Like to sell gold coins? Get ready....

[pyledriver]

quote-- 'So 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 buyer. '


http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611&page=1

 

[ivan salis]

TAX TAX TAX -- ANY GOLD COIN OVER 1/2 OZ AT $1200 PER OZ WILL FALL INTO THIS $600 TRAP---no more making money by buying and selling a few gold coins --and pocketing a few bucks off your "hobby" --the tax man cometh :P

 

[Historyhound]

After reading many different reports on this subject, it's not just gold. It's going to affect ANY coin that is sold for $600 or more. I guess there will just be more collector to collector sales, leaving the dealer out of the loop. That has its ups and downs. The upside is you can probably get more $$$ for your coin. The downside being that it will take longer to sell.

 

[jeff of pa]

Quote:

purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year.