ebay and sales tax on coins

[GrumpyEd]

My point is only that (like in the original post) can you avoid sales tax by saying it is "money". If you say it is "money" instead of saying it is a collectable then you're stuck with only being insured up to $15 unless registered.

Example, someone sells a coin as a collectable it can be insured for whatever value you can prove. If it was sent as "money" and insured then it's only insured at face value and capped at $15 unless registered.

Here's a question. Part of the ACA healthcare laws they changed tax laws to pay part of the cost. One change was that if you make over $600 in one transaction (or over a year) the buyer must get the sellers info SSN or EID number and send them a 1099 MISC. Example, you sell a $20 gold piece to a big gold buying outfit (not a shady deal, a legit company like APMEX), they get your info and send you (the seller) a 1099, when doing your taxes you then list the 1099 amount and reconcile with your documentation/receipt showing your cost basis and pay tax on your gain.
I remember hearing dealers complain when the law was changed but have not heard of anyone getting asked for their SSN or getting a 1099.

My question is, are any dealers doing this (getting sellers info and sending a 1099) when buying coins or gold over $600 in one transaction?

[Justafarmer]

My point is only that (like in the original post) can you avoid sales tax by saying it is "money". If you say it is "money" instead of saying it is a collectable then you're stuck with only being insured up to $15 unless registered.

Example, someone sells a coin as a collectable it can be insured for whatever value you can prove. If it was sent as "money" and insured then it's only insured at face value and capped at $15 unless registered.

Here's a question. Part of the ACA healthcare laws they changed tax laws to pay part of the cost. One change was that if you make over $600 in one transaction (or over a year) the buyer must get the sellers info SSN or EID number and send them a 1099 MISC. Example, you sell a $20 gold piece to a big gold buying outfit (not a shady deal, a legit company like APMEX), they get your info and send you (the seller) a 1099, when doing your taxes you then list the 1099 amount and reconcile with your documentation/receipt showing your cost basis and pay tax on your gain.
I remember hearing dealers complain when the law was changed but have not heard of anyone getting asked for their SSN or getting a 1099.

My question is, are any dealers doing this (getting sellers info and sending a 1099) when buying coins or gold over $600 in one transaction?

Filing a 1099 is required for the purchasing/payment for services - filing is not required when purchasing/paying for goods. Filing a 1099 for purchasing/payment that does not require 1099 reporting is not prohibited. Some businesses find it easier for compliance purposes to file 1099 on all vendors irrespective of the nature of the transaction.