Big Boys Hobbies

Uncle Sam wants a piece of your loot

"Sorry, little Billy, I have to sell that Luke Voit home run ball I caught and gave to you to pay the taxes on it." I talked to a couple who won a pretty nice brand new electric guitar, piggyback amp and a fancy wah pedal from a guitar magazine's monthly giveaway. They were selling the items in unused in the box condition and said they would likely end up owing more tax on their prize than what they could sell it for.
 
Last edited:
This subject comes up from time to time on md'ing forums. But I think it's only true if you sell it. Not by merely having found the object(s). Right ? And heck, Ebay (bless their little hearts) is already collecting taxes on buy/sell these days. So ... what's the worry?

And yes there's other ways to sell where no one's issuing 1099s (person-to-person transactions, like on craigslist, or to smelters who don't bother, blah blah).

Here's the bottom line : Our md'ing forums are FILLED with show & tell, where we show off our trophies back and forth. Right ? EVEN SOME VERY VALUABLE stuff from time to time. And I see guys show off their melt value checks from refineries (who maybe aren't issuing 1099s ?). Or persons who've shown staggering amounts of clad totals (that ... technically ... are supposed to go on your tax returns, since you're gonna go cash that in for some Benjamins).

But let me ask for forumites here : Has ANYONE EVER HAD AN IRS AGENT SHOW UP AT THEIR DOOR ? :shrug: I mean, do we *really* think that the IRS is monitoring geeky forums like ours, to see who found and then sold a goodie ? Trust me : They have bigger fish to fry. So : Continue to boast away :friends:
 
Tom_in_CA said:
This subject comes up from time to time on md'ing forums. But I think it's only true if you sell it. Not by merely having found the object(s). Right ? And heck, Ebay (bless their little hearts) is already collecting taxes on buy/sell these days. So ... what's the worry?

And yes there's other ways to sell where no one's issuing 1099s (person-to-person transactions, like on craigslist, or to smelters who don't bother, blah blah).

Here's the bottom line : Our md'ing forums are FILLED with show & tell, where we show off our trophies back and forth. Right ? EVEN SOME VERY VALUABLE stuff from time to time. And I see guys show off their melt value checks from refineries (who maybe aren't issuing 1099s ?). Or persons who've shown staggering amounts of clad totals (that ... technically ... are supposed to go on your tax returns, since you're gonna go cash that in for some Benjamins).

But let me ask for forumites here : Has ANYONE EVER HAD AN IRS AGENT SHOW UP AT THEIR DOOR ? :shrug: I mean, do we *really* think that the IRS is monitoring geeky forums like ours, to see who found and then sold a goodie ? Trust me : They have bigger fish to fry. So : Continue to boast away :friends:
Click to expand...
Never had an IRS agent at my door and I hope I never will, nor do I ever want to be audited. I also agree that they have bigger fish to fry BUT....if they actually add those 87,000 additional IRS agents they've talked about to what they already have, they may have time and ambition to start frying some of us "little fish". We don't need any aggravation from the IRS, now or ever.
 
diggin4clad said:
.......if they actually add those 87,000 additional IRS agents they've talked about ....
Click to expand...

This ^ ^ was shown to be an urban legend. It turns out it was just forward looking budget projections to replace OUTGOING agents, who were slated to be retiring, over-a-given amount of upcoming years.

Trust me : No agent is going to be showing up on your doorstep wanting a cut on the mercury or barber dime you show off here.
 
Tom_in_CA said:
This ^ ^ was shown to be an urban legend. It turns out it was just forward looking budget projections to replace OUTGOING agents, who were slated to be retiring, over-a-given amount of upcoming years.

Trust me : No agent is going to be showing up on your doorstep wanting a cut on the mercury or barber dime you show off here.
Click to expand...
It's not the mercury dimes and barbers I don't have a hoard like all those rotten zincons I have , that's where my treasure is but I just hope I can spend it before it rots away .sube
 
sube said:
It's not the mercury dimes and barbers I don't have a hoard like all those rotten zincons I have , that's where my treasure is but I just hope I can spend it before it rots away .sube
Click to expand...

