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Showing posts with label Gold and SIlver Buying. Show all posts
Showing posts with label Gold and SIlver Buying. Show all posts

Monday, October 4, 2010

Urban Survival Planning - Required 1099's when buying Gold and Silver

In case you haven't heard, one of the add ins to the Obamacare Healthcare Law that was passed a few months back,...passed without being read by anyone I might add, was a requirement for business and vendors to issue 1099 forms to anyone they do business with in commodities of a value of $600 or more.

So I have heard some Survivalists saying "Fine, then I won't make gold or silver purchases of more than $600 at any one time." And that would be okay, but I recently heard that this new reporting requirement was $600 or more in any one calendar year!

SO my view on this is that buying large amounts, over $600, of precious metals (PM's) in any one calendar year now creates an automatic register with the IRS, so if the Government rescinds the current law on PM ownership or otherwise restricts ownership and mandates a turn in of Gold and Silver, they will have a curent list of people owning gold and silver and can track turn in.

I also think that this would be such a large endeavor as to make it unrealistic to enforce, but I for one do not ant my name on a Federal Warrant or even a watch list for suspected PM ownership withour compliance of turn in.

I am interested in other Survivalist's views on this.