"Is metal detecting proceeds Tax-able ?" Here's what the CPA says:

[taz42o]

But , can I get a bailout.?

 

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[Msbeepbeep]

But what if you are adding to your "collection" of clad, like you do for old silver & gold coins, i don't believe those are taxable untill sold.
So wouldn't the found nickle not be income untill it is spent and put back in circulation?

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[Tom_in_CA]

But what if you are adding to your "collection" of clad, like you do for old silver & gold coins, i don't believe those are taxable untill sold.
So wouldn't the found nickle not be income untill it is spent and put back in circulation?

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Put that question to the paycheck you get from your employer: Why are you taxed at the time they cut your check? After all, you haven't cashed the check yet. Eh? And after all: You haven't spent the $ yet, eh ?

So in the same way, it is deemed earned (and thus taxable), at the time it is found. Such was the case for the CA couple who found the cache of gold coins, and so-too therefore is it the case for you

 

[clv]

What do I say?
Don't Ask, DON'T TELL, Just Dig.!

 

[gldnbrew]

I have never sold anything that was not an inheritance from my parents . Just saying

 

[against the wind]

I found a Nickel once.

 

[Tom_in_CA]

I have never sold anything that was not an inheritance from my parents . Just saying

If I'm not mistaken, inheritances are NOT taxable. A quick google search on this confirms. So this may be the "ticket" to "laundering" our md'ing revenues. It was merely "inherited". Right ? Your deceased aunts, uncles, grandparents, etc.... lost those nickels, right ?

 

[aa battery]

your right about taxes on finds but they would have to pull my dead hands off my metal detector to get it.

 

[DeepseekerADS]

They're not interested in the pittance I've found.

I just pray that this coming season is more delightful

 

[Tom_in_CA]

They're not interested in the pittance I've found....

Really ? Let's ask a purist IRS agent: "Are you interested in the pittance finds that deepseekerADS has found ?" Or put another way: "Does deepseeker owe taxes on income he made md'ing? Does the IRS *care* about this?". Then we'll sit back and wait for their answer to this "pressing question". I bet we can find an IRS agent that *does* care.

Hence we expect you to be law-abiding deepseeker ! Make us all proud

 

[Chadeaux]

Put that question to the paycheck you get from your employer: Why are you taxed at the time they cut your check? After all, you haven't cashed the check yet. Eh? And after all: You haven't spent the $ yet, eh ?

So in the same way, it is deemed earned (and thus taxable), at the time it is found. Such was the case for the CA couple who found the cache of gold coins, and so-too therefore is it the case for you

Actually, from a legal standpoint, the money is ours the instant the check is written ... even before it is written.

The theft occurs even before our employer cuts your check. The money is taken BEFORE our employer even compiles our hours for the week. From a legal standpoint, the money is deducted as it is earned, it just isn't turned in to the government until our paycheck is cut and we don't have the evidence until after our check is in our greedy little hands.

... and I'm sure they have a way to do that to the change we find metal detecting. Probably just didn't find enough to get a 1099 this year.

If you like being depressed, do your own taxes ... not using a software program but actually working the numbers yourself.

They're probably going to fit me for my straight jacket Friday.

Be well all.

 

[Tom_in_CA]

.... Probably just didn't find enough to get a 1099 this year....

Good post chadeaux. As for the 1099 form: That kicks in when there's $600 or more at stake. So some people mistakingly think that, therefore, anything LESS than $600 does not therefore merit taxable income. But this is a mistaken notion. The "$600" is just a random threshold dollar value for when a paying entity is required to report it (for certain types payment, not all). It still does not exempt the recipient from reporting smaller amounts. It's just that it becomes the "honor system" , for amounts less than $600

 

[gldnbrew]

If I'm not mistaken, inheritances are NOT taxable. A quick google search on this confirms. So this may be the "ticket" to "laundering" our md'ing revenues. It was merely "inherited". Right ? Your deceased aunts, uncles, grandparents, etc.... lost those nickels, right ?

You hit the nail on the head.

 

[Chadeaux]

Good post chadeaux. As for the 1099 form: That kicks in when there's $600 or more at stake. So some people mistakingly think that, therefore, anything LESS than $600 does not therefore merit taxable income. But this is a mistaken notion. The "$600" is just a random threshold dollar value for when a paying entity is required to report it (for certain types payment, not all). It still does not exempt the recipient from reporting smaller amounts. It's just that it becomes the "honor system" , for amounts less than $600

If they want to tax it, they need to tax it before I get it. Wait, they did ... before that other guy lost it. Tax paid, problem solved.

 

[Msbeepbeep]

Actually, from a legal standpoint, the money is ours the instant the check is written ... even before it is written.

The theft occurs even before our employer cuts your check. The money is taken BEFORE our employer even compiles our hours for the week. From a legal standpoint, the money is deducted as it is earned, it just isn't turned in to the government until our paycheck is cut and we don't have the evidence until after our check is in our greedy little hands.

... and I'm sure they have a way to do that to the change we find metal detecting. Probably just didn't find enough to get a 1099 this year.

If you like being depressed, do your own taxes ... not using a software program but actually working the numbers yourself.

They're probably going to fit me for my straight jacket Friday.

Be well all.

Ya i hear you on that one, i do our taxes....the fun begins when you call the IRS with a question, they don't know the answer to.

Bottle of wine & Tylenol time!

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[etex]

Can you pay your tax on cruddy Zincolns with cruddy Zincolns ?

 

[DirtyPockects]

And I think I understand the logic of that . It would be no different than when your employer pays your paycheck. You are taxed at the time he cuts your check. Whether or not you spend the money right then or not.

You forgot to say they tax you again when you spend it. Sounds like double dipping to me

 

[Honest Samuel]

Do not sweat the small stuff, IRS are only worth the big stuff, like millions.

 

[cammobunker]

Now if you really wanna get picky...

“If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession.”

So if you find a diamond ring, and it's FMV is $3,000, your supposed to pay tax on it, EVEN IF YOU KEEP IT AND DO NOT SELL IT.

Couple That Found $10 Million in Gold Coins Will Have to Hand Over HOW MUCH in Taxes? ? TheBlaze

So even if they never sold any of the coins, they would of had to of paid taxes on it.

See, this is why you keep your mouth shut about things like this. These folks did not, and look what it got them.

 

[Tom_in_CA]

See, this is why you keep your mouth shut about things like this....

Are you advocating breaking laws, on a family friendly forum like this ? Tsk tsk.