2011 GOLD high $1,500.00, SILVER high $24.00

I am surprised that Krispy and Elaine are still "married" with spot silver over $24. I thought the "Divorce" papers were filed a long time ago when spot silver was $20.

They are made for each other and I am happy for both of them.

 

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There will always exist a need to keep Elaine in check, down to earth and grounded to reality.

You can also play along here:

2010/2011: Guesstimate the High Prices of Precious Metals
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I had a thought the other day. Let's assume the healthcare bill stays intact where anyone purchasing gold over $600 gets reported.

I was thinking that there are a couple of indirect consequences of this.

1) fractionals, I'm thinking 1/4 and 1/10 would then be hugely popular. Thus, the premium, which is already kinda high, would go even higher.

2) clients would find a way to purchase many gold fractional coins in subsequent transactions to stay under $600. So say I have $5,000 to spend, I call the dealer and tell him to give me $5,000 worth of gold in fractionals, all under $600 and split them up into separate transactions...


Thoughts?

 

First of all I don't see it happening.

Thoughts? A sort of black market for buying arises. Or simply more unreported cash sales between individuals replaces current options for buying/selling. These scenarios bring with them risks and dangers for buyers and sellers if legal action can be threatened against individuals for illegal sales and the risks of exploitation from "back alley" sales could also increase.

Also, how can it be proved that gold someone may have bought in the past but have no record for was/wasn't bought after the reporting rule went into effect? Do they offer a one year grace period for current gold owners to report their holdings? People widely dislike government knowing what they own, they will resist reporting their holdings.

I still don't see it happening.

 

If there's anything the GOP can do right when they get control of Congress, it would be to repeal this nasty bill. If there's anything the Dems want to do right as well, they would vote to repeal this. This should be a slam dunk deal, a bipartisan effort on both sides. Not turning this into a political debate at all, this bill has everything to do with how our next congress deals with it.

With that said, if the bill does stay intact, I simply do not see myself purchasing from places like APMEX anymore as I know they will have to follow the law. My only outlet would have to be eBay which IMO is not much of a good choice as I have no desire for some person on the internet to know where I live.

I can't tell if this bill would decrease or increase the price of gold......harder to get more expensive? Or harder to get, not as expensive due to not being as desirable and worth the effort?

If the new congress (and I'm assuming with GOP taking over) does not repeal this, then honestly, do not expect any real change for anything else as well, as we are just swapping dimwits in charge......

 

eBay and PayPal will not afford you any degree of privacy, which is why I immediately went to the unreported nature of cash transaction scenarios:

IRS to Track Online Sellers' Payment Transactions Beginning Next Year

etaxes.com/eBay

 

This is so bogus. As if the IRS even has the capacity to deal with all these transactions. I hope they get flooded and brings their systems down to their knees!!!!

 

I wouldn't touch that thought with a 10ft pole!! You keep her grounded, you're doing fine!

 

Hah! But you have touched it...

 

What are so many getting excited about?

The Government already gets reports on your income: both salary & interest and dividends; every time you sell a home there is a 1099; take a distribution from your own retirement account; transfer "large" sums of money ($5,000 I believe); so what difference does it make if dealers need to report the purchase of PM?

The Government can't prove that you retained ownership of the PM, just that you bought it. You could say that you are very charitable and gave it away to the homeless folks you met on the street. I am not aware that individuals are required to account for what they do with the Metals after they purchased it. So short of getting a search warrant to find all your safe deposit boxes, dig up your back yard, and search your home for all of your hiding places, how does the Government prove that you still own any metals?

The PM reporting for dealers is a silly law. I would be much more concerned about the Government's reporting of purchase and sale of firearms. If the Law over the purchase and transfer of ownership of PM ever gets regulated like firearms Then it's time to get worked up.

Remember, the Government has not allocated any money, nor assigned responsibility for keeping track of all the new 1099's that PM dealers will be submitting! It will all just be stored in an empty warehouse somewhere. LOL

 

A gold lovers parady is at play here. Thanks for the diversion Krispy.

 

No way that those 1099's will be stored in a warehouse! The Gov't is very happy about this new money and they will certainly find a way to merge all this new work into the existing work without hiring new workers! Uncle Sam is determined to get every damn cent they can get, even if it's thru the working poor as most of us on this forum are. I have a very good job but I like the option of trying to make ends meet by selling occasionally on ebay and now that option is gonna be limited!! just my 2 cnts!!

 

I think this is true, if they have to outsource to India to deal with the demand of the paperwork, they will do it. If I write a check to uncle same right now, to any division of gov't, it will most likely be cashed. I doubt anyone would even bother to inquiry to me what this money was for. Cash out first, ask questions later.

If I remember my history correctly, gold confiscation was voluntarily. If there were ever such an act down the road, "You can sell your gold now at today's prices and Uncle Sam will not charge you for capital gains, we are being *nice*, this is limited time...act now!"

Then I'd say, DONT SELL. Because you know after you sell your gold, gold will triple in price! LOL.....

 

Duh! A 1099 is an "information return". There is no tax/ revenue associated with the reporting of the information reported on any 1099.

If a Tax were TO Be passed, Then the 1099 would be used to ascertain if the taxpayer reported all activities that Might trigger a taxable event. When you sell your home a 1099 is issued to report the transactions but for most average folks this does not trigger a taxable event, because there is usually a $250K/ $500K exclusion.

A 1099 is no be deal! Relax and you can still sell/ buy on eBay w/o being required to issue a 1099 because you are probably not a Dealer, and the law ONLY effects DEALERS!

 

Specifically Ebay will be sending the 1099's to everyone selling more than $1500 worth of merchandise on their site. You attach the 1099 with your taxes filed and you really think it's for informational purposes only? Not!

I really don't like talking taxes online so I will decline further comment. These discussions always border on arguments and I am much too busy for all that. happy collecting!

 

Form 1099 are NOT filed with your tax return. You need to do much more research so you don't get upset about nothing.

 

I know when you win money and the total is over $1500 the casino gives you or sends you a 1099 and you submit that with your tax returns. I would guess there are a couple different 1099's. The bottom line is that the IRS has the information and you have to pay taxes for what is reported. It's fairly obvious that if ebay is sending all sellers 1099's in 2012 who sell over $1500 then they will be reporting information for you and the information has to correspond with your taxes claimed. I don't know what 1099's you are familiar with but you may want to research instead of just thinking because you're not concerned with it then it's not important to others.

 

I hope you get a professional to do your tax returns. You should really ask a tax professional, rather than guess.

 

I hope you get professional help period!!

 

As the payee, you don't submit 1099s with tax forms unless taxes were withheld. For the vast majority of people receiving a 1099 this won't be the case. The IRS has long declared that proceeds from gambling are income and hence it's treated the same way. Since a W-2 only applies to income from wages, salary or tips (because it is a SS form) the 1099 is used for almost everything else.

I'm not sure why Ebay would be sending 1099s. They only provide a controlled platform for auctions and sales to take place. They collect fees from the transactions however they would not be considered the payee or the payer.