TFred
Regular Member
How does new "Health Care Reform" law affect the private sale of your firearms?
I just heard about this today on the radio. Apparently in an effort to bolster income tax, the new "Health Care Reform" law (the "gift" that keeps on giving...) has yet another overlooked provision that requires businesses to include purchases of goods in their list of requirements for which they must issue 1099 forms at the end of each year. The new provision applies to individual sellers as well as other businesses.
As best I can figure, and IANAL, and certainly not a tax lawyer... it appears to me that if you sell a gun valued at $600 or more to a business, you will be getting a 1099 form at the end of that calendar year, and I can only presume you will be responsible for proving that the value was not income, or you may be responsible for paying income tax on the money you got for it!
This seems like one of the crazier ideas to come along lately, and that's a pretty high bar to cross.
Here's one of the better articles I found on this, which actually cites sections of the new code:
http://thefinancebuff.com/2010/05/1099-filing-requirement-in-health-care-law.html
This new law is only a short hop, skip and a jump from requiring all private sales of goods to do the same thing... which would be a very sneaky way to regulate private sales of firearms and everything else, for that matter.
TFred
I just heard about this today on the radio. Apparently in an effort to bolster income tax, the new "Health Care Reform" law (the "gift" that keeps on giving...) has yet another overlooked provision that requires businesses to include purchases of goods in their list of requirements for which they must issue 1099 forms at the end of each year. The new provision applies to individual sellers as well as other businesses.
As best I can figure, and IANAL, and certainly not a tax lawyer... it appears to me that if you sell a gun valued at $600 or more to a business, you will be getting a 1099 form at the end of that calendar year, and I can only presume you will be responsible for proving that the value was not income, or you may be responsible for paying income tax on the money you got for it!
This seems like one of the crazier ideas to come along lately, and that's a pretty high bar to cross.
Here's one of the better articles I found on this, which actually cites sections of the new code:
http://thefinancebuff.com/2010/05/1099-filing-requirement-in-health-care-law.html
This new law is only a short hop, skip and a jump from requiring all private sales of goods to do the same thing... which would be a very sneaky way to regulate private sales of firearms and everything else, for that matter.
TFred