Will proposed IRS rule kill bag and bag CRHing?

[Ben Cartwright SASS]

I don't know if you have heard about the new proposal before Congress (proposal not law yet) to reduce the amount reported by banks to the IRS from $10,000 to $600?

A friend of mine who has a coin store routinely deposits and withdraws over $10,000 and every time he does the IRS is notified and he is asked about who what where when. Biden and the IRS is gaying they are going to make it $600. Everytime you deposit or withdraw $600 the IRS would be notified and the IRS will look for patterns and are you declaring this money on your taxes or are you using it to be a drug dealer.

For me that will mean no more coin roll hunting because I routinely withdraw $1,000 or $2,000 a week and get coins search them and then deposit the money again by depositing the coins back in the bank. I could look like I am buying drugs and then selling them and depositing the money but the big thing is

I have to deposit the coins back in the bank so I have money to get the next batch. When I cash the coins in at a coin counter that is free for depositors they take my account number and make it a deposit and withdrawal, that is why they charge none account holders, or coinstars, charge a 10% fee on each batch of coins. Can't afford those fees.

Yes I can deposit $400-$500 at a time but they are also going to monitor all accounts that have over $600 in it and they will be monitored.

An example, you sell me one of your guns for $700 and I give you a check, or send money via paypal, you would be flagged by the IRS for getting $700 of income. Basically any deposit of meny could be considered income and taxable.

This will be interesting and scary if it passes

 

Amazon Forum Fav 👍

Upgraded Night Vision Monocular Digital Infrared Monocular Telescope for 100% Darkness with 8X Zoom - Grab it through Amazon!

[Treasure_Hunter]

Interesting article, if you are going to sell anything that totals over $600 (I didn't catch if that is in a year or not) you will have to report it.
Say you have a Camper or car and rather than junk it you sell it for $1,000 you will have to report or have it reported and get a 1099K
That is actually what you are supposed to do now, you are supposed to report all income and income isn't just money made by working but it is yard sales, selling your old car, selling anything you own.

When you sell your car unless you are selling it for more than you originally paid for it after all maintenance expenses there is no profit to report, no income to report, ask CPA.

 

Amazon Forum Fav 👍

DR.ÖTEK Metal Detector, Waterproof Gold Detector, Pinpoint & Terrain Modes, Professional Metal Detector - Grab it through Amazon!

[fistfulladirt]

When you sell your car unless you are selling it for more than you originally paid for it after all maintenance expenses there is no profit to report, no income to report, ask CPA.

Would that also apply to garage sales or anything else you’d sell for less than the original purchase price? What about receipts for proof? Just don’t deposit I suppose.

 

[fistfulladirt]

Six hundred bucks? That is not even rent for many people.
If you are on social security are they going to try to tell you what you can buy.
If you buy a $700 dollar metal detector and decide it does not work for you and you resell it for $650 will they then try to collect taxes from you even if you lost money.
If you bought a $1000 dollar metal detector and find a $600 dollar gold nugget will they try to collect taxes from you for a hobby.

Collect taxes $600 gold nugget sale? Of course, when the sale of treasure is bragged about online, which I’ve seen many times.

 

[xaos]

They let big companies like MSFT, Facebook, and Apple offshore $trillions to avoid taxes.....
yet want to track my couple o hundred bucks...

this is NOT what the Founders had in mind when they Declared Independence... In FACT, the preamble specifically warns against this, and a remedy...

It is time.

(and anyone wonders why crypto is so popular!)

 

[Treasure_Hunter]

Would that also apply to garage sales or anything else you’d sell for less than the original purchase price? What about receipts for proof? Just don’t deposit I suppose.

If you buy $1000 diamond ring and 10 years later sell it for $500, there is no profit, there is not income tax owed. If you sell items in a garage sale for less than you paid for them over the years you owe no taxes.

 

[malenkai]

Of course, when the sale of treasure is bragged about online, which I’ve seen many times.

Sometimes the sale is not the taxable event, but the acquisition is. I've heard stories of forums like this being subpoenaed when valuable finds are posted. I doubt those stories are true, but its out there. But if I found a coin worth 5 or 6 figures, say a 1794 dollar, I would not post, or find a way to post with no fingerprints. To me, it would be worth a $1 until I sold, because that is what it is, but not to the IRS.

We know this is likely true, because in baseball, when a famous player hits a milestone home run into the stands, the IRS comes after the fan who caught the ball. When Cal Ripkin Jr. hit an HR on the day he broke the consecutive days played record, the ball was said to be worth 7 figures by memorabilia experts, and the IRS reportedly went after the fan for taxes on a sum in that range. That is my memory; the interested can look this up to see if it is true or false.

 

[fistfulladirt]

Sometimes the sale is not the taxable event, but the acquisition is. I've heard stories of forums like this being subpoenaed when valuable finds are posted. I doubt those stories are true, but its out there. But if I found a coin worth 5 or 6 figures, say a 1794 dollar, I would not post, or find a way to post with no fingerprints. To me, it would be worth a $1 until I sold, because that is what it is, but not to the IRS.

We know this is likely true, because in baseball, when a famous player hits a milestone home run into the stands, the IRS comes after the fan who caught the ball. When Cal Ripkin Jr. hit an HR on the day he broke the consecutive days played record, the ball was said to be worth 7 figures by memorabilia experts, and the IRS reportedly went after the fan for taxes on a sum in that range. That is my memory; the interested can look this up to see if it is true or false.

Not sure how they can go after profit on something that hasn’t been sold, but of course today we hear proposals of a tax on unrealized gains.

 

[CreakyDigger]

The fundamental problem is that governments out of control act like everything that exists belongs to them, 100%, and they allow you to keep some of it.

Even God only asks for 10%.

 

[thing]

The fundamental problem is that governments out of control act like everything that exists belongs to them, 100%, and they allow you to keep some of it.

Even God only asks for 10%.

Hunting has ruined itself long ago!!!
It just simply isn't worth the headache of dumping 1000 dollars on the off chance on the off chance you going 4 or 5 40% half dollars. I have better luck checking the coinstar reject tray when I go to the market.