Coin World Article On Sec 9006 Of HR 3590

This is the second time I've read of this. Is anyone else miffed over the fact that a small dealer will have to issue a patron a 1099 anytime he buys a coin or coins amounting to $600 or more starting Jan, 2012? Great, most of us will spend the rest of our lives justifying the small profit, if we're lucky, or loss on the sale coins.

Think about it; can the small dealer afford time and money to comply with this new law? I don't want the price of the coins I buy inflated because my favorite one or two man coin shop has several thousands of dollars in accounting requirements because the government thinks someone is trying to evade taxes. This increases my tax reporting also. I already have to explain the small amount I have to report each year from selling excess mint sets.

If you haven't read the article, get it, read it, write your representatives! ICTA has a couple of sample letters you can send your reps and senators. I'm modifying one for us poor dumb schleps.