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Re: Depression is coming [Re: Finster] #6954152
08/04/20 06:22 PM
08/04/20 06:22 PM
Joined: Aug 2012
Posts: 3,972
South Dakota
R
Rat Masterson Offline
trapper
Rat Masterson  Offline
trapper
R

Joined: Aug 2012
Posts: 3,972
South Dakota
I get that Steven, the trick is going to be to survive long enough for the country to stabilize. I doubt I'll live to see it but I fear what we are leaving our descendants is a tragedy.

Re: Depression is coming [Re: Finster] #6954164
08/04/20 06:29 PM
08/04/20 06:29 PM
Joined: Dec 2018
Posts: 5,214
Crivitz WI
Sprung & Rusty Offline
trapper
Sprung & Rusty  Offline
trapper

Joined: Dec 2018
Posts: 5,214
Crivitz WI
It's not here yet. Hang in there.


No Jab.
Re: Depression is coming [Re: Finster] #6954318
08/04/20 09:00 PM
08/04/20 09:00 PM
Joined: May 2011
Posts: 1,398
Kansas
K
Kansas Cat Offline
trapper
Kansas Cat  Offline
trapper
K

Joined: May 2011
Posts: 1,398
Kansas
LOL. The sky is not falling. When a vaccine is announced, and it will be sooner rather than later, you will be very sorry if you are not heavily invested in common stocks that are near their 52 week low. The amount of money that will pour into these "value" stocks and industrials will be mind boggling. You saw a little preview of this when we first reopened, but virus cases surged and the trade got squashed. You will want to pick stocks that are viable long term. Some companies are on the way out and will not rebound like others.

Re: Depression is coming [Re: Finster] #6954352
08/04/20 09:23 PM
08/04/20 09:23 PM
Joined: Dec 2007
Posts: 793
Central montana
.
.204 Offline
trapper
.204  Offline
trapper
.

Joined: Dec 2007
Posts: 793
Central montana
Well I am stoked about the price of silver. Gonna sell tommorrow. If done right I will be able to have house paid off in 6 months.


And as it is appointed unto men once to die, but after this the judgement!
Re: Depression is coming [Re: Finster] #6954365
08/04/20 09:29 PM
08/04/20 09:29 PM
Joined: May 2011
Posts: 1,398
Kansas
K
Kansas Cat Offline
trapper
Kansas Cat  Offline
trapper
K

Joined: May 2011
Posts: 1,398
Kansas
Just curious J, if you are selling silver tomorrow, what are you investing in the interim that will allow you to pay off your house in six months?

Re: Depression is coming [Re: .204] #6954386
08/04/20 09:39 PM
08/04/20 09:39 PM
Joined: Mar 2007
Posts: 35,124
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 35,124
McGrath, AK
Originally Posted by jwill
Well I am stoked about the price of silver. Gonna sell tommorrow. If done right I will be able to have house paid off in 6 months.


Be sure you save out enough to pay your taxes


Mean As Nails
Re: Depression is coming [Re: Finster] #6954387
08/04/20 09:40 PM
08/04/20 09:40 PM
Joined: Jan 2012
Posts: 293
MT
B
bbasher Offline
trapper
bbasher  Offline
trapper
B

Joined: Jan 2012
Posts: 293
MT
Wouldn’t it make sense to plan on a rebound in the economy vs end of days scenario? Could be some money to be made. If $hit really hits the fan I doubt even the best preppers will have the same quality of life? That being said, I think the serious trappers on this forum would do well when times get tough. The guys that are posting 88 times a day are screwed

Re: Depression is coming [Re: Finster] #6954397
08/04/20 09:43 PM
08/04/20 09:43 PM
Joined: Dec 2007
Posts: 793
Central montana
.
.204 Offline
trapper
.204  Offline
trapper
.

Joined: Dec 2007
Posts: 793
Central montana
I shall White.
We have been paying a lot on principle and silver shot up at an opportune time. It would have been a couple more years but will be nice to have it paid.


And as it is appointed unto men once to die, but after this the judgement!
Re: Depression is coming [Re: Finster] #6954400
08/04/20 09:44 PM
08/04/20 09:44 PM
Joined: Jan 2014
Posts: 20,914
North East Kansas
Marty Offline
trapper
Marty  Offline
trapper

Joined: Jan 2014
Posts: 20,914
North East Kansas
Being physically fit is your #1 prep, a way to provide yourself with clean drinking water is #2.


E
'Honey Badger Militia'
Sleep, the anti woke adote.
Re: Depression is coming [Re: white17] #6954405
08/04/20 09:46 PM
08/04/20 09:46 PM
Joined: Dec 2018
Posts: 5,214
Crivitz WI
Sprung & Rusty Offline
trapper
Sprung & Rusty  Offline
trapper

Joined: Dec 2018
Posts: 5,214
Crivitz WI
Originally Posted by white17
Originally Posted by jwill
Well I am stoked about the price of silver. Gonna sell tommorrow. If done right I will be able to have house paid off in 6 months.


Be sure you save out enough to pay your taxes


How do they know how much profit he makes?


No Jab.
Re: Depression is coming [Re: Finster] #6954409
08/04/20 09:47 PM
08/04/20 09:47 PM
Joined: May 2011
Posts: 1,398
Kansas
K
Kansas Cat Offline
trapper
Kansas Cat  Offline
trapper
K

Joined: May 2011
Posts: 1,398
Kansas
Hey Basher, see my post above. The stock market and the economy are two different things. The economy will take time to recover. The market will spike immediately when a vaccine is announced. If you don't have your stock positions in place, you will be late to the game.

