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Paying taxes on scrapping

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  1. 11-30-2014, 06:18 AM #22
    newattitude
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    Quote Originally Posted by metz12 View Post
    Hey guys, Just a quick question. What is the dollar amount where you have to start paying taxes on scrapping? Ive heard around $600 but I'm not sure. Thanks in advance!
    Keep track of your mileage also, you can deduct I think its .55 cents a mile now? Also any vehicle repairs. those 2 items help reduce your actual income and the tax amount you will owe.

    I know the first year I scrapped I actually only ended up making $200.00 (after deductions) and didn't owe any taxes on it but it still had to be reported.

    Another thing, when self emploeyed my tax person said you have to show a profit 3 out of 4 years. Not sure why. I think it has to do with business vs hobby tax rules or something.

    Scrapper, Scrap Yard Worker, Horse farm worker, Cooler Puller and just plain ''tired''

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