Thursday, July 22, 2010

Sellers of Gold Coins Hit by Sneaky Provision Hidden in Health Care Bill

Gold coins face IRS scrutiny

This could get ugly. An amendment that did not get much notice in the health care legislation will bring government scrutiny to gold and silver coin dealers and all those who sell coins and bullion. From this report from ABC News, we find out the recent health care legislation had a rather sneaky provision hidden in it.

Those already outraged by the president’s health care legislation now have a new bone of contention — a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.

. . . Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. . . . every time a member of the public sells more than $600 worth of gold to a dealer, Piret said, the transaction will have to be reported to the government by the . . .

Full story at: MarketWatch

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