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NEW TAX requirements on gold sales over $600 (THIS IS A BIG DEAL)
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<p>[QUOTE="KoinJester, post: 953843, member: 29128"]It does have something to due with taxes, as your only looking at it as a gold/coin buyer/seller. It is for all independent contractors/self employed that make purchases over $600. Me as an owner operator of a truck by their rules I will basically have to fill out a 1099 for every customer I buy fuel at over $600, which depending on which state I'm in a fill up will range from $500 to $750. This provision affects everyone so if you take your car to the local garage and get it fixed you have to fill out a 1099. It basically is trying to get the under reporter's to pay their due tax . It will affect all small business not just collectors that sell. Which I would have to venture a guess is prices on goods will soon go up due to the extra paperwork cost.[/QUOTE]</p><p><br /></p>
[QUOTE="KoinJester, post: 953843, member: 29128"]It does have something to due with taxes, as your only looking at it as a gold/coin buyer/seller. It is for all independent contractors/self employed that make purchases over $600. Me as an owner operator of a truck by their rules I will basically have to fill out a 1099 for every customer I buy fuel at over $600, which depending on which state I'm in a fill up will range from $500 to $750. This provision affects everyone so if you take your car to the local garage and get it fixed you have to fill out a 1099. It basically is trying to get the under reporter's to pay their due tax . It will affect all small business not just collectors that sell. Which I would have to venture a guess is prices on goods will soon go up due to the extra paperwork cost.[/QUOTE]
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NEW TAX requirements on gold sales over $600 (THIS IS A BIG DEAL)
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