| Author |
 Replies: 33 / Views: 4,891 |
Page 3 of 3
|
|
|
|
Rest in Peace
United States
7075 Posts |
Quote:
I'm not sure what you meant by
Quote:
especially as you worded the story
I got the same impression... perhaps because of the topic title or because the tax collectors were referred to as 'crooks'. Anyway, it's always a good reminder to all of us to keep our hobby to ourselves. The latest safety tip I learned was to take off your conference name tag when you walk out the door. I used to wander around with that on ....sometimes until I got home. Never again. |
|
Pillar of the Community
Canada
2781 Posts |
as far as I know, in Canada, the bank is not obligated to report anything unless the transaction is for $10,000 or more (cash).
come income tax time it's up to the individual to claim the capital gains (or not).
to get a "visit" (and I assume that means a letter or request to visit the bank manager - they don't come knocking on your door) you would have to either have transactions totaling well over the $20k he's claiming and skipped out on reporting it at the end of the year.
sold old stories are just that... old stories.
as far as security and keeping a low profile - agree 100%, people who get taken have usually put themselves at risk.
|
|
Bedrock of the Community
13014 Posts |
Along the lines of PO boxes for ebay, US members should look into USPS GoPost. Its only in select markets but is essentially a free PO box where they have it |
|
Bedrock of the Community
United States
20753 Posts |
Quote:
People advertise that they have $10,000 in electronics in the house, but closely guard the fact that they are stacking silver rounds.
Maybe by you but around where I live, all such boxes are mangled and put in separate recycling containers. AND people are happy about that since this alone keeps what you have a bit more secretive. Taxes on so many things are so vague. Not sure by everyone but by me I would think many, many millions are made at flea markets on weekends and no taxes of any kind. People buy toys all the time and resell at garage/yard,estate salees all the time. If they sell for more than they paid, what about taxes. What about sales taxes? I go to coin shows all the time and never paid a sales or any kind of tax. Many dealers are just hobby/weekend dealers and pay no kind of taxes on what they do. What about the back yard machanic that earns money on the side and pays no taxes on that. I wonder if criminals worry about taxes. Shouldn't they have to pay some kind of tax on what they steal? And who ever heard of a drug dealer paying taxes? And remember that Al Capone was not arrested for crimes, just tax problems. As to security, just can't beat a safe deposit box. A bit of an irritation when you want to do something with your collection at night. Edited by just carl
04/17/2014 10:10 pm
|
|
Pillar of the Community
Canada
3692 Posts |
Lol, that old man sounds like a seasoned drug dealer.
|
|
Valued Member
 Canada
372 Posts |
In the Old Testament, tax collectors are regarded as thieves and sinners, and to this day people have similar feelings I guess. I am sure that governments nowadays only take what taxes they absolutely need to insure the well being of the people, and would never willingly misappropriate funds.  Seriously though, like BUDDY indicated, the "dangers" in the title and since CRA being the first subject of concern could be the source of the misunderstanding. The reference of crooks in regards to the tax department comes form a collective opinion that we are taxed when we earn money, spend it or profit from it and that we have no say in the matter. Similar to being robbed, we pay up or else. Who knows if the dealer gave receipts or not. Who knows if the dealer reported his sales or not. The one thing for sure is that if someone comes into some money, people start sniffing around. I said in the original post Quote:
I do not know exact numbers, the gist of the conversation was... In Canada, gist means "The central idea; the essence" of the statement, or "something like this happened", so those were fictional numbers used to relay an idea of the situation. It could have been $100 or $10000, it doesn't matter. The point of the story was to give insight to why I was asking the question. I suppose that is why I am not a novelist. |
|
Pillar of the Community
Canada
3692 Posts |
Ah, but wolfman, remember, render unto Caesar what belongs to Caesar, etc...
Although I think that if two people trade items of equal value, then whose business is that, really?
Drug dealers do pay taxes indirectly: to other criminals to operate in a turf, to people in positions of authority, to crooked cops, to crooked bankers, via import of illegal goods inside of legal goods...
I follow that idea of ditching boxes in public recycle bins.
