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 Replies: 19 / Views: 3,440 |
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Pillar of the Community
United States
1804 Posts |
The IRS is (or NOT?) recording your BAG, BOX, & ROLL Searching?
Bag, Box, & rollers are searching for AG ... as well as for numismatic value.
We do get some silver, from time to time. Say hypothetically, you find an Eagle (.999 oz AG) in a bag of Ikes. The Silver is worth plus or minus $20.00. And let's say the Eagle is so crummy, it has zero additional numismatic value. Maybe ... it was about destroyed in a coin counter.
But, let's say you find a Morgan, Average quality, BUT it is an 1889 CC? Now you could be talking some real change.
Your basis is $1.00 on your Morgan. But the FMV is in the hundreds. Or maybe even in the thousands.
First to acknowledge, the IRS has the last (and only) word.
Thoughts, Opinions, Ideas, what is fair? Sound off-Blast away.
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Pillar of the Community
United States
1431 Posts |
If you find a valuable coin and keep it in your collection, then no.
If you sell that valuable coin (thus generating income), then yes.
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Pillar of the Community
United States
1660 Posts |
The only one "recording" what you find is you.
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Pillar of the Community
Korea, Republic Of
1881 Posts |
If you sell it and make money off of it, I guess yes.
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Bedrock of the Community
United States
20753 Posts |
At every bank there are cameras set up by the IRS. Then your phone and TV sets all have recording devices, also by the IRS. At every coin store and every coin show, there are cameras by the IRS. AND they are all watchihng YOU. No not everyone, only YOU. The reason is that this forum was set up by the IRS and as soon as you mentioned what your doing, they turn all their resources toward YOU and only YOU. So remember if you find a coin you got for $0.01 and sold it for $0.2, make sure you add that to your income tax return.  Come now. They really just don't have the man power to check on one or even a few hundred people that make a few dollars on a coin or more. Ever notice at flea markets there are many, many dealers that sell STUFF. And I don't think any of them report it to the IRS. The only thing to worry about is how many banks are getting tired of people doing just that. |
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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 |
Quote:
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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Replies: 19 / Views: 3,440 |
Posted 04/27/2014 10:15 am
