ROLL SEARCHERS - do you claim your silver in your tax returns?

I will not be but have very little at this point. those of you that are pulling 200oz a year and have been doing it for a while could have a big stack going by now! just curious if you cliam you finds, only claim what you have sold, or nothing at all? Don't let them git ya like Al Capone!!

 

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What the IRS doesn't know won't hurt them!

Ideally, you must report your gains when you realize them (when you sell).
If you haven't sold, you haven't made a profit.

 

You only have a gain if you turn around and sell the silver for cash. Once silver checks in to my motel, it stays.

 

"You make 40k a year mr Model77. How is it your driving a Ferrari??"

"I collect spare change?"

 

When roll searching why would I claim my finds? I'm only finding dimes, quarters and half dollars lol.

 

Don't claim anything you don't have too.

 

Who really finds enough to worry about, last time I saw a silver coin in change was several years ago.

 

If you bought it with already taxed money, I really can't see even making a decision until you cash anything in. Unless you are making a comfortable living exclusively on silver, I doubt you are going to raise red flags.

 

I understand that case law is against me, but it still seems to me that, if sell someone an item for $10 FV of silver coin instead of $200 in greenbacks, I should only have tax liability for $10. After all, that's what I received, in legal tender US coin.

But, as I say, case law is against me. And besides, I haven't yet had anyone buy pay me in silver for anything, either goods or l​abor. Alas.

 

Unfortunately, and by rights, what you are describing is capital gains. You pay the profit you received on the item (selling price minus the price you paid). That is, if you decide to report the transaction...

 

Some things are best left unsaid.

 

in iowa we dont get taxed for coin purchases so i see no reason for them to tax me in any profit i make from selling the few i do sell.

cody

 

so if i sold all my 65 lbs of silver? in todays market around 26,000$ your saying i would have to claim that..... DEFF NOT.. thats y people put money under thier matresses and shoe boxes.. if i sold all mine .. u know that i wouldnt report that. even if say silver goes to 2500/oz and im looking at 3.1 million in silver.. I STILL WOULD NOT REPORT IT and by then i would have 2 ferarris

 

It's not income until you sell it.

 

The IRS/Government is notified electronically when certain key words are used in the same sentence. Thanks to this thread, you just notified the IRS and should expect an audit this year.

 

I know that coins stores cant charge you tax for bullion, coins and currency. I think they are all tax free. You dont have to report anything.