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Message:: [QUOTE="NPCoin, post: 1105557, member: 5629"]Yes, it does. Just not in the manner that you are thinking some people are concerned with. That part is absolutely correct!  However, I believe you still do not realize what it is that some individuals are becoming upset about. In a nutshell, there are two main concerns. One is, I believe, some people simply do not want to have their buying and selling transactions (with regards to gold and silver) monitored by the government.  The government requires individuals to file specific forms for their capital gains and losses on their tax returns. For some people, that is more than enough "intrusion" into their "personal" activities. What the new requirements do, however, is report "substantial" trades in their physical precious metals (and "rare" coin) investments. The individual is not required to file the 1099-MISC, but the dealer who bought the coin and/or PMs most certainly is. The relevant law as revised reads: Obviously, I took out wording that was not needed. You can see the current text <a href="http://www.law.cornell.edu/uscode/26/usc_sec_26_00006041----000-.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.law.cornell.edu/uscode/26/usc_sec_26_00006041----000-.html" rel="nofollow">here</a>. The additions from the new "health care" bill are in bold. Now, if you have 100oz in silver that you have been holding on to since the late 1980s and in 2012, you start selling it little by little each month to a local dealer, the moment that dealer has paid $600 or more to you during 2012, he will have to file and send you a 1099-MISC by January 31, 2013, with the gross amount he paid you for the entire year as well as your contact information and social security number. What you may not understand is that a failure to provide such information could result in penalties to you as an individual. Now, let's say you went to ten different dealers throughout the year and sold off the 100 ounces between the ten of them at $30+ an ounce. Four of the dealers you sold over 20oz. to and the other six you only sold a few ounces here and there.  Well, those four that you sold 20oz.+ to are required to file 1099-MISC.  You, as an individual, are also required to give EACH of those dealers your contact information and social security number, upon request (and the law requires them to "request" it). This is the second issue people have about this whole thing.  How many different dealers do some people deal $600 within a year in sales to (who now have your contact information and social security number)? As a collector, one is continuously upgrading or selling off a hoard that was bought for those few pieces needed. The local dealer is an ideal place to offload some of these extras. What some would call "government intrusion" and the innate risks involved concerning your identity (current contact and social security number) sitting in the files and records of more than a dozen dealers is what the fret is about. And the situation simply self-perpetuates year after year.  And don't forget requirements for records retention...[/QUOTE]

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