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<p>[QUOTE=&quot;NPCoin, post: 1106209, member: 5629&quot;]That is the <b>current</b> law.&nbsp; We are talking about the &quot;new and improved&quot; law that added &quot;amounts for consideration of property&quot; and &quot;gross proceeds&quot; as new determinants for filing.</p><p><br /></p><p><br /></p><p>The fact that the individual is not a business entity in no way exempts the business entity who bought the coin form 1099-MISC filing requirements. The business paid an amount in the course of their trade for consideration of property. That is the reporting requirement and it is met, the seller being a business notwithstanding.&nbsp; The amount that the buying business entity is required to report is the &quot;gross proceeds&quot;.&nbsp; Whether these proceeds are income or a capital gain has nothing to do with it.&nbsp; The gross proceeds must be reported to the IRS as an informational filing with regards to this transaction.&nbsp; That is the new law.</p><p><br /></p><p>The IRS will later determine if the proceeds should be reported as a capital gain or as business income after reviewing/auditing further activity of the individual as reported on subsequent 1099-MISC forms from other business entity buyers.</p><p><br /></p><p>The new forms have not yet finalized, and will not be soon.&nbsp; However, the wording of the additions to the law is clear.[/QUOTE]</p><p><br /></p>

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