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Happy New Year: $600 Federal Threshold for 1099 Reporting
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<p>[QUOTE="Hiddendragon, post: 8139690, member: 25270"]First off, it's not hard if you buy a handful of coins a year but what if you literally buy thousands, and many of them in bulk? I collect coins for fun, and fun for me isn't getting home with my coins, opening up a spreadsheet, and spending the next 20 hours on data entry. And even if a person wanted to start now, they can't do anything about all the coins they bought before they realized this was going to be an issue. It's one thing if you're a professional dealer, but if you're just a collector who started buying coins just to collect and later decided to sell off some that you didn't want you can't be expected to have kept track of all of this. I realize some people seem to enjoy keeping these kind of detailed records but I can't think of a better way to ruin a hobby for me.[/QUOTE]</p><p><br /></p>
[QUOTE="Hiddendragon, post: 8139690, member: 25270"]First off, it's not hard if you buy a handful of coins a year but what if you literally buy thousands, and many of them in bulk? I collect coins for fun, and fun for me isn't getting home with my coins, opening up a spreadsheet, and spending the next 20 hours on data entry. And even if a person wanted to start now, they can't do anything about all the coins they bought before they realized this was going to be an issue. It's one thing if you're a professional dealer, but if you're just a collector who started buying coins just to collect and later decided to sell off some that you didn't want you can't be expected to have kept track of all of this. I realize some people seem to enjoy keeping these kind of detailed records but I can't think of a better way to ruin a hobby for me.[/QUOTE]
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