A friend of mine just sent me this link: American Federal » Insider's Corner » Rare Coin Reporting Legislation PASSES
Well that's the pits. Still better than holding FRNs or more hysterical - bonds/stocks. Just a comment though: Coin dealers kinda screwed themselves on this one and here's why - The few times I traded a coin for cash, I got a much lower rate than I would have by selling to an online dealer (an ostensibly reportable transaction). It was clear that they knew my predicament and were offering just a sliver above what I would have to shell out to the govt. Cash has not even been an advantage due to their business practices. Most of us won't notice the difference nor will we shed tears for these dealers.
I predict that there will be a lot more private transactions in the future. People who buy PM's will will go out of their way to stay under the radar.
IRS As always enters stage left--- effective 1 Jan 2012 all transactions above $600 must have a 1099 form. It is quite obvious that our nation is dead broke feeding dead beats and is trying to find where you have hidden your PM's so they can "share them" with the dead beats. Sign up now- the line forms behind those endorsing Obamanonics--- Laus Deo overbore
If a person were to live in a mining area such as where I live, they might be smart to make future purchases from the myriad of small-time miners/prospectors who live pretty much "off the grid"...I hear that a person can usually beat the market price and there is little chance of paperwork being done. I personally would never do anything to violate this kind of regulation of course, nor would I recomend it to another, but I can see how someone might get around them.
