$35k Goodwill Watch Find

[JimDon]

Awesome find. Do your homework and it can happen.


Man buys watch for $6, sells for $3...uable-antique-watch-at-thrift-store.ktvk.html

 

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[JimDon]

Man buys watch for $6, sells for $35,000 http://www.cnn.com/video/data/2.0/v...uable-antique-watch-at-thrift-store.ktvk.html.

 

[Beachkid23]

Awesome find however he will probably never be able to buy jewelry at Goodwill ever again because they will send it off to their store now and sell it online! That's one I would've kept to myself. And my family but good for him! Don't we all dream of the day!

 

[JimDon]

Agreed. Someone will lose their job over that one. The problem is goodwill thinks every piece of shat is worth millions in my area. Everything is overpriced.

 

[Drmad7]

My local GW just holds in store auctions for stuff they think is good. But they also put nice stuff out on the floor too. At least the smart managers do. They know folks come to get great deals and find hidden treasure so they don't get too greedy! And that's why I keep going there!

 

[mugsisme]

That's why I won't tell anyone from GW what I found! No where near that good, but mine was awesome.

 

[Rodbuster209]

It never ceases to amaze me when people make a huge score then they go on local and or national news and tell everyone all the details about how they found it. Where's the common sense?

 

[dejapooh]

It never ceases to amaze me when people make a huge score then they go on local and or national news and tell everyone all the details about how they found it. Where's the common sense?

Most people never do anything worthy of an interview or news piece. Most people would like one day in the sun, especially if they've done something exceptional for the first, last, and only time in their lives.

 

[Beachkid23]

Most people never do anything worthy of an interview or news piece. Most people would like one day in the sun, especially if they've done something exceptional for the first, last, and only time in their lives.

Plus with newly found $35,000 it is the easiest and quickest way to gain new family members and restore old friendships with people you never knew were even around anymore!

That's definitely an awesome find I look forward to the day that I find one something similar if it ever happens. But there's no way I'm putting it on advertisement anywhere. Unless maybe the only way I would ever advertise will be a-newer car.

 

[JimDon]

And don't be surprised if the IRS gives him a call.

 

[frankendime]

So I pull into local Gwill today and a local news van is out front. I walk in and there are people gathered in one end of the store and a guy with a camera and a lady with him at the other end of the store. I quickly figure out that these people don't want to be on camera. I go to the jewelry counter and ask the lady to see some rings. I'm looking and asking her what is going on. "They are shooting a commercial for us." she says. Camera man moving around behind me and I can feel the camera on me. I did what I do and pulled this nice little 10K ring for 99 cents. Weighs 1 gram only but goes in the bag as profit. So I may or may not be on a commercial. I will just hafta watch that channel later.

HH All!

 

[dejapooh]

And don't be surprised if the IRS gives him a call.

Only if he doesn't declare the income...

 

[Doubter in MD]

Only if he doesn't declare the income...

And now he has to.

 

[trdhrdr007]

It's not that easy to hide the sale of a $35k watch unless the buyer hands you a wad of cash. No legitimate business person would do that because their cost basis would be nothing & they would bear the tax burden when they sold. That means finding a private buyer which is easier said than done.

 

[Doubter in MD]

It's not that easy to hide the sale of a $35k watch unless the buyer hands you a wad of cash. No legitimate business person would do that because their cost basis would be nothing & they would bear the tax burden when they sold. That means finding a private buyer which is easier said than done.

I understand that. What I said was more of a joke than anything. I hope he doesn't spend it all or he will be hurting come tax time!

On second thought, I'm not sure of the laws that apply here. Does he need to submit the estimated tax on this sale now?

 

[tamrock]

I'm sure I wouldn't announce a find like that with trumpets.

 

[GibH]

Funny, you can sell personal property and if you make a profit, you have to claim it. Sell at a loss and you just get a big screw you. Now had he kept quiet, who could say when he bought the watch? Tax implications can be much different for long term vs short term capital gains.

 

[Doubter in MD]

Funny, you can sell personal property and if you make a profit, you have to claim it. Sell at a loss and you just get a big screw you. Now had he kept quiet, who could say when he bought the watch? Tax implications can be much different for long term vs short term capital gains.

Excellent point.

 

[dejapooh]

Funny, you can sell personal property and if you make a profit, you have to claim it. Sell at a loss and you just get a big screw you. Now had he kept quiet, who could say when he bought the watch? Tax implications can be much different for long term vs short term capital gains.

If you sell it at a loss, you claim it as a short term capital loss against your short term capital gains (most of the things you buy and sell are short term capital gains, unless you hold it for more than a year, than it is a long term capital gain or loss, as the case may be).

That is why I hire a professional to do my taxes...

 

[trdhrdr007]

Funny, you can sell personal property and if you make a profit, you have to claim it. Sell at a loss and you just get a big screw you. Now had he kept quiet, who could say when he bought the watch? Tax implications can be much different for long term vs short term capital gains.

Most people know there is a difference between long term & short term capital gains. What a lot of them don't know is that most collectibles are taxed at a different rate entirely. Last time I checked collectibles held for less than a year are taxed as regular income. Those held longer than a year are taxed at 28% regardless of income level. PM's are taxed as collectibles. That includes both physical & exchange traded funds(ETF). In other words, anyone under the top long term cap gains rates will pay more for a gain in PM's than they would on a stock, bond, or real estate investment.