Big Boys Hobbies

Ara

dewcon

dewcon

Quality Control Expert
Joined
Sep 20, 2006
Messages
8,374
Location
Gulf, Florida
Some of you may not know that ARA has moved their operations. Got an Email today from Wayne and here is their new info.

American Recycling Associates

1050 Metro Media Place

Dallas, TX 75247

1-800-216-9796

Dew
 
You about gave me a heart stroke man I just handed the mailbabe a package going to ARA. :laughing:

I figured to send in a couple rings as a test to see how it goes.

The address is the same, *whew*
 
reply

Dew, thanx for the heads-up.

And question for you, or anyone else who can answer this: While it's general consensus these guys are straight-shooters, pay out honestly, timely, etc.... Yet there seems to be a bug:

I've heard they're asking for tax-payer ID #'s (social security #'s). I can understand if it's for purposes of if they're receiving stolen goods (like how some pawn shops ask for ID's, etc...). But .... on the other hand, it could be that they're complying with IRS laws for 1099 issuances. You know, like if they pay out over $600 per calendar year (or perhaps the dollar amount is different for this type transactions?), that they might report the issuance of "income" to the IRS.

Does anyone know if this info. is passed on to the IRS, as a form of income, that will then be matched to tax returns, to see if you "reported" the income ?
 
I don't know Tom this is the first I've used them after having a more local refiner scalp me on some gold.

Funny they were within $2 of what I figured for scrap silver but a good 3 grams of Gold "disappeared." :roll:

Never again so I thought I'd try ARA, many folks here swear by them.
 
I had dealings with ARA earlier this year and it was smooth sailing. I went to their website aragold.com to get their new address and printed out the form they want you to use now. Since my total was less then $600, I don't know if they did anything with the information. Plus, I already had an account with them from previous dealings. Give them a call and ask them your questions. I'm sure they will explain what you're concerned about. Good luck. : )
 
Months ago. Stop hoarding all that gold. :laughing: They now send an email when they check in your package with the penny weight. After they melt they send another email with your payout. Their checks are new too. Very fancy. I just deposited one an hour ago. :D They also stopped charging for return postage. They are the best!
 
I've actually had similar questions in regards to how often you guys send in your gold. I'm currently at about a grand this year in finds but not sure if I should send them in smaller amounts or just wait until the end of the year and send it all in one whack. Probably doesn't matter though. What's your thoughts?
 
Tom_in_CA said:
Dew, thanx for the heads-up.

And question for you, or anyone else who can answer this: While it's general consensus these guys are straight-shooters, pay out honestly, timely, etc.... Yet there seems to be a bug:

I've heard they're asking for tax-payer ID #'s (social security #'s). I can understand if it's for purposes of if they're receiving stolen goods (like how some pawn shops ask for ID's, etc...). But .... on the other hand, it could be that they're complying with IRS laws for 1099 issuances. You know, like if they pay out over $600 per calendar year (or perhaps the dollar amount is different for this type transactions?), that they might report the issuance of "income" to the IRS.

Does anyone know if this info. is passed on to the IRS, as a form of income, that will then be matched to tax returns, to see if you "reported" the income ?
Click to expand...

NO it is not. They are doing that to appease the government. They have told me unless they get raided NOTHING goes out.
 
SalemScott said:
I've actually had similar questions in regards to how often you guys send in your gold. I'm currently at about a grand this year in finds but not sure if I should send them in smaller amounts or just wait until the end of the year and send it all in one whack. Probably doesn't matter though. What's your thoughts?
Click to expand...

You can send them one gram to as many as you have. They have NO minimum.
 
SalemScott said:
I've actually had similar questions in regards to how often you guys send in your gold. I'm currently at about a grand this year in finds but not sure if I should send them in smaller amounts or just wait until the end of the year and send it all in one whack. Probably doesn't matter though. What's your thoughts?
Click to expand...

Send in a few hundred dollars worth and see how it goes. I have a local guy who will give me a decent rate but 98% sounds too good to be true!

Got to give them a try! :grin:
 
Irons said:
Send in a few hundred dollars worth and see how it goes. I have a local guy who will give me a decent rate but 98% sounds too good to be true!

Got to give them a try! :grin:
Click to expand...

A few reasons why it is too good to be true. One of the main ones is THEY keep all the silver value. So if you have 14K you have 14 parts gold and 10 parts silver on MOST gold. Rose gold and some others have copper also mixed in.

I have never had a major problem with them. IF you ask for an advance make SURE you ask them to lock in the price the DAY they get it. They will send a check out that day for 90% of the value and send the other 8% and stones back after its refined. I hope this helps
 
Too bad they didn't take aluminum... I have a hoard of pulltabs to send out... speaking of hoarders I guess I will have to send them to DirtyRob instead... :laughing:
 
ScubaDetector said:
NO it is not. They are doing that to appease the government. They have told me unless they get raided NOTHING goes out.
Click to expand...

Wow scuba, that's a very bold thing for them to say/admit. I mean, for example: myself as a businessman, I have to report any entity to whom I pay $600 or more in a calendar year, for services, labor, interest, etc... Any person or entity who is not a corporation.

But perhaps gold/silver exchanged for $$ is not considered as an "income"? Since it's just one asset traded for another. Like that ARA "bought" something tangible from you or I. In the same way that my business does not issue a 1099 for if we bought over $600 for a tangible asset (used equipment, for example), since that's not labor, services, or interest.

Hmmm, ok, thanx for the info !
 
IF they did that id assume they would also be required to send you a for for taxes.... which they dont. They have gotten several thousands of dollars worth from me and i cant complain. Ive checked with a couple here in FL and they require a business number.

Dew
 
I actually used ARA at the end of last year and got a hassle-free check in 2 weeks...easy peasy. My question was more wondering if there were advantages of sending smaller amounts instead of one lump sum. Basically if I send in 3 or 4 grand at the end of the year will uncle sam come a-knockin' for their cut? It seems not though.
 
ScubaDetector said:
A few reasons why it is too good to be true. One of the main ones is THEY keep all the silver value. So if you have 14K you have 14 parts gold and 10 parts silver on MOST gold. Rose gold and some others have copper also mixed in.

I have never had a major problem with them. IF you ask for an advance make SURE you ask them to lock in the price the DAY they get it. They will send a check out that day for 90% of the value and send the other 8% and stones back after its refined. I hope this helps
Click to expand...

I didn't think to ask for an advance. Ah well we'll see how it goes. :grin:
I'll never send Gold to midwest again although they seem to be OK with silver.
 
According to ARA's website, they only deal with businesses and not the general public and they require an application for new customers. How do you guys get around that or do you just make one up?
 
A few months back, I sent in one 3g 10k ring as a test ...my first time using ARA. I didn't call. I didn't send in that 2nd form on the site. Just the main form where you tell them what you're sending in. Received a check 10 days later. Received emails throughout the process.

They are the best.
 
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