Gold Nuggets-Do I pay Taxes on my Finds?

[Sluicedog]

If I find ounces of gold nuggets-do I have to pay taxes on my finds? Or do I only pay when I sell them or trade them?-SD

 

Amazon Forum Fav 👍

DR.ÖTEK Metal Detector, Waterproof Gold Detector, Pinpoint & Terrain Modes, Professional Metal Detector - Grab it through Amazon!

[Needle]

GOLD

They found some of the Gold in 1850, there is reported to be twice as much left out there than has ever been found to date. (or more)

The main reason it is not being found is, people are not looking for it the way they did years ago. (and knowing how to look for it properly)

I just ground some out of rock yesterday and I know that had never been found by someone else, I was the first person to see it ever since it was formed.

 

Amazon Forum Fav 👍

DR.ÖTEK Metal Detector, Waterproof Gold Detector, Pinpoint & Terrain Modes, Professional Metal Detector - Grab it through Amazon!

[Lookin]

I was in Portland once and saw some elephants at the zoo. You might try there for some hunting. Good luck!

 

[Needle]

Brother! I knew someone was goin to call me on that one...
Ok, I agree, a person could bag an Elephant in Oregon, but even he, would have to hunt where the Elephants are or known to be.

 

[Sluicedog]

I going down to NC from CT for a week long gold panning expedition. I'll see if I can come up with enough gold to sell and pay taxes(my fair share). I've got lots of equipment (sluice, detectors, classifiers, ELF detectors and other weird stuff) and serious maps from many sources! Can't wait to hear that ping of a small nugget in my headphones-SD

 

[gnewt]

I am shocked, every one of these posts is loaded with sicko's like me, better get that pan out and get some relief, this should be a medical write off.
Two luckiest people on here is Hoser John and Needles, they have never had gold fever, something about their immune system or they are out there panning all the time and don't have time to let this bother them. Gnewt

 

[Needle]

I don't have Gold fever, never have, I've got the full blown Flue, Gold is almost all I think about, except for this and that every now and then!

 

[matrix master DBA]

I got the fever so bad that on feb.1st I drove 2 hours and set up a highbanker it was 30 degrees outside and ran the highbanker for 2 hours and I was froze. But now I have my cons. and I have been going through them in the warm garage. And it has relieved the fever alittle. there is no cure they say.
Steve

 

[golddigger14s]

What do the last five posts have to do with the original post?

 

[Old Dog]

who me?

I don't have gold or silver,
Won't ever have gold or silver,
never did have gold or silver.....etc

So prove it

LOL
Thom

 

[bradyboy]

Melt it down, have a ring or pendant made and then sell it.
Isn't that they way they used to get around paying takes?
That's why theres are so many gold chains and such found at wreck sights.
Jewelry wasn't taxable, gold coinage was
Your thoughts?
BradyBoy

 

[Old Dog]

As stated above.

Gold is a comodity.
No matter what you get for it or when you sell it. selling it makes it a transaction for cash.
That is conciddered income and is taxable.
Gold itself is not taxable until it is sold.
PERIOD

I looked it up

 

[Urban Prospector]

Gold was at $1000 an OZ when I found it. It cost me $2500 an OZ to find (truck supplies wages room board equip materials). Now I'm selling at $600 an Oz. Who owes who and how much? Is stupidity and incompetence taxable? Who ever bought a new car then sold it for a profit? The best answer I've seen so far is a cash deal and remain silent. I payed taxes on everything else like the truck fuel road purchases the heck if I'm paying tax on "pretty rocks". If I eat chili beans should I pay a fuel production tax for each fart? It's gotten ridicules, stop the train I want off. It's gotten to where living of the fat of the land will put you in prison. How much entrepreneurial initiative is stiffled or just plain killed off by this maze of laws we live under. How often do you say "I better not as the fines/ penalties outweigh the rewards. Free thinkers are an endangered species that will never be protected. Get a REAL job and tow the line or you'll be in a heap o trouble boy. Pay your taxes peon, Us Swells need more money to throw down a $hit hole while we live like Kings and o ya he he save the World from it's self.( Mods please move this to rants)

 

[Needle]

Your rant is understandable, it is good to blow off steam or you might explode.

Many of the things you ranted about we all feel, to have a government partner that hinders, fines and restricts then is first in line to receive it's share of the profits from your hard labor.

After all is said and done - I still think it is worth it, where else could you go in this world and have the freedoms we have such as they are?

