Any amount of gold and silver coin sales are no longer reportable to the IRS... just large bars. Hard to believe really...
https://youtu.be/PlWIg6NoXk4
1099-B reporting has changed - this is huge!
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1099-B reporting has changed - this is huge!
by Cu Penny Hoarder » Thu Jan 02, 2025 12:00 pm
Time is precious, stop wasting it.
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Re: 1099-B reporting has changed - this is huge!
by Cu Penny Hoarder » Fri Jan 03, 2025 11:56 am
Not one comment? I thought this would be a hot topic. I certainly was pleasantly surprised by this.
Any buyer who bought gold and/or silver coins and filed a 1099-B on the seller during 2024 is now null and void.
These reporting requirements have been misinterpreted for many years because they were so general. IRS should give back all the taxes those sellers had to pay.
More here:
https://www.collectpure.com/blog/updated-1099-b-tax-reporting-requirements-for-bullion-transactions
Any buyer who bought gold and/or silver coins and filed a 1099-B on the seller during 2024 is now null and void.
These reporting requirements have been misinterpreted for many years because they were so general. IRS should give back all the taxes those sellers had to pay.
More here:
https://www.collectpure.com/blog/updated-1099-b-tax-reporting-requirements-for-bullion-transactions
Time is precious, stop wasting it.
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Re: 1099-B reporting has changed - this is huge!
by Silver4face » Fri Jan 03, 2025 3:14 pm
"IRS should give back all those taxes"
I agree, but the odds of that are roughly ZERO.
I agree, but the odds of that are roughly ZERO.
Buy rolls NOW while you still can!
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Re: 1099-B reporting has changed - this is huge!
by pmbug » Fri Jan 03, 2025 4:27 pm
Yes, well, I'll be very busy next week asking the IRS to please nullify all those 1099b forms from last year for the multitude of times I went to my LCS and bought 25+ 1toz gold coins at a time.
The journey of a thousand miles begins with a single step. -Lao Tzu
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Re: 1099-B reporting has changed - this is huge!
by Cu Penny Hoarder » Fri Jan 03, 2025 6:58 pm
pmbug wrote:Yes, well, I'll be very busy next week asking the IRS to please nullify all those 1099b forms from last year for the multitude of times I went to my LCS and bought 25+ 1toz gold coins at a time.
The 1099b is/was only generated when you're selling, not buying.
Time is precious, stop wasting it.
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Re: 1099-B reporting has changed - this is huge!
by Morsecode » Fri Jan 03, 2025 7:32 pm
I've sold to national dealers, local coin stores, pawn shops...In 45 years, no one has asked me for my SS#. One sale in the early 90's involved a kilo bar of yellow, so these 1099 limits must have been fairly high even then.
From hence ye beauties undeceived, know one false step is ne'er retrieved
and be with caution bold.
Not all that tempts your wandering eyes and heedless hearts is lawful prize,
nor all that glistens gold.
- Thomas Gray, 1747
and be with caution bold.
Not all that tempts your wandering eyes and heedless hearts is lawful prize,
nor all that glistens gold.
- Thomas Gray, 1747
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Re: 1099-B reporting has changed - this is huge!
by pmbug » Sat Jan 04, 2025 8:45 am
Cu Penny Hoarder wrote:...
The 1099b is/was only generated when you're selling, not buying.
Diamond hands for the win!
The journey of a thousand miles begins with a single step. -Lao Tzu
You can find me ranting at clouds on pmbug.com.
You can find me ranting at clouds on pmbug.com.
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Re: 1099-B reporting has changed - this is huge!
by Recyclersteve » Sun Jan 05, 2025 2:11 am
I wonder if your typical coin shop knows about this…
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
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Re: 1099-B reporting has changed - this is huge!
by Cu Penny Hoarder » Sun Jan 05, 2025 8:33 pm
Recyclersteve wrote:I wonder if your typical coin shop knows about this…
If yours doesn't, make sure you tell them.
Time is precious, stop wasting it.
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