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 Replies: 33 / Views: 4,895 |
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New Member
United States
28 Posts |
I totaly Agree about having a P.O. Box when dealing with local ebay sellers. You can Never be too Safe. |
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Valued Member
 Canada
372 Posts |
A p.o.box is an excellent precaution.
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Valued Member
United States
432 Posts |
It's not really funny, but one time at one of my set ups at the local flea market, I had a decent spread of coins. Usually it is hard to find buyers for really nice stuff, but you can sell wheats, common silver dollars and bullion. This was probably the most stuff I had ever put out; gold, silver bullion, key date stuff. We'll about half way through the day 3 'rough' looking guys came past the table and stood there for a couple minutes. I think one was the father and the 2 other guys were his sons or a relation. One of them looked at me straight in the eyes and said, ;"Man you have a lot of stuff here, what are you going to do if somebody comes up and runs off with some of this. I pulled up a 2 foot long cane with a large 8 pound ball of brass on the end and said, probably give them brain damage. Then still very stern looking he says what if this person is faster than you and you can't catch up? I told him to look on the table behind me and I said "I think they are faster". I had two rifles laying there. Needless to say, those 3 guys scooted off pretty quick. One of my regular customers was there at the time and got quite a chuckle. There should be no reason to have fear or be afraid while collecting coins. You just have to be prepared for anything and keep a watchful eye and ears.
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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. |
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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.
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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 |
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Bedrock of the Community
United States
20753 Posts |
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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
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Pillar of the Community
Canada
3692 Posts |
Lol, that old man sounds like a seasoned drug dealer.
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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. |
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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.
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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. |
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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. |
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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.
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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.
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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.
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Replies: 33 / Views: 4,895 |
First Page
Posted 04/17/2014 6:10 pm
