Taxes on refined metals though MW Refineries?

[ohiotech]

Hopefully this isn't too much of a taboo topic or question, but I was wondering about taxes on refined metals though MW Refineries?

They claim that it is the responsibility of the person sending in the metals to be refined/smelted and their tax consultant.

That said, anyone ever have an issue, or should I just not be concerned?

Ohiotech

 

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[Farmercal]

I guess it would be like reporting tips if you were a waiter, let your conscience be your guide. I guess there is a record of where they paid people just not sure if they send anyting to the IRS. Good question and I have also wondered about this same thing.

 

[ohiotech]

I asked them, and they told me that they keep a record.

That being said, you can make a case for profit and loss... but I don't know how many years you could do that before the IRS would give you a hassle. 5 years of losses is okay as long as there is always a profit potential... at least that's what I remember reading last year.

I've only ever found nails and screws in my backyard, as I have not even taken my machine out for its maiden voyage. It was just that this question/issue has been sitting on my shoulders for a couple of months now.

Ohiotech

 

[Zincoln Miner]

why would you pay taxes on scrap that was just laying around the house anyway?

 

[954hunter]

why would you pay taxes on scrap that was just laying around the house anyway?

...................................................And an arguement could be made that you paid tax when you bought the jewelry new, maybe even a depreciation on your loss is in order.