It is what it is, think positive and keep hunting. Needle

 

[TOWcritter]

I like to think of myself as a level headed, normal, run of the mill kind of person. Lately, however, I think that some of the things that the government has been doing, particularily this "W" administration, are against everything that this country was founded for. I am NOT a political person, but I do know what I am eating and lately the "W" admin has been serving up a load of fried and boiled cow patties if you know what I mean. How can these "OIL Execs" get in front of congress and have the #alls to tell the country that $300 Billion PROFIT
spelled 'AFTER TAXES" is not really what it looks like because of the "MARGIN!!! WTF!!!

The bottom is going to fall out here and I think the Mayan calender said 2012?? It's coming and I am going to be ready. Weapons, ammo, food, friends, all the "survivalist" nessecities. ONLY , who would have thought that we would have to be protecting ourselves from our OWN government. In a couple of months when gas is $6 or $7
a gallon, I will be standing watch on my vehicles at night because what's in those tanks is worth more that what I have in the bank!
New laws will be passed to prosecute "siphoning thieves" MARK MY WORDS. Get a gas cap lock now people.
It's coming and I intend to protect my interests. Good luck to all of you. We're going to need it.

Oh.....I forgot......Taxes on the gold you find......What gold.....There is none left out there...The oldtimers got it all.....Can't tax what's not there can they?......Our freedoms are slipping away folks....Dark days are ahead....

 

[Sluicedog]

Wow!-Thanks to all who responded to this topic. With reported shortages of parts at Keene Eng. for dredges and the increased interest in gold prospecting, many more people will be looking for the elusive ore. As a update, my NC gold trip was fun. $380.00 gas(round trip), $230.00 other expenses(food, fees, tolls, equipment,)...maybe $3.00 gold...not a break even operation. I was on the negative side when I started my car in the driveway in CT!

It was a vacation and my hobby, so the value was there...-Sluicedog

 

[boogeyman]

GOLD? WHAT GOLD? Get some tools and findings make up some necklaces, and sell the necklasses. How they gonna prove they were sold for $200 not $2.00?

You find a quarter in a parking lot, do you pay tax on it? As stated above the government does everything they can to hinder us, everything they say is a lie or half truth. I feel we owe the government exactly what they give us.

On the bright side you got out in the outdoors, got some relaxation, saw some of gods beautiful country and got some color to show off to your friends and co-workers. How many people you know can say they actually dug gold out of the ground?

 

[SamNye]

I do not understand all of the people who say the old timers got all the gold, that there is no gold left to get. Think of how much of this continent was still unexplored in the 1850's. Hell my state of Oregon wasn't official until 1859. I know for a fact that lots of gold is still found in the tailings of old above-ground mining operations, and it only seems logical that there would be hundreds of good gold locations that were simply never looked at. With geological surveys and satellite imaging, we can now see ancient waterfalls that would otherwise just look like mountains, for crying out loud! Just because the work is hard, and hardly ever pays off, that doesn't mean no one should harbor any big gold dreams. I know I do. I live in an area that found lots of gold and barely had the resources to work it, and even as late as the fifties had companies mining gold but not having investors to back them (BECAUSE THEY PROBABLY HAD THE SAME MENTALITY AS SOME OF YOU, THAT THE GOLD WAS ALL GONE.) As Needle and some others said, there is a potential of much more gold to be found than was ever found before. Do you people think our planet is dead? Do you think the gold trapped in the earth is not being pumped up to us anymore? That is simply ludicrous, by any geological senses. Earth is not Mercury. Our core is still hot, volcanoes still exist, quartz is still being formed, and gold is still being deposited into it. Steam is still eroding that rock and spewing it out into springs, and mountain streams and rivers will always have at least trace elements of gold.

To me, that means if one is willing to put in the work, they will eventually get the gold.

As far as taxes are concerned, gold is such a precious commodity that even if we have to pay taxes on selling it to refineries, I think it will be quite a long time before the taxes severely outweigh the money made. But I am new to this, so what the hell do I know?

 

[ivan salis]

isn't the flue a "diamond disease?" ===

 

[wingmaster]

I thought it was anything over an once that was wrapped up in the new health care law they passed, if thats correct I'd just sell like 3/4 once at a time.

 

[Jim in Idaho]

You only pay taxes if you sell. Also, if you sell, and declare the income, you get to deduct ALL the money you spent acquiring the material, including taking a deduction for your equipment, vehicle, insurance, fuel, etc. You can't deduct more than you earned.....so you can't use your part-time prospecting business to offset income from your regular job...that gets their attention in a hurry.
Jim