Gold tax!!

Many US states already tax gold and silver sales at 8% or more so this is nothing new except its more bashing of the Democrats.

In California sales under $1,500 are taxed at about 7% and in Nevada all gold and silver sales no matter how much are taxed at 8%.
 
Not this again - the filing of forms for cash transactions under $600 is NOT a tax on gold, and I believe has already been repealed. It was on *all* cash transactions - whether you were buying gold or an LCD TV or two trolleys of groceries at Walmart.

A huge beat up was made about it being a way for the government to track gold for future seizure.
 
Form 1099-B applies to Precious Metals (as discussed here)
Sales of precious metals.

A sale of a precious metal (gold, silver, platinum, or palladium) in any form for which the Commodity Futures Trading Commission (CFTC) has not approved trading by regulated futures contract (RFC) is not reportable. Further, even if the sale is of a precious metal in a form for which the CFTC has approved trading by RFC, the sale is not reportable if the quantity, by weight or by number of items, is less than the minimum required quantity to satisfy a CFTC-approved RFC.

For example, a broker selling a single gold coin does not need to file Form 1099-B even if the coin is of such form and quality that it could be delivered to satisfy a CFTC-approved RFC if all CFTC-approved contracts for gold coins currently call for delivery of at least 25 coins.

Sales of precious metals for a single customer during a 24-hour period must be aggregated and treated as a single sale to determine if this exception applies. This exception does not apply if the broker knows or has reason to know that a customer, either alone or with a related person, is engaging in sales to avoid information reporting.

Click here to view the official IRS form on irs.gov
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However,
in April 2011, Congress passed and President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 repealing this provision, because it was burdensome to small businesses.[64][65] Before PPACA businesses were required to notify the IRS on form 1099 of certain payments to individuals for certain services or property over a reporting threshold of $600.[66][67] Under the repealed law, reporting of payments to corporations would also be required.[68][69] Originally it was expected to raise $17 billion over 10 years.[70] The amendments made by Section 9006 of the Act were designed to apply to payments made by businesses after December 31, 2011, but will no longer apply because of the repeal of the section
http://en.wikipedia.org/wiki/Patient_Protection_and_Affordable_Care_Act
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Great, so the repeal added an extra WTF. :lol:

My understanding is the repeal was replaced with revised version.

More about the 1099-B Form on Wiki
More about the 1099-B Form from IRS.gov website.

I encourage anyone to settle it once and for all; is the $600 gold thingy majiggy 1099-B form active for small businesses and/or individuals? If so, links please. Cause, I was only able to find info how Corporations and Brokers fill out 1099-B Form. Thanks.
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The whole thing is /was a PITA, I dont even think the tax lawers could understand it , it was all written in with many other unrelated thing to the healthcare reform bill and signed into law before anyone could read or understand alot of it. The 1099 thing was repealed because it would have been a financial headache for any small business or even someone on ebay selling junk , garage sales ect.,plus everyone involved in a transaction over $600 would have to provide social security numbers and all personal information back and fourth , it would have been an identity thiefs wet dream. I would like to know who the genius who put it in the billin the first place. That is just from what i understand ,again I am not sure anyone really understood the exact details. We will see what the next brilliant piece of legislation comes out of the white house.
 
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