Tax Man Targets Gold

By Varney and Co

A new provision in the health-care law means more tax documentation will be required for all gold coin sales.

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Starting on January 1, 2012 if you buy or sell a gold coin worth more than $600, the store must fill out a 1099 tax form and report that to Uncle Sam!

Arthur Blumenthal from Heritage Auction Galleries joined the company this morning to weigh in on this.

"I see this as being extremely detrimental to the smaller dealer," said Blumenthal.

He added that paperwork will go "way up" and that dealers will probably have to hire people to deal with it.

And how will the IRS make sure that it's getting its due? "From what I understand, the IRS is now going to hire 16,000 people to just do this," added Blumenthal.