My dream has come true!

Good for you Blazer. Yea, suck up all those Silvers and put them away, incontainers or devices that won't harm the coins by either chemical bless off or friction against the coin. When you are36, and believe me that 20 years will go by SO QUICKLY! You see what those babies are worth and think back to us and you're boss.
Secondly, feel your boss out for how many questions he will put up with or handle happily, before getting annoyed. And don't be afraId to ask any questions you might have. Because there is so much to learn, it's mind boggling. So good luck.
Foo out

 

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Well depending on your annual income from all sources you might not need to even file or claim anything. It is btwn $10k and $12k with a quick Google search. I am not a tax expert so you may want to look into it. Sounds like you are "working under the table" if you are not an "official" employee which can also involve some liabilities on the part of the shop owner regarding getting hurt on the job should something unusual and unforeseen happen while working (slip, falls and other such things)....not to be a downer...congrats on your dream job!

 

It was almost 7 decades ago, I lived in a metropolis of 6 figures population when I was 8+ YO. Working after school in a LCS along my run home was one of the most educational parts of my life. I also was paid in coin, and had an opportunity to acquire coins that most Americans will likely never see. My efforts were reported to other shop owners. Eventually I had a business supplying youths with jobs, and meeting business owners needs.

Look at your part time "job" as an opportunity, regardless of others "advice".

JMHO

 

@CoinBlazer

 

I'm well aware

 

I read several of your web articles...very thorough & nicely done! I like the pics & map of the coin shops.

 

I'm trying to think back on the advice I got from "my accountant" for my high-school part-time jobs.

 

There is no set path in life, written someplace in stone, where if you do this, youll get that. My point is all there is are opportunities. As was said, do what you love and youll never work a day in your life. So take this opportunity and get THE MOST out of it as possible!!!! If you had a nickel for every coin nut out there that dreamed of actually having ANY real job at an actual established LCS.... Youd have a lot of nickels ( hopefully a buffalo or 2...lol) Im 42 years old. Im self employed and make ok scratch. Id take a job like yours in a heartbeat just for that opportunity to learn all those little things that you only can in that setting. So make the most young sir. Learn!!! Learn!!! Learn!!! Congratulations....

 

Perhaps but it's along the 'free' of wages theme that seems to be the norm for people that otherwise could easily pay a fair wage but don't. Why? Because they can and because people allow it. Sorry. Pet peeve of mine, that unpaid thing.

 

especially if you want to run for President, someone will find that post.

 

Okay, here we go:

Any miscl income received below $600 does not need to be reported. $600 is the official reporting threshold for a Schedule C, unless you are showing a loss vs other income of course.

On inherited assets, you can pick up the 'basis' [read: adjusted cost basis] as of the date of death or 6 months thereafter.

Any sale / profit over that amount would be income, altho all [sine a collectible] as ordinary income.

however, if you leave it to your heirs to sell they again get the stepped up basis to your date of death or 6 months thereafter.

However! If your coins are worth, say $10 million, then you still would not pay income taxes on receipt. And taxes due, ie estate taxes would/should have been paid by the estate. You get them free & clear.

 

see my comments aboue

 

Looks like you got your dream job. Good for you

 

Brilliant

 

If I'm not mistaken this is the same threshold for casino gambling winnings. Under $600 and even the casino won't require you to fill out a 1099 (or equivalent IRS form).

 

I think mine was 85 cents or a buck 20 minimum wage. Worked as grounds keeper at a Boston Common

 

I think mine was 85 cents or a buck 20 minimum wage. Worked as grounds keeper at a Boston Common

 

Lol. So true