An IRS silver Investor !

[Piledriver]

So I called the IRS about my expenses CRH'ing, "How can my expenses be claimed?".

He told me that unless I claim them as business expenses (and you have to start a business to have business expenses),
you have to claim them as a "miscellaneous expense on schedule A".

Then he said, "I'm a silver buff myself".

We talked about silver, where the price is going, and about the economy.

And I asked, "Well, just what is this country doing to turn this trend around?"
The answer is "NOTHING, right now."

 

Amazon Forum Fav 👍

Diving for Pleasure and Treasure - Grab it through Amazon!

[TheRockDoc]

So I called the IRS about my expenses CRH'ing, "How can my expenses be claimed?".

He told me that unless I claim them as business expenses (and you have to start a business to have business expenses),
you have to claim them as a "miscellaneous expense on schedule A".

Then he said, "I'm a silver buff myself".

We talked about silver, where the price is going, and about the economy.

And I asked, "Well, just what is this country doing to turn this trend around?"
The answer is "NOTHING, right now."

I am quite new to this hobby, and I have been wondering about this myself... I have a question for you, did you discuss what needs to happen with your "finds". What I have been thinking about, is what if someone were to spend 10 years CRH'ing, and then sell all their "finds" to use as a down payment on a house, or buy a house considering the way this market is heading... Would the IRS be all over you to "tax" the money you earned by selling the silver coins? If i happen to get a silver half dollar now for fifty cents, and sell it for 20 bucks 4 years from now, am I suppossed to pay taxes on that 19.50? I am sure the answer is yes, but It seems like this would have a unique set of guidelines being what it is... Maybe it is wishful thinking.

 

[Piledriver]

In the USA, it is a very simple matter of SCHEDULE D.

You report what you paid for the coins.

The difference between what you paid for them and what you sold them for is called CAPITOL GAINS.

If you have had the coin for less than one year, you are taxed as though the profit were ordinary income.

If you have had them for more than one year, you are taxed 28% on the profit.

BUUUUUUUTTTTTT.......

If you TRADE the coin for a service, you do not have to pay anything.

DO NOT CONFUSE WHAT I TELL YOU WITH LEGAL TAX ADVICE--THIS IS NOT INTENDED AS SUCH.
DO YOUR OWN DUE DILIGENCE. (Please excuse the shouting.)

If you trade the coin for cash or other coin, you usually still have to pay.

 

[quiksilver]

lol just let me lol