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  1. #1

    Jul 2006
    Charlottesville, Va
    Minelab Explorer XS
    161

    Just Wondering

    As this is the tax season, a thought crossed my mind and I thought I would toss it out for consideration.

    As this is an open site, and we display our coinroll totals, do you think that this displayed info could ever bite us back with the IRS? I can assure you that if I sell my collected coins that the next thing I'm going to do is report it as additional income. Should we be listing all our finds? I would really miss seeing eveyones totals, but I would also hate to see it get someone in hot water. Like I said just wondering.

    Rick
    2007 Coin Roll Totals
    Walkers - 1
    Franklins - 4
    90% ------20
    40% -----216
    Proofs ---8
    2003D ---2

  2. #2

    Dec 2006
    1,813
    2 times

    Re: Just Wondering

    These aren't actual factual events/finds I report.

    I treat this like a video game and am just playing along. Actually, it amazes me that there are actual coherent sentences posted by my id; as it is just my drunk hamster running across the keyboard.

    Let Uncle Sam try to prove otherwise.
    "You can't win if you don't play"

    "Behind every dark cloud is a silver lining"

    "If you're prone to motion sickness, this "roller coaster" hobby may not be for you "

  3. #3

    Jan 2007
    1,305
    4 times

    Re: Just Wondering

    I hereby swear that the one known as "fiatboy" is not a person. I, the author of "fiatboy" and all posts made under this character, engage in these posts for my own entertainment. They in no way represent my life.


    Happy Hunting!

  4. #4
    us
    Sep 2004
    TX
    Whites Vision/V3 Spectra, AT Pro
    1,768
    3 times

    Re: Just Wondering

    Big brother gets enough of my money to give away to pork projects. I have no plans on giving him any more.

  5. #5
    us
    Dec 2006
    Left Coast
    XLT & Bigfoot
    2,940
    447 times

    Re: Just Wondering

    Quote Originally Posted by fiatboy
    I hereby swear that the one known as "fiatboy" is not a person. I, the author of "fiatboy" and all posts made under this character, engage in these posts for my own entertainment. They in no way represent my life.
    Happy Hunting!
    Then better get rid of your wheelbarrel icon. Makes me think "tax audit"
    at yard sales I am dollardan
    on ebay I am the-howto-guy
    http://www.ebay.com/sch/the-howto-gu...p2047675.l2562

  6. #6
    us
    Apr 2007
    CA-AZ-NV-NM
    Garrett GTI 2500
    542
    15 times

    Re: Just Wondering

    I don't think the IRS would be interested in a CRH. After all, we are essentially purchasing coins at face value. I don't think a "tax-event" would occur until someone sells a coin(s) for more than face value. Seems to me that everyone intends to keep nearly all of their finds.

  7. #7

    May 2006
    Seacoast, New Hampshire
    150

    Re: Just Wondering

    Good question!

    I just finished my takes, and noticed that there's a section on the 1040 about proceeds from a hobby, but what are the rules? Any accountants out there that can inform us?



    sc



  8. #8
    us
    Feb 2007
    The Constituition State
    Ace250
    1,007
    4 times

    Re: Just Wondering

    How about all those people on ebay? Does ebay keep records of all their sales. Does Paypal report your transactions to the gov?
    The best laid plans of mice and men often go awry... - Robert Burns


    I miss the days that they made toys that could kill a kid.

  9. #9

    May 2006
    Seacoast, New Hampshire
    150

    Re: Just Wondering

    I don't think eBay does. I believe it's up to the seller to declare what they make. I'm sure there's a figure you have to make before needing to worry about it, but again I'm no CPA!



    sc

  10. #10
    Charter Member
    us
    May 2005
    Northern California
    7,851
    2172 times
    All Types Of Treasure Hunting

    Re: Just Wondering

    I would think that, if I sold a half dollar for $2 there would be a profit I would have to declare. Then, on the other hand, I'm going to add the 6 gallons of gas it took me to find it, my initial 50-cent investment, the 6-1/2 hours of my time driving around, the wear and tear on my vehicle, my searching through all the rolls time and the time it took me to re-roll all the halves I took back. Of course I do a lot of this at my home so I guess I can declare one of my rooms as a business office and deduct that. Let's see.....what else??
    Banking off a Northeast wind, sailin' on a summer breeze

  11. #11
    us
    Mar 2005
    Vegas
    2,524
    28 times
    All Types Of Treasure Hunting

    Re: Just Wondering

    Let's say you did sell that 40% half for $2. Well, maybe you bought it at the height of the silver boom when they were worth $7.40 each and took a $5.40 hit. There's no way the govt. can prove you didn't take a loss, just like they can't prove you profited.

    And packerbacker, regarding your "itemizing" (gas, wear and tear, etc.) if you can show that the gas money you purchased was for a vehicle you used solely for CRH, than you can deduct it. If you use your car for any other function than you can only deduct a portion.
    Last appearance in pocket change:

    Wheat penny - 1958D (5/9/14)
    Silver - 1928P dime (12/5/11)
    Dollar coin - 2007P (Jefferson) (8/12/13)

 

 

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