Gold Coin Sellers Angered by New Tax Law

abcnews.com ^ | 07/21/10 | RICH BLAKE

[headsonpikes]

“Previous articles weren’t clear that this new 1099 requirement was applicable to people selling to the dealers”

Well, the obvious solution is “Don’t sell to dealers!”

Seriously, rent a bank safety deposit box for your gold in Canada - that’s what old money has been doing since Roosevelt.

[OB1kNOb]

Does this new law impact only gold or all precious metals including silver?

[Errant]

No fruit trees but a lot of pecan trees. Here in the deep south, you have to spray fruit trees or insects will destroy the fruit. A hundred years ago this wasn't the case.

Thirty minutes from where I live (I live on 5 acres near a small city), I have a 50 acre farm with 2 acre pond and separate from that a 72 acre woodland that borders a small river. I have a small 12V ice chest that works on 45W plus a lance truck camper with solar. It has a 12v/110v/propane refrigerator freezer. The lighting consists of about 6-1W LED lights the solar cell produces 130 Watts. I have a 4x4 F-250 to carry it with 2" receivers front and rear to attach storage boxes, winch, or trailer.

Finally, if things get really out of hand, I have a small plane hangered at the local airport for a quick getaway... :)

Everything belongs to us and not the bank. It took a lot of hard work and budgeting to get it done. Who's that who said "live like no one else so you can live like no one else"? One of my main goals in life was to become financially independent. We pretty well succeeded in that from VERY humble beginnings. That's what America offers anyone willing to work, or did at one time at least.

On the energy subsidies, the state I live in offers a 50% credit on the costs up to 25K. If the credit exceeds the tax liability, the state refunds the difference. Not a sustainable program IMO. On the federal side, the credit is 35% and the system cost is unlimited or may be limited to a 250K system. The feds also offer a significant credit for road capable electric vehicles. I think it is/was about 6K.

You can find your state's incentives here

[ChocChipCookie]

But the entire bill has been out for a lot longer and journalists and others have been poring over it. That’s all I was saying.

[Atlas Sneezed]

Optimists buy gold. Pessimists buy brass and lead.

---

Realists buy all three.

[Atlas Sneezed]

Where in the Constitution is it written that the Feds can tax the same earnings an indefinite number of times?

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Our county does it every year. It’s called “property tax.”

[dennisw]

You are very prepared. I’ll be swinging by when TSHTF.

[Errant]

Sure thing, as we'll be needing all the firepower we can muster.

[SunkenCiv]

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