Tax Time to Report Finds as Income

[Deft Tones]

Should you?
Do you?

Clad stabbin' at the tot lot is taxable income.

Just throwing that out there as I prepare to prepare my own taxes, lol.

 

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[Tom_in_CA]

Should you?
Do you?

Clad stabbin' at the tot lot is taxable income.

Just throwing that out there as I prepare to prepare my own taxes, lol.

Well yes, certainly, of course. We abide by the "MD'rs code of ethics" after all, which says to "Know and Obey all laws".

The md'r who reports his earnings on his income taxes, can also deduct for his expenses . Equipment, gas , etc.....

 

[DeepseekerADS]

Tom, you come up with some great advice frequently! Thank you!

 

[Oddjob]

I file my taxes properly and legally, well my attorney does it for me, but all is reported.

 

[Deft Tones]

I file my taxes properly and legally, well my attorney does it for me, but all is reported.

I have an accountant that does it all, but she won't let me dump a box of reciepts in her lap. I guess she has limits.

 

[Deft Tones]

Well yes, certainly, of course. We abide by the "MD'rs code of ethics" after all, which says to "Know and Obey all laws".

The md'r who reports his earnings on his income taxes, can also deduct for his expenses . Equipment, gas , etc.....

Excellent!

Ya know, I pay my 5 yr old a quarter for every book he reads. He's not home schooled, but I'm wanting a home school deduction! If not I'm going to have to renegotiate his terms before I go broke.

 

[Tom_in_CA]

Does anyone here remember the Odd couple sitcom episode, where Felix (the neat-nick) tell Oscar how he reported the 10c, that he found in the pay-phone coin-return slot, to his income tax filings

 

[kcm]

Does anyone here remember the Odd couple sitcom episode, where Felix (the neat-nick) tell Oscar how he reported the 10c, that he found in the pay-phone coin-return slot, to his income tax filings

Man, I barely remember that show! ...Would be cool to see some of it again. Might have to look up the DVD set.....AFTER Christmas!

 

[Limitool]

Well now.... Unless I can retail these old horseshoes for $50.00 each nothing to report.

BUT.... I did screw up a few years ago. I won a couple of jackpots on a quarter slot in MS. a few years ago in Feb. Won $1800.00 and then a few minutes later won $1200.00. Staff came out paid me minus their state taxes and said I'd have to file this upon Federal taxes. Hell one year later that $3 grand was a long lost thought. But in Aug. of that next tax year I got a reminder from the Feds. Wife got mail and said we owe a few hundred... "What do you want me to do?" PAY THEM...!!!!!!!! Stupid on my part.

 

[hvacker]

On a positive side concerning money found if it's not the clad crap you only need to declare it's face value not actual
like silver.
Deductions are a whole other deal. They are intended to offset what your spent to earn what you earned ( see schedule "C") as in a business. It won't apply unless detecting is what you do to make a living. In that case you have 5 years to turn a profit otherwise it's viewed as a hobby.
Hobby expenses are not deductible.
Not sure if scavenging would be recognized as a viable business. Maybe on a larger scale.
Anyway it goes as the IRS is concerned all income is taxable unless you qualify as a Non-profit

This is kind of funny as many people would rationalize that it's none of the IRS's business what I found.

 

[masterjedi]

LOL LOL LOL nuff said!

 

[G.A.P.metal]

LOL LOL LOL nuff said!

Gary Well said !

 

[kcm]

On a positive side concerning money found if it's not the clad crap you only need to declare it's face value not actual
like silver.
Deductions are a whole other deal. They are intended to offset what your spent to earn what you earned ( see schedule "C") as in a business. It won't apply unless detecting is what you do to make a living. In that case you have 5 years to turn a profit otherwise it's viewed as a hobby.
Hobby expenses are not deductible.
Not sure if scavenging would be recognized as a viable business. Maybe on a larger scale.
Anyway it goes as the IRS is concerned all income is taxable unless you qualify as a Non-profit

This is kind of funny as many people would rationalize that it's none of the IRS's business what I found.

Depends on whether you keep what you find (including giving as a gift), or profiting from your finds.

 

[boogeyman]

I only found nine pennies this year! Do I need to report em? Yes that's my count for the year and that's all I'm sayin.

 

[Honest Samuel]

For sure, if you find buried treasures, you pay your state and federal income taxes. Connecticut has a state income tax which is outrages. Finding single coins that is not worth much, forget about it, because your expenses may be more then what you find. Good hunting and good luck.

 

[relic nut]

My detecters and equipment are tax deductible. They were purchased through my business to locate property corners, underground utilities, distribution boxes and the like. I do take them out on weekends some just to stay proficient with them.[emoji12]

HH RN

 

[boogeyman]

For sure, if you find buried treasures, you pay your state and federal income taxes. Connecticut has a state income tax which is outrages. Finding single coins that is not worth much, forget about it, because your expenses may be more then what you find. Good hunting and good luck.

It was a joke Sam.................

 

[digger460]

Crap! Does anyone know how much a pulltab is. I could be looking at some serious time

 

[asrussell96]

To keep from incriminating myself I plead the 5th

 

[FreeBirdTim]

I'm self-employed as a metal detectorist. I pay myself a reasonable $10.00 an hour, but I rarely find more than $3.00 an hour. Therefore, my business has incurred a net loss, so no need to file an income tax return...