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<p>[QUOTE=&quot;illini420, post: 932521, member: 19423&quot;]It is my understanding that the requirement will be limited to business to business transactions and will not include non-business personal transactions... I mean you wouldn&#039;t expect that your wife would have to issue at 1099 to Costco when she spends $600+ on junk there, right??&nbsp; Or when I blow $600+ at Home Depot??</p><p>&nbsp;</p><p>Of course, as it relates to the coin business, the line gets fuzzy as to what is business and non-business transactions...&nbsp; When someone sells a coin to a dealer at a show for $1000&nbsp; or so, that person could just say that they are not a dealer and that this is their hobby, but given the number of sales made in the year, the IRS may disagree... </p><p>&nbsp;</p><p>if one is buying enough coins (and then ends up selling enough of them in a year) that person may be looked at as being in the business and would then have to give up their SSN (tax id #) to all dealers who they sell more than $600 so that they could get 1099s and then would also have issue their own 1099s to those dealers they buy more than $600 from during the year.</p><p>&nbsp;</p><p>Could get very complicated and though I consider myself a collector and not being in the business of coins it is possible that others would have a different opinion.&nbsp; I&#039;m sure many collectors would have an issue giving their SSN to a dealer if requested during a sale of their coins to the dealer which exceeds $600.&nbsp; That alone would probably cause many deals with such dealers to be cancelled.&nbsp; We&#039;ll see in 2012 how this really impacts the coin hobby/business.[/QUOTE]</p><p><br /></p>

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