Myers Depot Metal Detectors

Claming Tax on your finds.

Utah_T-Hunter

Utah_T-Hunter

Elite Member
Joined
Apr 15, 2010
Messages
789
Location
Vernal, Utah
Hello all!

I was reading this older book recently about Treasure Hunting and was talking about to actually file a tax report on clad we find? As a supplemental form of income. To me what worth that be? Unless we can send chewed up zincoins to the IRS ? :lol:
 
Yeah Right :rofl: . . . claiming your findings to the IRS :doah:

But then as a thought, if you owe money, send them payment with those beat up corroded clad coins :lol:
 
Right, just like the internet sales tax that Colorado just passed...Good luck in enforcing that and making a profit!!!! Virtually any coin/gold/silver find I have goes on eBay if I want to sell it. My WWII items generally are sold to private parties.....no paper trail.

Dusty
 
I suppose the paper trail would be a consideration when deciding where to sell gold and silver. Sending it to a refinery means having a check, and a record of the transaction. Selling it locally might mean ~20% less but a cash transaction. I would think of these things if I ever had gold to sell. :whistle:

I've read that the feds are considering forcing gold dealers to track all transactions.
 
ANY income you make is supposed to be reported to the IRS. This includes getting gifts and finds of value. Obviously almost no one does it, but it is the law. The author probably wanted to cover his butt so that it couldn't be claimed he advised people to committ tax fraud.

While it would be virtually impossible for them to track clad finds you make, there is a paper trail that exists when you sell precious metals to a refiner, jeweler, pawn broker etc. as those guys write up a receipt and report it as a business transaction. Same is true if you sell something on Ebay. It is unlikely they could find it, but it is possible.
 
In brief not to get off the topic to much but getting yourself a resale Tax License to sell on ebay or another site similar will cover you bases for filing.
 
Utah_T-Hunter said:
In brief not to get off the topic to much but getting yourself a resale Tax License to sell on ebay or another site similar will cover you bases for filing.
Click to expand...

That only lets you avoid paying state sales tax on items you plan to resell. You still have to pay income tax on any profits you make (they could be offset by tax deductions, but you still have to report it).
 
Hello. This is the IRS.

We have intercepted these transmissions & will be at your door shortly. Please have a check ready.

Also you are being audited and we will be looking to collect on any & all finds, please also have them ready for pickup this am.

Yours Truly,
The IRS.
(Next to an undertaker we're the last ones to let you down.)
 
cmbtvet said:
So if the finds must be claimed as income, that makes it a job which means all your equipment and expenses can be deducted...

...just sayin'
Click to expand...

I just opened a new business this year, bought a $1500 E-Trac, and found $164 in clad. Does that deficit sound familiar Uncle Sam?
 
milco said:
I just opened a new business this year, bought a $1500 E-Trac, and found $164 in clad. Does that deficit sound familiar Uncle Sam?
Click to expand...

I heard on the radio yesterday afternoon about a government study on why our kids are so fat and what can be done to reduce the weight. The study cost $2m and the results determined that the schools should hide the chocolate milk under the white milk.

These people went to college?
 
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