Federal Taxes when selling your CRH finds?

[Darth Walker]

You do not have to reply if you feel uncomfortable with this question but does anybody here have paid taxes from CRH finds you sell?

Darth Walker

 

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[TheRockDoc]

Is this a joke?

 

[n8dagr8345]

Apmex FAQ states-

Do you report my purchase of precious metals to the IRS?

American Precious Metals Exchange is not required to report our sales transactions to the IRS or any other federal, state or local agencies unless you fall under the Form 8300 requirement.

Not sure if that helps-
N8

PS- I think 8300 requirement is if you have over 10,000 in cash received.

 

[spjegues]

I would pose the question - do you file your "USE" taxes with your state every year ? All internet item purchased must pay sales tax and filed with your state.

I would say most would answer NO.

 

[baddbluff]

Taxes shmaxes!

If Obama instituted a $1 per box tax for halves, Cards and db23 could pay off the natl debt in about 2 weeks.

HH
BB

 

[Bigheed]

I sold 250 face in early Sept they said there was no 1099 if it was less than 1000 face

 

[palidin20603]

I do taxes for a living. All income from the sale of capital assets is taxable. Silver is a collectible and subject to special cap gains rate of either 25% or 28% depending on your AGI. See 1040 instructions for Sch D Sale of Capital Assets. Apmex sends you a 1099-B if you sell over a certain amount. I believe the amount is $600 of proceeds, not sure though.

All income should be reported on your return, especially if you have a job or a license you could lose if you fib on your taxes.

 

[$ilver$urfer]

Taxes shmaxes!

If Obama instituted a $1 per box tax for halves, Cards and db23 could pay off the natl debt in about 2 weeks.

HH
BB

LMAO!!!

HH,

$ilver$urfer

 

[Marc]

[br][br][br][br][br]

RON PAUL FOR PRESIDENT​

 

[$ilver$urfer]

[br][br][br][br][br]

RON PAUL FOR PRESIDENT​

8)

Multiple signs of approval!!!

HH,

$ilver$urfer

 

[OmegaMan]

Usually when selling $10,000 or less, it's cash. If you have a big stash
find several places to sell for cash. All income should be reported.

 

[TheRockDoc]

[br][br][br][br][br]

RON PAUL FOR PRESIDENT​

I will second that, or third.....

 

[jrf30]

I sold 250 face in early Sept they said there was no 1099 if it was less than 1000 face

Having no 1099 means THEY do not report the sale to the IRS. that has nothing to do with whether or not it is taxable. As already stated here, ALL sales ARE taxable, on the gains. The question was whether we DO pay taxes or not. I'm going to say that the LARGE majority here do NOT pay taxes on their CRH finds. But your answer implies that it is not taxable, since there is no 1099. Even though you may not PAY them, that doesn't mean they are not "due". Even without a 1099, yes taxes are legally DUE on ALL sales of CRH coins at a profit.

Bottom line: Yes, taxes are due. No, nobody here (Hardly) Pays them.

Answer? :-)

 

[Yinzi50]

If you feel very lucky and want to give back to our society, why not spend 15% of your gains to re-stock your local food bank to help those less fortunate ones? Nothing wrong to be a grateful person. In this recession, so many people lost their jobs/houses not due to their fault.

 

[SFBayArea]

I plan on putting down the proceeds from my coin sales on my taxes. However, I'm just writing it all as one transaction since I've done too many little sales here and there to list them like stock transactions. They should be happy that I'm actually reporting it. I imagine most don't, especially all those Ebayers that sell a ton every year. I'm just gonna put down the coins were obtained over a year ago to lessen the tax liability. I had a bunch saved up over the years. I've been CRHing for 10 years. Hard to tell which piece was obtained when like in a stock transaction. They should be stoked that I'm actually gonna report it.

Of course, many of those coin sale gains were offset by my early stock market losses.

 

[Diver_Down]

Sell? I thought this was Catch and Release .

 

[Gilmore Happy]

Pfff, paying taxes on my CRH finds. Im going to have to say, "How bout No Scott." Considering Im not selling anytime soon, and when I do, it will be cash sale. Sorry Uncle Sam, keep bailing corps out, and funding Pakistan (aka stealing from me), I'll keep my profits in any grey areas that exist. I'll pay you out of my legitimate job, no questions asked, because I love this damn country, but youre not touching my silver, ever, just bc you cant follow budget.

 

[Marc]

I propose a new slogan for Ron....

He's not about sound bites....
unless you're a thinker.

K.I.S.S. RON

 

[palidin20603]

GH,

Capital gains aren't grey areas, they are black and white. Not reporting gains is tax evasion, not that you were going to do that.

 

[jrf30]

........I'm going to say that the LARGE majority here do NOT pay taxes on their CRH finds.........

......Yes, taxes are due. No, nobody here (Hardly) Pays them.......

What facts are these incredibly stupid accusations based on besides your "gut" feeling?

Answer? :-)

More than gut feel. Past answers to the same question. I think in a poll once it was like 97% said they will NOT report it, and 3% said yes.

That was maybe 2 years ago. I doubt the numbers have changed much since then. And looking at answers given by some here, it seems to be pretty accurate still.

So why do you call them "stupid accusations"? they are proven out by past posts AND this post as accurate. Most people that sell their CRH finds do not report the profit as a taxable event. Just the way it is.

Got a burr up your backside over something with me? Answer? :-)