Obamacare changed tax law, requiring a 1099 form

[UConn James]

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Now that the Health Care "Reform" Bill has passed we are still finding out what is really in it. The more one discovers, the more there is to dislike. One feature that escaped most peoples attention was the requirement, beginning 1 Jan 2012 to report any sales and purchases over $600. Evidently, it was added to target the sale and purchase of coins and bullion, but by the time the law was written it included "other goods."

 

My plumber just put in a $600 water heater. Buy a new laptop, some gold coins, or sell your used car? Yep, all those transactions would generate a Form 1099. The "Industry Council for Tangible Assets" (yes, it exists) says it expected that provision to get tossed out of the bill before it passed, because it was so outrageous. Guess what? It's still there, because no one read the bill then and we are still discovering what other little hidden "gems" are in it.

 

As explained in, "$600 Sale? Get Ready for Tax Form," Section 9006 of the Patient Protection and Affordable Care Act (Public Law 111-148) adds the requirement to use a Form 1099 to show sales, gains and losses on purchases and sales of goods as part of a trade or business.

 

Here comes the agency by which the govt "spreads the wealth around a bit" (to quote the Current Occupant).

[Hossage]

Effing pigs. They want us all dead.

[Dante]

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Here comes the agency by which the govt "spreads the wealth around a bit" (to quote the Current Occupant).

Just don't file it. Fug em