Sube, there's been some mighty valuable stuff posted here over the years. Eg.: Coins worth tens of thousands, etc... And yes, people have posted caches they've found. And I doubt any of them had an IRS agent show up at their door.

That's 90% of our hobby after all, is show & tell. I mean, for example : If you're a skier, and you JUST accomplished a triple back flip, you HOPE your buddies saw it (and captured it on video, etc....). Or if you're an NFL wide receiver who catches the amazing end zone catch that wins the super bowl, you can BET you'll relish your picture on the cover of Sports Illustrated . And you'll buy 5 copies for your mother :laughing: .
 
Tom_in_CA said:
This ^ ^ was shown to be an urban legend. It turns out it was just forward looking budget projections to replace OUTGOING agents, who were slated to be retiring, over-a-given amount of upcoming years.

Trust me : No agent is going to be showing up on your doorstep wanting a cut on the mercury or barber dime you show off here.
Click to expand...
Never said they have added any , just said "IF"
 
Tinhorn3 said:
probably 1960 I seen on the TV News that children was running a lemonade stand & an IRS tax guy told them they have to pay taxes...:nono:

children to run lemonade stands must submit a tax return

When Does My Childā€™s Lemonade Stand Need a Government Permit? | Generis Global Legal Services

generisonline.com generisonline.com
Click to expand...

I'm willing to bet that the ONLY reason this link (and the "pressing information") is there, is because, as the title suggests : Someone(s) went asking " Does my child's lemonade stand need to pay taxes". Then ... presto .... they were given the technical answer. But did anyone, prior to that, ever *really* care ? No.

So that "lemonade" thing is just another case-example of the "no one cared UNTIL you asked" psychology at play. :roll:
 
Tom_in_CA said:
I'm willing to bet that the ONLY reason this link (and the "pressing information") is there, is because, as the title suggests : Someone(s) went asking " Does my child's lemonade stand need to pay taxes". Then ... presto .... they were given the technical answer. But did anyone, prior to that, ever *really* care ? No.

So that "lemonade" thing is just another case-example of the "no one cared UNTIL you asked" psychology at play. :roll:
Click to expand...
Tom I always make it a point to throw all my pull-tabs in the trash can so I don't have a tax liability . sube :D
 
sube said:
Tom I always make it a point to throw all my pull-tabs in the trash can so I don't have a tax liability . sube :D
Click to expand...

HHHmmm, ok, ya got me there bro. HOWEVER : I can scout your show & tell posts, to see if you've ever financially benefited from this hobby. And .... gosh ... it would be a shame if those pictures were to somehow get into the hands of the IRS, eh ? So If you will kindly send me $100 (I accept paypal), I can be persuaded to keep quiet about your ill-gotten gains. Tsk tsk. :friends:


No, don't think of it as "extortion". Think of it as someone just helping a fine fellow forumite such as yourself ! You're welcome :cool3:
 
sube said:
All those gold coins YOU have found technically belong to the us government because they were buried when gold was illegal to hold . Most people on the forum know of your hoard I would lay low if I was in your shoes . sube :timer:
Click to expand...
Tom would be the 1st one to go down. All busted & disgusted. Made an example of by being placed in civil war era handcuffs and locked up in Alcatraz. šŸ¤
 
You must log in or register to reply here.

Similar threads

B
1974 planted hunt in NE
Replies
0
Views
43
BuckHill
B
J
Recommendations for $300-ish coin shooting MD???
Replies
1
Views
50
Brucem
B
jimther
Dupont (Washington) bans metal detecting in public parks
2
Replies
31
Views
286
Tom_in_CA
Tom_in_CA
B
What state has the best looking coins out of the ground ?
Replies
13
Views
194
Cherry Picker
Cherry Picker
HungryGhost
Coiltek 15ā€ DD for Nox 900, any good?
Replies
0
Views
22
HungryGhost
HungryGhost
Back
Top Bottom