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News Link • Precious Metals

Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions

• ABC

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.

PHOTO A new IRS rule that will start in 2012 will require sellers,
buyers of gold coins to file IRS paperwork.
A stack of coins is shown in this file photo. A new IRS rule that will start in 2012 will require sellers, buyers of gold coins to file IRS paperwork.
(Florence Delva/Getty Images)
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The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics.

Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

 

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