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<p>[QUOTE=&quot;Frankcoins.com, post: 953895, member: 16048&quot;]First, nothing changes for at least the rest of 2010.</p><p>&nbsp;</p><p>Let&#039;s look at the back story:</p><p>The 2008 housing act tried to close some loopholes on 1099 forms for </p><p>real estate transactions (that definition of &quot;property&quot;.) Republicans </p><p>killed it (although they DID include, and Bush signed, the provision to </p><p>have Paypal and credit card gross receipts reported to the IRS.) Of course,</p><p>THAT had nothing to do with HOUSING! And it didn&#039;t go into effect until the</p><p>next president was in office! </p><p>&nbsp;</p><p>The &quot;property&quot; reporting was added back in with the same language in </p><p>the health care bill under &quot;expanded reporting requirements.&quot; But THAT</p><p>had nothing to do with HEALTHCARE! (you see how quickly this is getting</p><p>messy.)</p><p>&nbsp;</p><p>But in a healthcare bill rather than a housing bill, some thought &quot;property&quot; </p><p>meant EVERYTHING including &quot;business inventory&quot; and buying or selling </p><p>anything over $600 (&quot;Secret gold coin tax snuck into healthcare bill&#039;, </p><p>&quot;Obama forces us to be tax snitches&quot; ) , and the story started </p><p>appearing everywhere, all based on the incorrect understanding of the </p><p>intent of that section. Most bills have a few conflicting or unclear </p><p>passages. These get fixed when the enforcing agency writes the rules,</p><p>or sometimes though court rulings. </p><p>Often the sponsors have to be asked &quot;what did you REALLY INTEND </p><p>THIS TO DO?&quot; </p><p>&nbsp;</p><p>Texas, trying to ban gay marriage, passed a law, read literally, banning</p><p>ALL MARRIAGE. The law was never rewritten, but it&#039;s not interpreted by the</p><p>state government that way because it would be stupid. </p><p>&nbsp;</p><p>Clearly the IRS does not want a form submitted on all these </p><p>transactions, but they haven&#039;t developed any rules yet because the </p><p>public comment period is still open (until 9-30-2010). You can sent a </p><p>comment to the IRS here </p><p><a href="http://www.irs.gov/newsroom/article/0,,id=225029,00.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.irs.gov/newsroom/article/0,,id=225029,00.html" rel="nofollow">http://www.irs.gov/newsroom/article/0,,id=225029,00.html</a> </p><p>&nbsp;</p><p>Of course many of us don&#039;t trust the IRS to fix something this obviously</p><p>stupid. so...</p><p>&nbsp;</p><p>You can call your Senator and Congress member and ask them to support </p><p>S.3578 (Senate) and H.R. 5141 (house) which repeal these provisions </p><p>without waiting for the IRS to act.[/QUOTE]</p><p><br /></p>

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