NEW TAX requirements on gold sales over $600 (THIS IS A BIG DEAL)

The reason I assumed this had to do with taxes was beacuse of this from the ops link ...

So did they just lie about it? Did they get the line from Fox news?

 

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It isn't related to reporting gains in the same sense as capital gains on the sale of coins above your cost basis [which seemed to me to be your original point]. It is a reporting requirement for businesses to report transactions with their vendors so that the IRS has a more complete picture of the vendor's revenue. The way I read it is that it will not apply to people buying coins from dealers. But it will apply to coin dealers buying from their suppliers. So if dealer A buys a $600 coin from dealer B, then dealer A has to collect dealer B's tax ID info and issue him a 1099 at the end of the year.

I'm not a tax expert so this interpretation could be wrong.

 

It does have something to due with taxes, as your only looking at it as a gold/coin buyer/seller. It is for all independent contractors/self employed that make purchases over $600. Me as an owner operator of a truck by their rules I will basically have to fill out a 1099 for every customer I buy fuel at over $600, which depending on which state I'm in a fill up will range from $500 to $750. This provision affects everyone so if you take your car to the local garage and get it fixed you have to fill out a 1099. It basically is trying to get the under reporter's to pay their due tax . It will affect all small business not just collectors that sell. Which I would have to venture a guess is prices on goods will soon go up due to the extra paperwork cost.