Honest Samuel
Banned
- Sep 23, 2015
- 8,808
- 4,970
- Detector(s) used
- Minelab
- Primary Interest:
- All Treasure Hunting
You do not pay taxes before you sell items, that include treasures. Good hunting and good luck.
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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?
You do not pay taxes before you sell items, that include treasures.....
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.
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?
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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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.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!
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!
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!
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.
Banks have too many stupid rules. Good think that I am not going to purchase a house. I am a renter.