Me, I only tell my immediate family, but you have to strictly educate them not to blab. I do it to expand my circulation finds but also so that they can grab it quick if something were to happen to me. I wouldn´t tell someone who is a big talker, but I would want my family to have it and not some foreign force that has no business with me or my family.
|
|
Valued Member
United States
217 Posts |
Quote:
Although I think that if two people trade items of equal value, then whose business is that, really? The government's/IRS - you still have a realization event and need to pay taxes on it as such. |
|
Pillar of the Community
Canada
3049 Posts |
With respect to the banks... yes a cash transaction over 10K will start to ring some alarm bells... I am Canadian and used to play poker for a living... keep the transactions under 5 K... use several bank accounts.. this raises less red flags. With respect to what one holds.... all be it coins or any other valuable... you always have to be careful. It's always better to keep the good stuff in an S.D box at one or two banks... the less you leave at home the better... With respect to WHERE ebay should ship... I actually have it set that shipping goes to my work address under a psudonym that the front desk is already aware of. There's ALWAYS someone there to receive and accept the package and nobody is the wiser. With respect to keeping it tight lipped... that's always a good idea... I once walked into a bank and the customer before me was making a very LARGE withdrawal...over 20K... he said it was to buy a car and the teller said we can make a bank draft.. he said he was getting a cash deal.... I'm not going to lie... part of me wanted to wait for this guy in the parking lot for being so stupid! If you need to make a large transaction you should be as discrete as possible .. From playing poker there's a LOT of things one needs to do to prevent being robbed... others see you have had a good night you will get a tail... it's a cash game so you may have a lot on you at any one time... I took most of those skills and have applied them to my personal life and interactions with others... most people in my life know I like coins.. and then I show them a few 100 yr old pennies or "average" coins... not even my wife has seen some of the coins I have in the SD box.. nor will she unless I'm dead and she's selling it.... it's just a whole lot safer for all involved. |
|
Valued Member
Canada
372 Posts |
@Libertad
Hey that's New Testament! I was hoping to hear that response. It's good to know people still read their bible.
Happy Easter to all who believe!
And happy spring festival to those who have different beliefs.
|
|
Pillar of the Community
United States
1314 Posts |
I would find it easier to pay taxes on the profits from coin sales if the government would reimburse me for the losses and expenses. They would owe me.
|
|
Valued Member
United States
66 Posts |
My concern is not my family, the IRS, or even the mail man -- but friends of my kids. They are all fine at the moment but it is a certainty that one or more will wind up with drug problems. I would rather they not know where an easy score can be had.
|
|
Pillar of the Community
Canada
3692 Posts |
How does one put a price on a priceless object? Say I traded a unique 50 year-old blanket for a unique 50 year-old walking stick... Who decides what they´re worth if they don´t have a replacement value? Excuse my cynicism but 40% of 0 is still 0. Things aren´t made the same way anymore and it´s pretty random to say the old blanket is worth the same as a Spongebob Squarepants made in China blanket or that the old cane is worth the same as a titanium cane. Or a bag of dirt for a bag of rocks? Whatever is not for sale has no monetary value.
¨Just because it´s written, doesn´t make it so.¨ - Guy Ritchie
|
|
Bedrock of the Community
United States
20753 Posts |
Quote:
My concern is not my family, the IRS, or even the mail man -- but friends of my kids. They are all fine at the moment but it is a certainty that one or more will wind up with drug problems. I would rather they not know where an easy score can be had. Reminded me of when I was a kid. A friend at school had a bunch of us over his house. He showed us his coin collection. BAD MISTAKE. One of the other kids was sort of on drugs but none of us knew it. He came back another time when he knew no one was home and stole the coins. Dumped them all in a bank for face value so he could get more drugs. He did get caught but to late for the coins. You really don't know who is who. There are so many problems with collecting anything of value. Your hobby, if valuable, is a tarket for so many others. AND of all ages. |
|
Pillar of the Community
Canada
3049 Posts |
Home security and protecting ones valuables is very important.
1) Have a safe (or two... or even three) but have them out of plain sight. If anyone sees or even knows you have a safe they will already have the idea that you have something of value in them.
2) Loose lips sink ships! If you want to talk about your collection protect yourself... give it time and trust before someone knows where you live or even where you store your valuables. Don't be so excited to share your newest aquisition with the world.. (In the digital age that also means turning off the GPS locator found on most phones and digital cameras... it's crazy when on some other forums I see people show pictures of their gold or silver coins and I will private message the individual and say to them... "If you live at __________ I know b/c of this picture you just posted up"
3) Get a safety deposit box !! They're really cheap and pretty darn secure... any coin or banknote with a value of over $200 is automatically placed in an S.D. box.. (That's my range.. you find yours which you're comfortable with) To me it's just a greater peace of mind knowing that my collection is safe.. if/when I want to look at a few items I can with out issue or worry.
|
|
Page 3 of 3
|
Replies: 33 / Views: 4,891 |
Page 3 of 3
|
First Page
Previous Page
Posted 04/17/2014 9:23 pm
