ABSDOLUTELY STUPID New Rules

[Honest Samuel]

You do not pay taxes before you sell items, that include treasures. Good hunting and good luck.

 

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[Kansas_Jayhawk]

Kind of funny to think about. I also have over 3 grand in silver mostly coins. How would you prove that is yours if you had to?

Have your insurance agent list it in personal property.

 

[Tom_in_CA]

You do not pay taxes before you sell items, that include treasures.....

I don't think so. Don't you recall this ? :

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

With this sub-title:

"A California couple that discovered $10 million worth of gold coins last year will have to pay nearly half that amount in federal and state income tax, regardless of whether they sell the coins."

In the same way that your employer deducts your payroll taxes from your paycheck .... EVEN IF YOU NEVER cash the check, or spend the money, you're still paying taxes up front. Why would income from md'ing be any different ?

 

[Kansas_Jayhawk]

I'm gonna put the next whitetail deer I shoot on my 10-40 as "income".

Oh, I found a plastic shirt button then other day. Better add that too.

The deer isn't considered income unless you sell it or trade if for something tangible. Example - like a garden if you use the veggies for your own use - more valuable than the seeds planted - you don't pay taxes. If you sell them that become taxes.

As for gold - if you find it and keep it - not taxed at that time. If you sell it the transaction becomes taxable.

 

[Kansas_Jayhawk]

I don't think so. Don't you recall this ? :

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

With this sub-title:

"A California couple that discovered $10 million worth of gold coins last year will have to pay nearly half that amount in federal and state income tax, regardless of whether they sell the coins."

In the same way that your employer deducts your payroll taxes from your paycheck .... EVEN IF YOU NEVER cash the check, or spend the money, you're still paying taxes up front. Why would income from md'ing be any different ?

Given this tale I'll never tell if I find a big bounty. Like the treasure some guy put in the mountains between New Mexico and Montana or Wyoming?

 

[Limitool]

Given this tale I'll never tell if I find a big bounty. Like the treasure some guy put in the mountains between New Mexico and Montana or Wyoming?

And there's other examples also.... SOMEBODY always wants a piece of it.

 

[Honest Samuel]

IRS is not interesting in the small stuff. Only millions of dollars.

 

[Truth]

How to fix a dilemma. I sold some of my gold to help a daughter buy a house. Actually I am buying it but she is going to pay me back. I have great credit. I gave the mortgage company my last two bank statements. I deposited 2853.00 I got from ARA last month.

This is NOT a JOKE. The mortgage company needs me to PROVE the gold was mine. How the heck do I do that?? I gave them the receipt from ARA but they want proof I owned the gold in the first place.

I gave them my website to show what I do and that is not good enough. I could have stolen all of it. So I found out today there is a chance I won't be able to go through with a mortgage because I cannot prove I owned the gold I had melted to make the deposit.

GRRRRR. Anybody have a suggestion?

I'm a high school graduate, self-taught loan originator for 21 year and was raised with common sense and I'm here to tell you the banks have no common sense anymore it is flown out the window. I argue with them every day, but I must say I've never heard of that one though. Lol If I never heard it, I wouldn't believe it myself...well maybe it is the banks nothing surprises me.


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[Kansas_Jayhawk]

I'm a high school graduate, self-taught loan originator for 21 year and was raised with common sense and I'm here to tell you the banks have no common sense anymore it is flown out the window. I argue with them every day, but I must say I've never heard of that one though. Lol If I never heard it, I wouldn't believe it myself...well maybe it is the banks nothing surprises me.


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Banks and/or mortgage companies have been put into a position to verify deposits as far back as 2005.

Actually it makes sense - puts up a hurdle for money laundering or it stops people from getting a loan from "entity x" to put in bank to get a mortgage they cannot afford that then defaults to where the rest of us pay of it.

If anyone has issues they need to contact the CFPB or their elected officials. The Frank/Dodd act created issues across the board - rather than heavily regulating the large banks they now have put a ton of regulations on all financial institutions. Regulations that don't match up with their business model. Now you have Warren from MA carrying on Frank/Dodd's legacy that isn't good.