Re: Depression is coming [Re: Finster] #6954428
08/04/20 09:53 PM
08/04/20 09:53 PM
Joined: Dec 2006
Posts: 21,536
Sandhills Nebraska
G
Gary Benson Offline
trapper
Gary Benson  Offline
trapper
G

Joined: Dec 2006
Posts: 21,536
Sandhills Nebraska
Some fools from Omaha with too much money came to SE Nebr and paid $8500/acre for rocks and gumbo farmland. I guess they do have something solid. (Must've been two fools to run it that high.)


Life ain't supposed to be easy.
Re: Depression is coming [Re: Finster] #6954435
08/04/20 09:56 PM
08/04/20 09:56 PM
Joined: Jan 2012
Posts: 293
MT
B
bbasher Offline
trapper
bbasher  Offline
trapper
B

Joined: Jan 2012
Posts: 293
MT
Yup nobody cares about their investments when they are eating moldy bread or muskrat every day! Might as well gamble on the return of the economy. From what I’ve heard from medical professionals is that the vaccine will be effective as the flu shot. So it’s hard to get 100% effectiveness with a virus that can mutate. I wish people wouldn’t listen to the media and just live their lives. We’ll see what the world looks like post election

Re: Depression is coming [Re: Sprung & Rusty] #6954447
08/04/20 09:58 PM
08/04/20 09:58 PM
Joined: Mar 2007
Posts: 35,124
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 35,124
McGrath, AK
Originally Posted by Sprung & Rusty
Originally Posted by white17

Be sure you save out enough to pay your taxes


How do they know how much profit he makes?



They can ask where he got the funds to pay off his mortgage if he gets audited. If he sells his silver to a dealer he will get a check most likely. That he will deposit in his bank account so he can draw on it. There is a record of that deposit.

So lets say the dealer writes him a check for 20K and he deposits it and writes his own check to pay off his mortgage.

The IRS asks where he got the funds for that ? Hmm What is this 20K deposit in your account ?

Jwill says "oh I sold some silver that I bought" IRS says ..."Looks like 20 K profit to us".

Jwill says "NO I paid 10K for it and have a record of the purchase."

IRS says ...
Good, you only have a 10K profit at 28% capital gains rate on precious metals so you owe and additional 2800 bucks in taxes.

That's how they know.


Mean As Nails
Re: Depression is coming [Re: Finster] #6954460
08/04/20 10:06 PM
08/04/20 10:06 PM
Joined: Dec 2018
Posts: 5,214
Crivitz WI
Sprung & Rusty Offline
trapper
Sprung & Rusty  Offline
trapper

Joined: Dec 2018
Posts: 5,214
Crivitz WI
I never bought metals before. Do you have to prove what you paid for it? How would they know?


No Jab.
Re: Depression is coming [Re: Kansas Cat] #6954485
08/04/20 10:14 PM
08/04/20 10:14 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 10,421
mn north of blakely
Originally Posted by Kansas Cat
LOL. The sky is not falling. When a vaccine is announced, and it will be sooner rather than later, you will be very sorry if you are not heavily invested in common stocks that are near their 52 week low. The amount of money that will pour into these "value" stocks and industrials will be mind boggling. You saw a little preview of this when we first reopened, but virus cases surged and the trade got squashed. You will want to pick stocks that are viable long term. Some companies are on the way out and will not rebound like others.


What leads you to believe there will ever be a viable vaccine? Also when? Can the economy withstand this for another 6 to 18 months? How much money can they print before it's too much?


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Depression is coming [Re: Finster] #6954487
08/04/20 10:15 PM
08/04/20 10:15 PM
Joined: Dec 2006
Posts: 21,536
Sandhills Nebraska
G
Gary Benson Offline
trapper
Gary Benson  Offline
trapper
G

Joined: Dec 2006
Posts: 21,536
Sandhills Nebraska
You are guilty until you can prove yourself innocent when it comes to the IRS.


Life ain't supposed to be easy.
Re: Depression is coming [Re: Finster] #6954492
08/04/20 10:16 PM
08/04/20 10:16 PM
Joined: Mar 2007
Posts: 35,124
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 35,124
McGrath, AK
If you are buying small amounts it likely will never come up. But, if you are buying and selling through a broker there will be a record of every transaction. Remember, those broker/dealers are in business too and need to be able to prove their own expenses at tax time.

I don't mess with metals but I would not be surprised if it is very much like trading securities in a brokerage account. IRS gets a copy of every transaction I make...both buying and selling. My broker sends a record to the IRS.

When I file my return i better have a hardcopy of every one of those transactions and they better agree with what the IRS has already received.

If I were trading precious metals stocks it would be the same. There is no way that Uncle Sam lets people slide just because they are trading the physical metal rather than a paper or electronic version.


Mean As Nails
Re: Depression is coming [Re: Sprung & Rusty] #6954493
08/04/20 10:17 PM
08/04/20 10:17 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 10,421
mn north of blakely
Originally Posted by Sprung & Rusty
I never bought metals before. Do you have to prove what you paid for it? How would they know?


Yes you have to prove how much you paid and if you can't they'll assume you paid zero.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Depression is coming [Re: Finster] #6954506
08/04/20 10:21 PM
08/04/20 10:21 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 10,421
mn north of blakely
Ken, there are plenty of ways to sell one's metal for cash, that doesn't mean a person doesn't have to report it but it happens. Same as selling hay, cattle, fur, cars, or anything of value or services There are lots of cash transactions that happen and taxes aren't reported.

Stocks in mining companies aren't any different than stocks in other companies.

Last edited by Steven 49er; 08/04/20 10:22 PM.

"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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