how to get rid of large valuable finds without attention

[konnon6]

First let me say I've never done this, nor would I do this.
But it has been done.Gold can be sold in small amounts to jewelers- not pawn shops they keep records- less then 500 dollar amounts.As scrap gold for cash only( woman work best for this as they tend to have gold rings and stuff)never volunteer any information.Artifacts can be sold as collectables to collectors you know that will not rat you out sell them(as found items).Some people have found guns
in old cars or other places( leave them alone its not worth it) they most likely have been used in a crime.Car can be sold to but trace the history and vin numbers first.jewelry is so easy that you can go to almost any jewelry store and sell it out right if its under 1500 bucks( again woman work best for this)
Coins are best sold to collectors you trust and know the value first and never leave them in the coin holders ( they can be traced) why say this? because many THs and dumpster divers and people have lost there finds to people who would rather hassle you and rip you off, than pay you for your finds or have you pay taxes above what there worth and you're time is worth something too.
I believe in the law But not at the point off being ripped off or taken advantage of.

 

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[konnon6]

And I forgot to mention allways deal in cash and never fill out forms.
if they want you to fillout a form go elseware. Tell them your going to shop for a better price.

 

[Tom_in_CA]

tsk tsk, haven't you read the tax code?? Citizens are to report ALL income, no matter WHAT the source. C'mon now, do the right thing

 

[Farmercal]

You can report the income without explanation. It's called other income on the tax form. Isn't that what the mafia does to stay out of jail?

 

[konnon6]

Well Tom
I hope you paid your taxes on that last garage sale you had?
And let me see how about paying triple taxes on the stuff thrown out
like the waste tax?They might tax the air you breath too!

 

[WV Hillbilly]

Very easy to get rid of without causing yourself any problems . Just P M me & tell me where it
is & I'll take all the risk of disposing of it for you .

 

[emtrescue]

you know, hypothetically speaking of course, if you report income from metal detecting, wouldn't that be considered a "job" so theoretically you could count the days you spend MD'ing as work days - you have to travel to go MD'ing (it's not always in the same spot) so you count travel expenses - gas, meals, equipment, etc. Soooooo if you had a "couple" of decent finds (100 bucks) theoretically you could offset it to be "in the hole" and then get more taxes back - beat em at their own game.

Please dont try this without consulting a tax attorney, cuz I ain't responsible. It's just a question, idea, etc.

 

[konnon6]

I like that Emtresue! Good idea!

 

[joya_dorado]

you know, hypothetically speaking of course, if you report income from metal detecting, wouldn't that be considered a "job" so theoretically you could count the days you spend MD'ing as work days - you have to travel to go MD'ing (it's not always in the same spot) so you count travel expenses - gas, meals, equipment, etc. Soooooo if you had a "couple" of decent finds (100 bucks) theoretically you could offset it to be "in the hole" and then get more taxes back - beat em at their own game.

Please dont try this without consulting a tax attorney, cuz I ain't responsible. It's just a question, idea, etc.

Not a job per se, but a business and yes you can write off your expenses 100% if your metal detecting turns up something of significant value. Just claim you have a metals recovery business or prospecting business or something similar. I write off ALL my on-the-road expenses and the cost of my metal detector and every other tool because I own a small mineral exploration (prospecting) company. Write off everything you can even if you don't find much of anything and you can show a loss for 3 years at least. Ask your CPA about this.

 

[rmptr]

Yup, I may enjoy MD'ing, but results end up in the pot with the rest of the soup.

Prospecting IS a business venture.
rmptr