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Re: Depression is coming [Re: Finster] #6954860
08/05/20 09:32 AM
08/05/20 09:32 AM
Joined: Mar 2007
Posts: 30,092
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 30,092
McGrath, AK
I can't answer that Finster but I would say there is really no set amount that they look for.

What they will look for is a discrepancy in how much you claim to have spent relative to how much you claim to have earned.

If your gross income is 100k and you show expenses of 150k, they will want to know how you did that. It may be legit but it may not be.

All this assumes that they audit you for some reason. A big discrepancy in the gross numbers ( which is 'noticed' electronically) will get the attention of a human. And remember, if they once find something questionable in your 2019 return, they now have the authority to go back and look at previous returns.

Steven49: Do you receive a 1099 from a dealer at the beginning of tax season ?


Mean As Nails
Re: Depression is coming [Re: Finster] #6954992
08/05/20 11:37 AM
08/05/20 11:37 AM
Joined: Apr 2014
Posts: 5,238
MO
cfowler Offline
trapper
cfowler  Offline
trapper

Joined: Apr 2014
Posts: 5,238
MO
For what itís worth, if I purchase ďjunkĒ colonial silver at a pawn store, taxes arenít collected. Itís a currency exchange.


I trap for fun. I skin 'em for the money!
Grinners For Life-Lifetime Member, MO Chapter, Den #1
~You Grin, You're In~
Re: Depression is coming [Re: white17] #6955128
08/05/20 01:44 PM
08/05/20 01:44 PM
Joined: May 2010
Posts: 6,721
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 6,721
mn north of blakely
Originally Posted by white17
I

Steven49: Do you receive a 1099 from a dealer at the beginning of tax season ?


I have not sold any physical metals, the conditions haven't been met yet for me to sell any. My hope is to never sell them, if I do it's means it's hit the fan so to speak. If I want to invest in metals I buy stocks in mining companies.

I have no idea if a dealer would 1099 a person. If I ever sell it's most likely going to be a private transaction.

cfowler, states have different sets of rules for tax on metals. MN would tax that transaction, it also taxes buying bullion.

Re: Depression is coming [Re: Finster] #6955135
08/05/20 01:54 PM
08/05/20 01:54 PM
Joined: Mar 2007
Posts: 30,092
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
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Joined: Mar 2007
Posts: 30,092
McGrath, AK
Thanks Steven. I agree that the miners give you a lot more bang for the buck just because of their leverage. Riskier too for the same reason


Mean As Nails
Re: Depression is coming [Re: white17] #6955400
08/05/20 07:18 PM
08/05/20 07:18 PM
Joined: May 2010
Posts: 6,721
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 6,721
mn north of blakely
Originally Posted by white17
Thanks Steven. I agree that the miners give you a lot more bang for the buck just because of their leverage. Riskier too for the same reason


I prefer physical but it has its limitations at times.

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