New tax rules on gold/silver transactions

[Timothy W.]

I bet you didn't know that gold and silver investing was part of health care did you? Silly you. One of the provisions of the Obama Health Care plan is that now, all transactions of coins, bullion, and paper money (the purchasing and selling - not regular cash) over $600 now must be reported to the IRS on a 1099.

Why the 600 dollar mark? That's the half ounce mark for gold.

This is a game changer for those who have been holding physical precious metals in coin or bullion form (hint, hint). Gold has not changed it's position on the periodic table or it's spot value. The rules on coins and bullion (hint, hint) have changed. Time to adapt.

Tim

http://www.americanfederal.com/2010/06/rare-coin-reporting-legislation-passes/

[Account Closed]

You got to love it when they add these off the wall provisions to a tax bill. This is the kind of thing that probably won't pass the light of day as a stand alone bill, but buried in something that politicians think we want makes it easier to sneak by.