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Pillar of the Community
872 Posts |
Agreed ! Simple answer is NO for the smaller denominations. For BIGGER hauls, like $1,000 bags and up, then sure it could be a possibility because its a low flying way to perform money laundering. But that's not an IRS issue at first, its a Secret Service issue that is then turned over to the IRS. Some banks report to the IRS a certain deposit amount, which off the top of me head I don't remember. I want to say its 10,000 but it could be as low as 2500. In any event, it honestly doesn't matter to the CRH that's doing the "small change". Again I agree fully with the comments above - yank out a 1969-S DDO and sell that, and the IRS will come-a-knockin'. |
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Pillar of the Community
 United States
1804 Posts |
Collector-corner............ Quote:In any event, it honestly doesn't matter to the CRH that's doing the "small change". Again I agree fully with the comments above - yank out a 1969-S DDO and sell that, and the IRS will come-a-knockin'. Newbie here... May I please ask what is a 1969-S DDO? |
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Valued Member
United States
309 Posts |
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Pillar of the Community
United States
4212 Posts |
If you want to crow about your finds like the above person, yes.
On the QT, no.
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Pillar of the Community
United States
2543 Posts |
The IRS has a form and/or a line on a form for everything. There is a line to report barter income, there is a form to report Las Vegas/lottery winnings. There is a form to report income from gifts. There is also a line to report windfall income from "finds" such as the Saddle Hill hoard or metal detecting or BRH. Pay me now or pay me later. You can pay the windfall tax on it now, then when you sell it you pay only the tax on the profit above the FMV that you paid tax on previously. Or you can just pay the entire tax on the profit from selling it. Though I believe the windfall tax is less, as a method to get people to pay sooner than later. The IRS only wants what is lawfully owed to the gov't. As stated previously, you are more than able to hide this and able to cheat on your taxes ....... or your wife .........or your exams .......... but the is a personal choice people need to make for themselves. Haven't we already discussed this in another of your threads ? https://goccf.com/t/175929Edited by denco7
04/27/2014 5:03 pm
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Pillar of the Community
United States
4333 Posts |
I go to the bank, pickup and dump thousands of dollars in coin every year, ordering boxes, etc...there is no paper trail, so no worries.
All the silver that I've found was lost in an unfortunate barn fire.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Bedrock of the Community
United States
10045 Posts |
I'll reckon the average collector who buys and re-sells a few coins probably doesn't have to declare this for tax purposes.
But if you're selling a high-ticket coin or a big collection on somewhere like Heritage, I would not doubt that would be declared.
Personally, I don't see how the IRS could scrutinize selling a few silver coins here and there--there are logistical limits.
I suspect they put most of their time into catching 'big fish' tax evaders.
Edited by DVCollector
04/28/2014 12:41 pm
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Pillar of the Community
United States
1234 Posts |
Quote:
a certain deposit amount, which off the top of me head I don't remember. I want to say its 10,000 I seem to remember on "Breaking Bad" Skylar took some of Walters money and bought (Stocks/bonds/securities/etc) but limited her self to $9,900, the Banker said "Interesting if you went to 10,000 we'd have to report it" Quote:
there is no paper trail Of course not... it's all digital now  , when ever I get a box of nickels or drop off a bag or rejects they either ask me what my account number is or they already know who I am and the transaction is logged. I'll tell them that I found a key date 1955-S dime or a 1917 Mercury, but they probably don't worry about logging my finds, so unless I sell them there is no actual profit, no income. In fact it's a loss of money, because that is 10 cents I'm not spending. |
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Valued Member
United States
301 Posts |
The way I see it, anything associated with
My hobby is mine. If I find, sell, or buy something, they arent seeing a CENT of anything. We already pay taxes and they seem to blow all that, so why give them more to waste. I'm not RED or BLUE, just tired of morons spending my money foolishly and wanting more. Not sure if this wad on topic, but you said blast away.
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Pillar of the Community
United States
4333 Posts |
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Of course not... it's all digital now, when ever I get a box of nickels or drop off a bag or rejects they either ask me what my account number is or they already know who I am and the transaction is logged. That's unfortunate for you my friend, my transactions are cash for cash, and my account# is never logged into any database. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
6130 Posts |
Truthfully, I don't see the point in reporting anything that you don't have to. You really don't have a choice when selling through venues like Heritage or ebay... they just send you the paperwork at the end of the year if you qualify (I think the cutoff is $600 on ebay). If you play their game, you have to follow their rules. The thing about legal tender, is it's legal tender while it's in your collection. It doesn't matter if you find an 1895-P business strike Morgan in a bag of Ikes--it's nothing but $1 until it's sold. My family knows that if anything happens to my wife and I at the same time, I have NO coin collection for taxation purposes... just old coins. |
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Pillar of the Community
United States
1234 Posts |
Quote:
logged into any database The only thing that is logged is cash for cash... I bring in $200 and walk out with $200... "On Paper" No income, no increase in value is logged. The basic activity is logged, I use two banks and one always asks me for my acct number... the tellers at the other bank know me and don't have to ask. I'm curious fistfulladirt, are you sure they don't just know you well enough to type in 3 letters of your name and click it without ever having to ask you anything aside from "how was your day"? Another thing you have to remember is that it's only called '1984' because it was written in 1948. Orwell never knew about digital cameras, the eye in the sky, traffic cameras and digital storage devices the size of a small fingernail that can store MONTHS worth of video... I'm not being paranoid, I'm being realistic... If you think that you are not being watched, if you thing you can go anywhere or do anything and not have a record of it then you do have real problems. I always chuckled when I saw Dexter get interrupted and answer his phone with someone on the table. OK so he's smart enough to disable the GPS but it's still going to certain cell towers which gives a triangulation. After 9/11 the Patriot act originally said something like any and all banking transactions have to be accompanied by a current valid ID... even if the teller has known the person for 10 years. Now my bank as a sign that says "We try to remember our customers but don't get upset if we occasionally ask for ID." Edit: spelling Edited by ASLAN TVorlon
04/29/2014 12:44 pm
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Pillar of the Community
United States
1804 Posts |
denco7............... Quote:Haven't we already discussed this in another of your threads ? https://goccf.com/t/175929 The gist of the first thread was about a swap-trade of a Morgan for a peace. etc., etc. This thread is about the Government watching (or NOT) watching Roll bag, box hunters. |
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Pillar of the Community
United States
5212 Posts |
Of course the government is watching.
They may not immediately acknowledge you owe them money but once they connect the dots and can prove Domain555 is Tyrone Jenkins from Detroit Michigan you can bet they will see you in court.
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Pillar of the Community
United States
4333 Posts |
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I'm curious fistfulladirt, are you sure they don't just know you well enough to type in 3 letters of your name and click it without ever having to ask you anything aside from "how was your day"? They do know me very well, after all, I'm married to the vault teller. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Edited by fistfulladirt
05/02/2014 8:45 pm
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Replies: 19 / Views: 3,447 |
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Posted 04/27/2014 1:40 pm
