IRS 1099 Forms?

[tnt-k9]

Not sure if I even want to ask. But for those of you who have used ARA or Mid-Western refineries. When they cash you out do they also provide an IRS 1099?

My plan was to save all the gold I've been finding and hopefully when my contract here is up I would have enough to buy a Rolex. But in my heart I know that this is just an impracticle waste of money. I find it hard paying more than $50.00 for a pair of "good" shoes.

Now I have an opportunity to buy a motorcycle which I feel is more practicle. I haven't weighed last years booty but I think with just that the bike would be free.

My concern is that when I cash in the booty Uncle Sam is gonna come and drastically affect my profit margin.

What's the guidance from the experts?

 

[ivan salis]

small under $500 amounts *

 

[Sandman]

Even if the IRS wants a cut of your hobby, you have deductions in the way of transportation, food, lodging, equipement and the rest of it.

 

[Jason in Enid]

Yep, the moment you start getting taxed on your finds, you have to start claiming the expenses to keep it fair.

Personally, I never cash in anything so I never have an income to report.

 

[worldtalker]

Yep, the moment you start getting taxed on your finds, you have to start claiming the expenses to keep it fair.

Personally, I never cash in anything so I never have an income to report.

Jason,you see it coming too?Always liked barter!

 

[surfnturf]

It's my impression that as long as you don't pool the gold melt its not taxed and as long as it is jewelry! Coins get taxed, as of Jan. anything of value $600.00 or more dealers are required to report it! However I have been wrong once and a while so look into it to make sure!!

Snt

 

[DrJoePrime]

I got about $950+ from ARA back in December. No 1099 form.

You might call ARA directly and ask if there's a point where they do (I think not). They are just buying gold from us....there is no increase in value. The increase in value (in our finds pouch) was when we found the gold.

HH Joe

 

[Jason in Enid]

It's my impression that as long as you don't pool the gold melt its not taxed and as long as it is jewelry! Coins get taxed, as of Jan. anything of value $600.00 or more dealers are required to report it! However I have been wrong once and a while so look into it to make sure!!

Snt

Yes, that actually part of the Obama "health care" plan. All precious metal transfers over a certain amount get taxed.

 

[Terry Soloman]

Last week I took all my stuff to my local jewelry store when gold hit $1,816.00. I walked away with with $2,800.00 in CASH. My Uncle doesn't know, I don't think he'll notice! You are holding the high ground, and there are a lot of folks who will cough up cash for what you have. Be smart!

Not sure if I even want to ask. But for those of you who have used ARA or Mid-Western refineries. When they cash you out do they also provide an IRS 1099?

My plan was to save all the gold I've been finding and hopefully when my contract here is up I would have enough to buy a Rolex. But in my heart I know that this is just an impracticle waste of money. I find it hard paying more than $50.00 for a pair of "good" shoes.

Now I have an opportunity to buy a motorcycle which I feel is more practicle. I haven't weighed last years booty but I think with just that the bike would be free.

My concern is that when I cash in the booty Uncle Sam is gonna come and drastically affect my profit margin.

What's the guidance from the experts?

 

[Buried Crap NJ]

One of the hunters from another site on Facebook said when he was audited by the IRS was asked repeatedly if he had any hobbies that he made money at. He is convinced that they looked his name up and saw what he posted as found. I am not so sure?

 

[worldtalker]

One of the hunters from another site on Facebook said when he was audited by the IRS was asked repeatedly if he had any hobbies that he made money at. He is convinced that they looked his name up and saw what he posted as found. I am not so sure?

Thievin lyin Bas@@@ds,don't know how [or won't] use their hands to make a livin,SOOOOO,take from those who do,WHAT"S WRONG WITH THIS PICTURE??ahhh,only in Soviets States of America,land of the Slaves,home of the Cowards!!!!!!THEY don't scare me!!!Like a bunch of Cockroaches when EXPOSED to the LIGHT,they scatter!!!

 

[Jason in Enid]

One of the hunters from another site on Facebook said when he was audited by the IRS was asked repeatedly if he had any hobbies that he made money at. He is convinced that they looked his name up and saw what he posted as found. I am not so sure?

If they had a shred of evidence, they would have slammed him with it and probably made up a lot more.

Glad I don't make any money at this hobby. Can I claim losses for an addiction?

 

[DrJoePrime]

One of the hunters from another site on Facebook said when he was audited by the IRS was asked repeatedly if he had any hobbies that he made money at. He is convinced that they looked his name up and saw what he posted as found. I am not so sure?

Thievin lyin Bas@@@ds,don't know how [or won't] use their hands to make a livin,SOOOOO,take from those who do,WHAT"S WRONG WITH THIS PICTURE??ahhh,only in Soviets States of America,land of the Slaves,home of the Cowards!!!!!!THEY don't scare me!!!Like a bunch of Cockroaches when EXPOSED to the LIGHT,they scatter!!!

Yikes! Who in the heck are you talking about? The IRS? The auditor is not working? You sure don't make a lot of sense. Do you even know what "Soviet" means?

 

[worldtalker]

One of the hunters from another site on Facebook said when he was audited by the IRS was asked repeatedly if he had any hobbies that he made money at. He is convinced that they looked his name up and saw what he posted as found. I am not so sure?

Thievin lyin Bas@@@ds,don't know how [or won't] use their hands to make a livin,SOOOOO,take from those who do,WHAT"S WRONG WITH THIS PICTURE??ahhh,only in Soviets States of America,land of the Slaves,home of the Cowards!!!!!!THEY don't scare me!!!Like a bunch of Cockroaches when EXPOSED to the LIGHT,they scatter!!!

Yikes! Who in the heck are you talking about? The IRS? The auditor is not working? You sure don't make a lot of sense. Do you even know what "Soviet" means?

Sorry DJP.........Had one of my moments!I wish people would wake up to the PsycoPolitical brainwashing that's being crammed down their throats and start THINKING for themselves instead of collectively.Oh,by the way.PsycoPolitical Brainwashing IS a Soviet Art!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[davest]

moderators? do ya think this might belong in the politics forum instead of beach and shallow water?

if you gave them your social security number when you took the cash or check then you might have a problem.

 

[worldtalker]

moderators? do ya think this might belong in the politics forum instead of beach and shallow water?

if you gave them your social security number when you took the cash or check then you might have a problem.

Say no more!

 

[S.S.Tupperware]

I'd love to find a gold ring, but since I haven't and have 2k plus invested, do they owe me!!!

 

[geak]

Last week I took all my stuff to my local jewelry store when gold hit $1,816.00. I walked away with with $2,800.00 in CASH. My Uncle doesn't know, I don't think he'll notice! You are holding the high ground, and there are a lot of folks who will cough up cash for what you have. Be smart!

Wouldn't selling your gold to a refiner like ARA rather than a jewelry store be more favorable?

 

[Terry Soloman]

Last week I took all my stuff to my local jewelry store when gold hit $1,816.00. I walked away with with $2,800.00 in CASH. My Uncle doesn't know, I don't think he'll notice! You are holding the high ground, and there are a lot of folks who will cough up cash for what you have. Be smart!

Wouldn't selling your gold to a refiner like ARA rather than a jewelry store be more favorable?

Not in this case. I actually get a better deal locally, and it is a cash transaction with no paperwork to trace..