Good Ol' IRS

ivanq · Aug 17, 2006

Went by my coin dealers today to look at a few things and he showed me a notice that he received. Some of you probably already know about this but it was news to me - though not surprising.

From now on this small business guy must report to the IRS any transaction involving $1000 in FACE value of silver coins, any bulk gold transaction of 1 kilo or more and a whole list of other things such as gold coins, etc.

This opens a real can of worms.

Cliff - - -

hoser · Aug 18, 2006

Yup, it was only a matter of time.

mxtswinger · Aug 18, 2006

What info does the dealer have to report other than value? Is this for buying, selling, or both? Does this mean it's illegal for him to sell me a Gold Eagle without reporting my SS#?

Thanks for posting this info.

Kevin

eagle77 · Aug 18, 2006

I'd be interested in hearing what their intent is collecting this info. I see a bad signal on this one.

Arrow Buster · Aug 18, 2006

Hi I know I'm new, but this caught my eye. I wonder if this doesn't have anything to do with the Form 1099. There are many different forms of income that can/do fall under the reportable category.

http://en.wikipedia.org/wiki/Form_1099

WThesing · Aug 19, 2006

Bank transactions in excess of $10,000 are reported as a means to fight against the drug market. I guess $ 1,000 in bullion is a means to protect our security. I understand why, but where lies the boundry of privacy?

leakinbattries · Aug 28, 2006

When it's time to "call in" the gold... it'll be helpful to have a record of who has it . LB

mxtswinger · Aug 29, 2006

You hit the nail on the head there Leakin! It happened once and most likely will again.

El Diablo · Aug 29, 2006

They want any transactions of silver over 1000.00 but only a kilo or more of gold? That's 2 and half pounds of gold. Worth way more than 1000.00. Doesn't make a lot of sense.

El Diablo

grinsebring · Aug 29, 2006

Silverstockreport.com.........Read this my friends and you will see why silver is the metal to hold on to. World wide, governments are buying up gold and silver to back up all the phoney money they printed and minted for the last 30 years. Wherever the world monetary system go'es silver will always be able to buy goods. So keep digging and saving them coins.....whats left of them......

.....Gil

Good Ol' IRS

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