Onaug
Elite Member
"Dealer Backlash
As opposed to other businesses that may deal with a limited number of vendors, gold dealers often buy from individuals. One dealer interviewed for ABC News in July 2010, estimated that he dealt with some 1000 customers every week. Because they deal in so many separate transactions, some gold coin dealers have been outraged by this new change in law and are hopeful this provision of the act can be repealed before implementation in 2012. A gold coin dealer also commented in the same article that the extra reporting requirements will force him to hire more staff just to deal with the paperwork required by the IRS."
The above is part of an article about the new capital gains regulation enforced since this new year. Uncle Sam is sore that he hasn't been getting a fair share of all transactions 600.00+ or 25+ coins when dealing in coin.
As opposed to other businesses that may deal with a limited number of vendors, gold dealers often buy from individuals. One dealer interviewed for ABC News in July 2010, estimated that he dealt with some 1000 customers every week. Because they deal in so many separate transactions, some gold coin dealers have been outraged by this new change in law and are hopeful this provision of the act can be repealed before implementation in 2012. A gold coin dealer also commented in the same article that the extra reporting requirements will force him to hire more staff just to deal with the paperwork required by the IRS."
The above is part of an article about the new capital gains regulation enforced since this new year. Uncle Sam is sore that he hasn't been getting a fair share of all transactions 600.00+ or 25+ coins when dealing in coin.