Re: Attn: scrap potential sellers
IMHO, it is the resposiibility of the individual to know that any income, is reportable, as such. E.G. If you sell scrap silver to a dealer,or to anyone who will convert that silver to coin, or currency, automatically it becomes "income, even if it is converted from silver, to paper. The IRS could care less that you had it all the time, but in silver coinage, or other bullion form, and when it is converted to other form, it had to be reported as income,, Stupid law, but we have to live by it. The same thing, of you sell a coin, for more than you paid for it, it is reportable, as income If there is a minimum amount that can be done, without having to be reported, it must be very small. The IRS wants your money, "any way thay can get it", and will do what they can to make it stick, right, or wrong!
CCRS member since: 7/15/2010
To post a reply to the above message, please sign in, or, if you are not a registered user of the Discussion, register first.
Back to discussions
[this post has been deleted by its author] (3/15/2011) has been a long time (casinobibber, 3/15/2011) [this post has been deleted by its author] (3/17/2011) Re: Attn: scrap potential sellers (Dick, 3/15/2011)
1997-2018 Torex® Coin Show & Auctions.
| Home | Coin Clubs | Coin Shows | Dictionary | Links | Resources |
| Gallery | | Discussion | Marketplace | Video | Dealers | Search | FAQ |