The next IRS overreach will be closer scrutiny of bartering and precious metals. Lauren Lyster interviews David Selig, who argues that the IRS wants to know what you are doing with your gold in the same way that it has brought your foreign bank accounts under closer scrutiny. Also, expats–are you reporting your bartering with 1099B? David Selig says that you must. Did you trade something worth $100 for something worth $2000? That’s a taxable event, potentially a criminal event if left unreported.
Hat tip: Daily Reckoning
Or watch the video at Youtube.