Glenn Beck has terrified me - regarding baseball cards?!

I don't want this to turn into a political discussion, or pro-anti Beck sentiments. I don't watch his show, because at 5 I'm watchinng Around the Horn and Pardon the Interruption. However, my mother never misses an episode and called me frantically after a past episode.

Apparently Beck auctions a number of items for charity. He claimed on his show that on Jan 1, 2011 a new law goes into effect requiring all items sold over $600 to be reported to the IRS. This obviously has great ramifications for our hobby.

Has anyone else heard this? Is this true? Or is he just stirring the pot and giving my poor old mother the vapors?

Yeah, i watch him on occasion and did see that. Looks like it may be true and would not doubt that the IRS is looking to take more money out of your pocket any way they can. The only true way to face the deficit and pay for Obamacare is to tax and more tax. Ok, that's enough with my political rant....here is a web site that offers more on the tax over $600.

http://www.investingblog.org/archives/637/big-changes-to-irs-form-1099-in-2011/

Damn Mark, You got a negative for that comment.

I know that bowling tournament winnings over $600 and you get a tax form, maybe this is under the same law. My guess is that it might affect the auction houses.

Lee

That's ok Lee i am numb to it by now, a mountain of negs still can't bury the truth....
I wonder is the neg for watching Glenn Beck or the Obamacare comment.


And yes, auction houses will feel the brunt of any law like that.

Now correct me if I'm wrong here...but this new addition seems to apply to small businesses. I am not a small business...just a small time collector who occasionally buys and sells stuff on ebay.

Does this still apply to me? Aren't there other rules about "collections" and hobbies?

I want Beck and listen to Limbaugh on occasion for the comic value and to be able to argue intelligently with those that believe these two. Not that it helps since the IQ of their followers is generally lower than a box a rocks. My apologies to the box of rocks.

Beck loves to call the Dems socialists, communists, etc yet his latest skreed is straight from the communist playbook. He called for govt workers to no make more than the average American worker. Great idea, but it was first proposed by Lenin in 1871 at the Paris Commune.

Chris, It's hard not to take a swipe at that churl for the various and continual tripe he spews. No, he got it wrong, again. First of all, he's off by a year. More importantly, he's just plain off. Look for him and Fox News to correct the story about the same time I win an authentic T206 Wagner. Here's the deal--per mediamatters.org:

"Beck falsely claimed you have to file a 1099 if you "sell anything worth more than $600".

In fact, the provision requires businesses to file a 1099 for purchases of more than $600. The Wall Street Journal reported on July 29:

Starting in 2012, businesses will be required to file a 1099 to the Internal Revenue Service for each supplier or service provider to which payments exceed $600 in a single year. They are already required by law to report payments to non-corporate service providers, but the health-care law broadened that to include corporate vendors and purchases of goods.

As NPR reported on September 14, both Republican and Democratic members of Congress have signaled their desire to amend the requirement. President Obama has also said that the provision "appears to be too burdensome for small businesses" and cited it as an example "where I think we can tweak and make improvements on the progress that we've made. That's true for any significant piece of legislation."

The provision does not affect purchases unrelated to business. According to Reuters, the provision "requires all business to file 1099 forms for goods as well as services, if those goods cost over $600 annually." Reuters further stated that it "will affect all businesses, including sole proprietors, consultants, self-employed people and freelancers, who are considered businesses for tax purposes, but may not think of themselves that way. It also will apply to charities and other tax-exempt organizations."
(emphasis added)

BTW, it appears that this would not make anything more or less taxable;rather, it would merely make it easier for the IRS to track and verify business tax reporting. God forbid--what is this nation coming to when they make it harder for businesses to cheat on their taxes?

We'll see a retraction about the same time that they finally correct all the misinformation about the $200m/day Obama trip to India. Even after it was proven that the stringer for the New Dehli paper that broke the story made up the numbers, Fox still ran with the story after everyone else dropped it.

to be fair (and balanced), the law could affect collectors if not tweaked to exempt small businesses. If you sell cards for more than $600 to a single dealer, i.e. a small business, you may expect to receive a 1099 under the upcoming law. This will notify the IRS that you have received revenue that will have to be accounted for in your personal taxes, although presumably that was something you were already obligated to take into account. IOW, you won't need to watch your books so as to know when to generate 1099s, but you may receive them if the law isn't changed to exempt small businesses generally, certain types of small businesses or certain types of purchase transactions (ebay auctions, for example). In effect, you will be the reportee, not the reporter. Again, however, by far the primary emphasis of the law is to ensure accurate business tax reporting, not chasing Joe Blow for the sheckles he makes on ebay.

The great thing about Republicans is they want people to work for their money but not every give anything back. The problem with democrats is they want to take from the working man and give it all away. Some people need help but when you just give them something they take it for granted and just want more, it doesn't work. The real solution is more jobs, give those who want to work a choice. Raising taxes just causes more layoffs, we all know the game but are helpless to the mindless, like Perry Ferrell says 'Idiots rule'. The good thing about the right and left is we have free choice but the back and forth fighting and back stabbing makes it almost impossible for anything to get done, especially when the only concern is filling their pockets with as much as they can. The only solution is Anarchy !!!!!!!!!!!!!!!!!!!!!!!!

If someone is laying off employees because of a tax hike, then they are a bad businessman. You lay off or hire people based on demand for your product, not on what your tax rate is.

I hear you Jay, good luck explaining that to the shareholders. The whole system is flawed, and I really think it always has been since Cain killed Able. It truly is a dog eat dog world.

The whole idea that the health of Wall Street indicates how the economy is doing is also erroneous. All you have to do is look at the current situation. The economy still sucks but companies are raking in record profits and the Dow has been moving up while the economy isn't getting any better.