 

[ScubaDetector]

Well folks. Here is an update. They decided to accept the fact that I find gold and silver. Maybe my website helped, who knows. The loan is now proceeding and I should close on the 27th of this month barring anything else that might go wrong. Thanks for all the replies. This has really been an eye opener. Hopefully my other 5 daughters will not ask me to help them buy a house!

 

[fish1on]

Well folks. Here is an update. They decided to accept the fact that I find gold and silver. Maybe my website helped, who knows. The loan is now proceeding and I should close on the 27th of this month barring anything else that might go wrong. Thanks for all the replies. This has really been an eye opener. Hopefully my other 5 daughters will not ask me to help them buy a house!

Have to take care of your girls! You are a good man and Dad.

 

[Detecto]

If a bank wanted me to prove less than $3k was money legally obtained, I would tell them where to stick it and find another bank.

The bank needs to only legally report any income over $9,999, anything else is nosy.

My mom worked at a bank in the early 90's, there was this Pakistan couple coming in almost every week and sending money overseas to the "Bombay Bicycle Company", $9,999 every time... I bet they got arrested sooner or later.

 

[chatterbait]

Well folks. Here is an update. They decided to accept the fact that I find gold and silver. Maybe my website helped, who knows. The loan is now proceeding and I should close on the 27th of this month barring anything else that might go wrong. Thanks for all the replies. This has really been an eye opener. Hopefully my other 5 daughters will not ask me to help them buy a house!

No just the weddings.

 

[Truth]

Well folks. Here is an update. They decided to accept the fact that I find gold and silver. Maybe my website helped, who knows. The loan is now proceeding and I should close on the 27th of this month barring anything else that might go wrong. Thanks for all the replies. This has really been an eye opener. Hopefully my other 5 daughters will not ask me to help them buy a house!

Good too hear.


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[Deft Tones]

Well folks. Here is an update. They decided to accept the fact that I find gold and silver. Maybe my website helped, who knows. The loan is now proceeding and I should close on the 27th of this month barring anything else that might go wrong. Thanks for all the replies. This has really been an eye opener. Hopefully my other 5 daughters will not ask me to help them buy a house!

I think I'll just believe that somewhere higher in pay grade somebody is also a detectorist, perhaps even lurking and read your post, and they were like, "This is BS! Give that man a loan!"

Awesome it worked out...eventually.

 

[Kansas_Jayhawk]

If a bank wanted me to prove less than $3k was money legally obtained, I would tell them where to stick it and find another bank.

The bank needs to only legally report any income over $9,999, anything else is nosy.

My mom worked at a bank in the early 90's, there was this Pakistan couple coming in almost every week and sending money overseas to the "Bombay Bicycle Company", $9,999 every time... I bet they got arrested sooner or later.

Life changed on 9/11. What banks could do in the 90's passed with regulations and laws. Some changes make sense others don't but no matter what people want think banks and mortgage companies are going to verify large deposits. If they cannot be verified don't expect them to count them.

 

[ScubaDetector]

Life changed on 9/11. What banks could do in the 90's passed with regulations and laws. Some changes make sense others don't but no matter what people want think banks and mortgage companies are going to verify large deposits. If they cannot be verified don't expect them to count them.

They don't want to count my deposit. It had nothing to do with buying the house. I never needed it to buy the house. I just wanted to pay off a credit card because I didn't want to pay the interest. They will pick apart ANY deposit over 500.00. You had better have proof as to where it came from and if it was from a sale of something you owned, you better have proof of ownership.

 

[Honest Samuel]

Banks have too many stupid rules. Good thing that I am not going to purchase a house. I am a renter.

 

[Kansas_Jayhawk]

Banks have too many stupid rules. Good think that I am not going to purchase a house. I am a renter.

LOL. You build a house and there are restrictions have to built to code. Do you get mad at the builder? You buy a car from the dealer. You have to provide information and various restrictions on the car do you blame the dealership and all the pollution control control do you blame the car manufacturer? You buy a metal detector but various areas are off limits and no hunting in National Forrest by potential Indian grounds do you blame you manufacture. Don't blame the bank when they are enforcing government regulations. Ever hear about FDIC or HUD or any number of agencies that regulate banks?


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[DetectingGodlikeOnOlympus]

Welp, it's time to move to a cabin in Idaho and barter for goods and services with the silver dimes I have found and hoarded.

Take care, y'all!