Originally Posted by
ilyaz
Every time I bring scrap to a yard, they ask for my drivers license. I had assumed that they need that for cases of getting stolen property or something like that. But I am wondering now whether they are supposed to report all transactions to the IRS similar to how an employer would report wages of each employee. Does anyone know if this is what actually happens? I am in MD, in case that makes a difference.
I don't think they do. When I take in scrap they only ask me for my license when I sell non-ferrous scrap (copper, brass, aluminum, etc). If I am only selling ferrous, then they do not. The bulk of my money comes from ferrous, so they would be losing out of a good chunk of change if they did report it. I think it is just for tracking purposes, in case they get in something that was stolen.
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