1099 tax forms to become mandatory for coins and bullion trades >= $600 ?

[Pres]

What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy.

The responsibility for issuing forms kicks in at $600 for coins or bullion – not a very high level and one that has already started sounding alarm bells. It doesn’t matter in what form payment is made, whether cash, check, credit card, or Yap stone money, the $600 threshold applies.

(...)

The Industry Council for Tangible Assets is alerting member dealers and the public at large in the hope that some sense of outrage will lead to a ready modification before the law becomes operational in 2012.

Source: http://www.numismaster.com/ta/numis/Art ... leId=11843

[MediumTex]

Credit card transactions are likely to be exempt.

[hogtied]

I can't find many if any gold dealers who will accept credit card payments other than ebay sales using paypal.  Please list dealers if you know of more, thanks.

[MediumTex]

I can't find many if any gold dealers who will accept credit card payments other than ebay sales using paypal.  Please list dealers if you know of more, thanks.

The new 1099 requirement will undoubtedly have a large impact, one of which may be the creation of a larger coin market for credit cards, with higher fees on such transactions.

It will probably provide a stronger market for silver coins and smaller gold coins as well.

[Pkg Man]

All of this is making me think that offshore storage is an idea worth looking into again.