in my very safe neighborhood
cee cee
Yet caution
Has kept me from insuring mine,I don't think I could open myself to this extent of prosecution,One insurance investigator is better at their job than 20 Police detectives.
"They used to come get you and lock you up because you were insane, Now they come get you and lock you up because you are sane"
insurance....the biggest racket ever
quit driving a car when insurance became mandatory
never had health insurance (except on a corporate dime) which is likely why I am so healthy
never had a mortgage and never insured my property...personal or real (as calculated insurance costs savings, compounded, would cover replacement anyway)
see no reason to pay good money to folks who only try to escape their end of the deal...
or become foes/enforcers when one makes a claim
cee cee
I agree
I wish my line of work didn't require owning vehicles,I pay no other insurance.
"They used to come get you and lock you up because you were insane, Now they come get you and lock you up because you are sane"
They still plan to be in
They still plan to be in power in 2012 huh?
South Dakota for Liberty - Please Help
R[̲̅ə̲̅٨̲̅٥̲̅٦̲̅]ution
Mises.org
"They" have been in power for at least 100 years...
Left, Right it is the same agenda, "They" are on the same team. There has been no regime change. And short of a Ron Paul victory in 2012, there will be no change. Are you expecting one to occur between now and 2012? And are you hoping that the new regime will reverse all of the draconian legislation passed in the last 100 years, starting with the health care bill?
Rob P.
www.RonPaulButtons.com
www.trueworldhistory.info
www.RonPaul2012.com
Through implementing Communism...
...they WILL BE in power...who exactly is stopping them?
All we're doing is bitching about it, and nodding our head in agreement with Alex Jones' name-calling of banksters...social and corporate welfare ensures re-election...if they threaten to "take it all away"...do you think middle class Americans will run to the single-digit supported Tea Party Movement?
How MUCH of a threat are we? They're still trying to make Sarah Palin the official spokesperson of the Tea Party Movement - if you want to see Ron Paul on Freedom Watch, you'll have to watch her too!
Why do you think they are hijacking it? So Obama can promise illegals and the poor sustenance from government; and the Republicans can continue to pick winners an losers in the fascist community.
If we haven't taken over one of the two major parties, and informed the electorate that the establishment hijackers are LIARS in bed with Communists...2012 is already in the bag for them!
Now let's get BUSY!!!
http://trustronpaul.com
Not who, but what.
Not who, but what. Bankruptcy.
South Dakota for Liberty - Please Help
R[̲̅ə̲̅٨̲̅٥̲̅٦̲̅]ution
Mises.org
Many, many...
small transactions equal larger purchases. Just hope gold doesn't hit $6000 or even the smallest coins will involve paper work. Could this $600 figure be a sign of the realms that gold will be pushed to by our mindless "leaders"?
Assert Your Authority
Transactions will all go
Transactions will all go underground should this bill pass. Drug dealers have managed to sell their products for a great long time with just minimal government intrusion into their business. The same thing will happen.
People will just sell on Craigslist or via the newspaper or maybe even through private, invite only parties.
This tracking is not just for gold/silver coin sales.
It is for ALL sales above $600.
This sales tracking is from the Obamacare bill, and there is also a repeal bill for Obamacare.
Ron Paul is a co-sponsor for both of these repeal bills.
http://www.dailypaul.com/node/139012
Can't you see what is being "set-up" here ?
They want folks to RUN and buy gold and silver to BLOW the bubble up so it can be crashed. 90+% of the gold & silver held in the wold is CONTROLLED by the NWO.
The confiscation of metals is in the future. In Nazi Germany the gov. didn't have "records" of who own metals or gewels ... and they didn't require them because ALL rights to privacy was thrown to the wind !
When the time comes for the confiscation of personal belongings...the rule of law will have already been violated. Tanks at the corners...DIG IT ???
In short...my reply to the thread is.
If you can't eat it...or shoot it....or smoke it...it will not end up being a good investment. If true chaos is the game...coins that can purchase nothing "no stores open" plus the people who are fortunite enough to have REALLY prepared their families...will NOT be selling their food for some shinny coins.
Discover Costa Rica
Confiscation of metals?
They can have my lead, one small piece at a time.
Express delivery.
Well,stock up
Because Ca has a law in legislature to outlaw lead bullets altogether and we know a lot of other states will use it as an example.This may end up being a good reason to buy a lot of silver and a mold.LOL!
"They used to come get you and lock you up because you were insane, Now they come get you and lock you up because you are sane"
You guys have me rofl. A
You guys have me rofl. A great laugh, for once. Personally, I have no fear of my future. When they have it all because of my non-compliance they will have me too..in their jails for the rest of my life..figure I do not have too much of it left anyway and I will be fed and safe there..
This kind of boasting is just that... boasting
What person in their right mind would want to die in a hail of bullets over a non-life threatening issue? What's next, shooting at people because they looked at you funny?
Give me a dang break.
Support freedom and liberty candidates in 2012... Ron Paul... Gary Johnson...
when you are surrounded by
a couple of hundred armored men with assault rifles, what are you going to do? If you have a plan for taking all of them then more power too you, good luck.
I hear that and do agree but...
Who of us out there will follow through with that threat? Really? I can only tell you what I would do if my family were in direct danger and there was no other clear alternative. I just want people who read this to truly understand what it is to take another life. I try to be careful what I commit my self to in words because doing it is something else all together. Just a thought
If they want MY vote, they need to tell me why they are better than the other guy, not why the other guy is worse than they are.
YEP:
My sentiments exactly.
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I love my country
I am appalled by my government