Can we be taxed???

Treasure_Hunter · Feb 7, 2010

I wouldn't be concerned about finds unless you find a horde of gold or money. They are not going to be kicking in your door for a gold ring someone found, and if they did, then start writting off your detector and supplies.....

Sandman · Feb 7, 2010

Treasure_Hunter said:
I wouldn't be concerned about finds unless you find a horde of gold or money. They are not going to be kicking in your door for a gold ring someone found, and if they did, then start writting off your detector and supplies.....

What they don't know can' t hurt you You can be your own worst enemy.

Tom_in_CA · Feb 7, 2010

Ivan, people post things they find (for bragging rights, atteboys, show-&-tells, etc...) on forums ALL THE TIME. I mean, you can log on to ANY metal detecting forum, any day of the week (especially beach hunting related forums), and see people openly talking about gold rings they find. Or on any given land hunting forum, people will talk and post of finding valuable seated coins, etc... (heck, even gold coins from time to time). And it would not be hard for the IRS to track down these people, if it were really an issue. Obviously it is NOT an issue. I highly doubt that the government chases someone who picks up a quarter in the street, to tax that quarter. Even coins and rings that value into the hundreds, or thousands, it's just ridiculous. Because if the IRS started down that "slippery slope", then why not tax sport fishermen, for the retail value of the fish they catch and eat? Ie.: a trout would cost $2.00 in the supermarket, right? So why is the hobbyist fisherman not taxed on the trout he caught and ate? :icon_scratch:

rjw4law is right: you'd have to approach the caliber of Mel Fisher before anyone gave a durn.

ivan salis · Feb 7, 2010

on small finds you are right of course its simply not worth the effort for the grubbermint to hunt you down fiscally --but hit a true "big" money find and see how many hands come out of the wood work to grab a bit of your pie --or try to take the whole dang thing .

having to have "braggin rights" has screwed lots of folks up over the years .

gold, silver and most gems have a easily know value that can be easily assessed.

Treasure_Hunter · Feb 7, 2010

I personally do not have even the slighest concern about the IRS knocking on my door about anything I find and I will continue to post my finds when they turn up, although I no longer post the beach they were found on, someone wants to claim it they will need to identify it as well as the beach they lost it on.....

Now if I find a treasure chest full of gold, well in that event if they want to knock on my door to talk about it they will need to go to the South Pacific somewhere to knock.....

thrillathahunt · Feb 9, 2010

Tom, that is an interesting point about the fish. It reminds me of the time a while back when and friend took me fishing in Maui. He landed a 220 pound Bluefin Tuna...could have sold it for $800 as soon as we got back to dock, but he kept it. I guess he should have been taxed. :tongue3:

rmptr · Feb 9, 2010

It has probably cost me a hundred grand to acquire my collection of pulltabs.
Maybe I should write off the expense this year.
I could use a big refund.

truckinbutch · Feb 11, 2010

'Don't ask , Don't tell'

mrs.oroblanco · Feb 11, 2010

Don't ask, don't tell................

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Silver Surfer · Feb 13, 2010

cntrydncr1 said:
Since finding my nice diamond ring I've been wondering if there is any way we can be taxed on our finds If so I'm removing any pics of that ring, and fast!

I am not a tax pro, but my understanding is that you only have to declare your "hobby" finds if you write off your "hobby" expenses... For many of us, our write off would be much much more than our finds, in your case, I think not...

mrs.oroblanco · Feb 13, 2010

On top of what Silver Surfer just said, you could get into that who spiel of depreciating your equipment, and the miles on your vehicle, etc., etc..

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DigginThePast · Feb 13, 2010

rmptr said:
It has probably cost me a hundred grand to acquire my collection of pulltabs.
Maybe I should write off the expense this year.
I could use a big refund.

I can help with that. I'll have my accoutant contact yours. :laughing7:

Ugh, don't look back...... :icon_shaking2:

ivan salis · Feb 14, 2010

typically you can only write off losses to the extent of gains -- if your gains outweigh , you expenses however --its a "bussiness" gain -- but if you lose at it your "hobby" you can write off up to the amount you gained to "offset " your gains

at least it works like that for the dog track --make a bundle -- you can write of your losing tickets as a "hobby"--up to the amount you would be taxed on your winnings -- (you gotta have proof too) --- but if you won without proof of losing a bundle --then your taxed on "gains"--its a losing hobby till you make a buck then its a bussiness gain --lol

mrs.oroblanco · Feb 14, 2010

It works that way for the lottery, too. When we collected on a lottery win, and we did our Federal taxes, we were able to write off any tickets we had bought that didn't win. (important point, though - they may ask for proof). So, keep your lottery tickets if you are a player.

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