[meteorite-list] New BLM Rules

From: Adam Hupe <raremeteorites_at_meteoritecentral.com>
Date: Fri, 21 Sep 2012 07:54:34 -0700 (PDT)
Message-ID: <1348239274.74740.YahooMailNeo_at_web122002.mail.ne1.yahoo.com>


Gold and Silver Are Taxed as Collectibles
Gold and silver bullion, such as American Eagle gold coins, Canadian Gold Maple Leaf coins, and South African Krugerrand gold coins, are taxed at the same capital gains rate as collectibles. This
includes Gold ETFs and Silver ETFs. Investors make a very real mistake
assuming they will be able to pay the lower capital gains tax rate that
is paid on stocks and bonds, sometimes causing them to experience
painful surprises come tax day.

Here is a link :


        * As of 2010, sales of gold bullion did not need to be reported on a Form 1099-B unless they conform with Commodity Futures TradingCommission (CFTC) futures contract specifications, which include requirements for
quantity, purity and weight. Under the rules for 1099-B, though, sales
in a 24-hour period must be aggregated to determine whether they fit the CFTC requirements. Exchanges of bullion for other goods or services
also need not be reported unless they are made on a qualifying barter
Changes in the Law
        * The health care reform act signed by President Obama in 2010 includes a provision that will change the way gold bullion dealers
operate. Effective in the 2012 tax year, any purchase of gold bullion
over $600 by a dealer will have to be reported on Form 1099-B. According to ABC News, this change in the law will vastly increase the number of
1099s that must be required and will provide the federal government with much more detailed information about dealer purchases of bullion.
Received on Fri 21 Sep 2012 10:54:34 AM PDT

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