Hey folks i dont know if this has already been posted, I have been out of the coin arena for a bit. can yal tell me if this is accurate? http://www.thenewamerican.com/index...rs-and-coin-collectors-are-adversely-affected Numismatic News, a highly respected publication read by many coin collectors, reported a shocking discovery in both their printed publication and on their website. Numismatic News reported: Section 9006 of the Patient Protection and Affordable Care Act (Public Law 111-148, signed into law by President Obama this spring) turns 1099 forms into reporting forms not only for independent contractors' income — what they have long been used for — but also to show sales, gains and losses on purchases and sales of goods as part of a trade or business.” The article also added: “What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy."
Here's a link to a thread that beats this issue to death. http://www.cointalk.com/t115804/?highlight=1099+reporting
I read through that and I'm still not sure: Does this apply to individuals or just businesses? From this CNN article they only say that businesses will be required to send 1099s, and they do not say individual-to-individual sales will be required to send 1099s. but then they say
I believe it still applies to only businesses, but the as yet undefined change would apply to purchasing product (coins), rather than just services.
