Just Wondering

[minelab rick]

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

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[thurmownator]

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.

[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!

[wayne1956]

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

[cyberdan]

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"

[Arizona Bob]

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.

[secondcup]

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

[Copperhead]

How about all those people on ebay? Does ebay keep records of all their sales. Does Paypal report your transactions to the gov?

[secondcup]

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

[packerbacker]

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??

[Immy]

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.