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Do scrap yards report transactions to the IRS? - Page 3

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  1. 05-24-2012, 10:04 AM #41
    toula
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    If I could go and buy something for 10 from the store and pay taxes on it then go right to the scrapyard and make 100 I would gladly pay taxes on it and do that all day. My example was something like a law mower. Pay a couple hundred brand new then scrap it for 5 I would not feel like you would have to pay taxes on that scrap money.

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  2. 05-24-2012, 10:04 AM

  3. 05-24-2012, 10:08 AM #42
    Filthy
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    gotcha! right.. thats not a capital gain. thats obvious asset depreciation. i dont think you'll run into trouble with that.
    but i still will not tell you to declare scrap income or not. thats an attorney's job.
    We're the renegades of Junk!
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