I read this post and wonder what some of the member feelings are
can this be a twist in another direction.
First is scrap wile in the form of scrap a capital gain . Meaning as you collect tons of product
what is it to the IRS Law.
I suspect till it is sold it is null But once cashed in naturally income.
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OK so lets say you cash in scrap . receive your receipt proof - Now you goto a gold and silver outlet
and buy silver with scrap money ( generic silver) All receipts are in place to and fro .
So is this taxable income . or till you cash in silver ??
http://www.scrapmetalforum.com/day-l...-surprise.html
Post number 5
#5
armygreywolf
Yes, the company pays in precious metals. Two reasons for this, one...less paperwork for them, two it's up to me to report income when I sell the metal...and when. I have some advice for going this route...don't bother with known materials. Save your omg it's gold bucket for this and refine once a year or less then keep the return for when gold is up. The problem here is your entirely trusting the company is returning exactly the extraction amount prescribed in total. I'm currently looking to contract a small refiner for these purposes with no luck yet. I still have buckets of unknowns that at best will net me a buck a pound.
Full article at Scrap Metal Forum: http://www.scrapmetalforum.com/day-l...#ixzz3ApSncDzC
It seems to me as long as you
don't but silver currency
and only generic silver
there is no gain to be taxed on
Flipping scrap for silver
OR having cash in hand
for a second might be all it takes to be taxable regardless of Flip .
Example
you have a house - you sell & as long as you purchase new home or real estate , no tax on gain .
Scrap is an asset . Silver is an asset .
Wile yes - massive amounts China banks have lent money on Copper as collateral ( Copper can be an Asset )
Scrap is an Asset .
To answer my own question , Getting paid with generic silver - Barter - would be the answer .
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