Gold or silver transaction over $600? Get ready for tax form

Posted July 9th, 2010 by brill

Amid the latest orgy of new regulation from an out-of-control federal government: a requirement that coin dealers file a Form 1099 for each purchase or sale of gold or silver above $600. The new reporting requirement is slated to go into effect January 1, 2012.

let's do some math

mackler 5 years 7 weeks 4 hours 32 min ago

Today's gold spot price is $1212.40 per ounce. At that rate, $600 worth of gold is about half an ounce. In 1913 the spot price was $18.92 per ounce, so half an ounce back then would have had a spot value of about $9.36.

Can you imagine if this law were written to apply to all gold transactions of $10 or more? History tells us that's where it's headed.

I think youve made some truly

dinkar31dec 5 years 7 weeks 1 day 14 hours ago

I think youve made some truly interesting points. Not too many people would actually think about this the way you just did. Im really impressed that theres so much about this subject thats been uncovered and you did it so well, with so much class. Good one you, man! Really great stuff here. tax form


maulotaur 5 years 7 weeks 2 days 9 hours ago

they will drop the "over 600" part and record/track all of these kinds of transactions. Yet another step along the incremental agenda of total control...


BobRobertson 5 years 7 weeks 2 days 8 hours ago

Few people are keeping their gold in safe deposit boxes anymore, so they know they can't pull a confiscation like 1933 again without tracking all the people as individuals who are buying gold.

They must be expecting

rancemuhamitz 5 years 7 weeks 2 days 19 hours ago

They must be expecting precious metal prices to sky-rocket...

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