New Tax Threat To Stamp Collecting

Anyone catch this article?

http://www.bellaonline.com/articles/art69035.asp

Hopefully we will have a modicum of sanity returned to the bums (on both sides of the aisle) after this next election cycle. It's none of the governments %^$*(! business how many stamps - or anything - I buy.

screw em..let them find me !!

I don't want to be cynical but tax evasion is a game for many many. And when the taxman is after someone usualy it's not for peanuts...
What do you think Wt1?

there is no way in HE** I'm going to give my Social Security number to someone on ebay....

I didn't say anyone was going to LIKE this post ... just fair warning that the tax man is looking at us stamp collectors.

I know from past experience that anyone EARNING more than $600 in a tax year is required to have a SS# on file, a 1099 Form issued and taxes deducted, even if its for something as simple as mowing lawns or cleaning house, so the law is technically already on the books ... it just seems as though the IRS is just looking to expand it into other areas.

As a practical matter it may be difficult, if not impossible, to enforce ... but who knows "what evil lurks" in the heart of the tax man!

hmmm, I wonder how many tax men are one here as stamp collectors...

I'm too small a fish to fry, I wont make much of a snack let alone a meal.

I, too, am one of those "small fish" that would probably never trigger such a tax event with the IRS. Nevertheless, some here are, I'm sure.

I won't bother to post it, as it's not stamp related, but I just read an investor's article about those planning to make a windfall in collecting gold with its high prices that are anticipated to go even higher ... when a taxable event occurs (i.e. selling it), the tax rate on it goes through the roof ... it was just "fair warning" that the profits claimed by such investment firms that you might see touted on late night TV are not as it seems, particularly when taxes are considered.

Sales of stamp collections seem to have a way of flying under the radar...i do not have any immediate plans to spend 600 dollars on one item..i suppose the law might affect my estate if the stamps are sold intact..but in New York we pay taxes on just about everything anyway !! I have been thinking about cremating my collection it would save some headaches for my heirs and save me the indignity of an offer from a dealer !!

i can keep your stamps here for safety :)

Makes me think of that song this thread. "Fortunate son" CCR.

200 posts

Spock, what a generous offer!

why thank you rohumpy


due to the positive response (read above)

i have decided to extend this to all members of scf whose collection is worth $1000 or more :) the stamps will find a new haven with spock and when the tax threat is passed I will return your collection to you minus repatriation costs of $1000

i am not discriminating against the non $1000 collectors they can send their stamps too but it will be a permanent donation to the spock archives :)

Thanks to rohumpy for giving this brilliant idea and providing encouragement :)

Damn, Spock, you are a capitalist! awesome!

as for the IRS, they can *** Edited by Staff | The bad word filter is in place for a reason. Bypassing the filter and making the intended word obvious anyway is completely unacceptable. *** off for all I care. We already pay taxes on what we earn, then when we buy something at any store. Plus the zillion other ways this country chips away at my dollar. I will not allow the infernal revenue service to interfere with my collecting. They can have the money when they take it out my cold dead hands.

Paypal is also getting into the tax fray next year. If your Paypal account receives more than $20,000 and 200 in transactions then the seller and the IRS will get a 1099. Solution: Add Moneybookers to your payment options to help lower the use of Paypal or sell on websites that are less tight-fisted about payment options and allows cash, checks, M.O., butter and eggs.
There's also a bill called the Mainstreet Fairness Act in the works (pushed by Walmart and a large tax software company that stands to make a mint if it passes) from which I understand would require sellers to collect taxes for all the various national, state, county and city tax jurisdictions across the U.S. There's nothing fair about this bill and it would become a logistical nightmare. It might only kick in if you hit a certain amount, but the bill is written in such a weird vague legal mumbo jumbo it's not really certain what will happen if it passes. It might be worse only for those who make a living off of selling online. Well, while it might become a royal pain to sell within the U.S., the government cannot tax items purchased by those outside of the U.S. - unconstitutional to tax exports.

We were watching an Alec Guiness marathon last night...his early movies from 1950,1951 etc: in one film "The Captains Paradise" he is a carefree fellow who everyone loves..he enjoys life and says "why save? " perhaps he has the right idea !