Myers Depot Metal Detectors

New guy, New question

Big Treble

Big Treble

Forum Supporter
Joined
Dec 14, 2011
Messages
5,058
Location
SW WI
Hello, I am new to this hobby, like I need another. I just purchased a Garret Ace 350. My greatest concern is whether my proceeds from this hobby will put me in a higher tax bracket. I have only been out about one to two hrs, but have already found an old blade for a butcher knife and a buckle off a pair of bibs(feelin richer already). When I find cash and gold, how do I report this to the IRS? Im sure you guys do, I wouldn't feel good if I didn't.
 
If I find anything of great value then I may have to make a decision to report it. However if I find a ring or 2, I doubt the IRS will know about it. ^_^ Just my humble opinion.
 
Just my 2 cents, (that's all the coinage I have found so far) should I report the value of the metal I have found. Nails, hinges and assorted bits of metal, most unidentifiable.
Do I need a tax number to be a detector? :roll:


But I refuse to give up!!!

If it's out there, will find it. I believe!!!
 
Big Treble said:
Hello, I am new to this hobby, like I need another. I just purchased a Garret Ace 350. My greatest concern is whether my proceeds from this hobby will put me in a higher tax bracket. I have only been out about one to two hrs, but have already found an old blade for a butcher knife and a buckle off a pair of bibs(feelin richer already). When I find cash and gold, how do I report this to the IRS? Im sure you guys do, I wouldn't feel good if I didn't.
Click to expand...

i don't report a single thing to the IRS. if i were to go out right now and dig up a bazillion dollars, the IRS would not hear about it. well, they might read about it in the paper, but there's not very much they could do to me. :laughing:
 
Well thanks for the warm welcome. Maybe I should have used some of those smiley thingys to express my humor. Just kidding on reporting finds to the government. Thought you guys would appreciate my optimism in finding "riches" :lol:
 
Big Treble said:
Well thanks for the warm welcome. Maybe I should have used some of those smiley thingys to express my humor. Just kidding on reporting finds to the government. Thought you guys would appreciate my optimism in finding "riches" :lol:
Click to expand...

Optimism is always a plus when hunting. Just try not to be too specific about it. When I go out, I'm ALWAYS optimistic that I will find SOMETHING, but I don't go out saying, "I'm going to find a gold ring today!" That way I'm not disappointed when I pull out a honkin' silver! :laughing:
Welcome to the forum and HH! :digginahole:
 
"How much is a pull tab worth?" Yah, a blue one....... yeeehaw. I'm richer by far now....:laughing: Oh, by the way, that's not a new question. New to you maybe, but not new to the rest of us. It comes up every now and then and some times in a more serious manner.
 
Last edited:
asked my accountant he said he didnt want to hear anything about it
i can barely pay my bills now why would i claim the 400 i dug in clad
curtis
 
Soooooo, you telling me I'm not gonna get wealthy doing this like the MD ads say I will? Just saw the post with a Barska metal detector commercial and they were finding all kinds of gold silver and cash.
 
Easy! Start buisness= Buy cheap detector & buisness cards=keep all reciepts for fuel to/from hunting locations(write off)=Save all clad(income) etc to help pay for initial investment=batteries,digging tools,pouch,knee pads,gloves,sunglasses,hat, stylish detecting clothing etc..(write off what you come up short on)= Find a $500.00 gold ring=Sell it and buy a $1500.00 Etrac=write off the other $1000.00...By then you oughta be Rollin!!!.....:cool:
 
When my income from the hobby exceeds my expenses of it, I might think about reporting it.
 
Well I will start reporting my finds when they let me deduct the cost of the detector, gas to sites and, the books I have bought researching this area. Nice to see you started here with a sense of humor BT, you will need it for all of the pulltabs and bottle caps you will dig up learning. A big welcome from N.Arizona.
 
akarobo99 said:
When my income from the hobby exceeds my expenses of it, I might think about reporting it.
Click to expand...

exactly! i think i've had 2 or possibly 3 days hunting this past year where the face value of my found coins actually exceeded the cost of my coffee stops, haha! :laughing:
now if i were to factor in the collector value or silver content of some of the coins, i might be able to double that to 5 or 6 days hunting. ;)
but the IRS still can't get me on this side of the border. :dontthinkso: :giggle:

Pete
 
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