storing assets so they don't show up on income tax forms

[97guns]

And by 'anything' do you mean you think you do NOT have to put it on your tax return


There is a difference in reporting when buying and selling at a dealer which your link seems to talk about... but when it comes to taxes you have to report the sale even if you do not have a gain... now, are the 1099s etc. that you have to worry about... it seems not according to your link... but that is the same for interest from a savings account... I have one where I get maybe $5 a year and it is not reported to the IRS... I still put it on the tax return....

Have at it, more power to you,..... I'm pretty nonchalant and lax when it comes to taxes, I take what I can In this dog eat dog, rat eat rat world, its innocence until they can prove me guilty. I've paid no more than $2k taxes on $60k+ Income for the past 8 years and this year it's under $1200 since I got married.

 

[Blueskies123]

I get a few 1099's for just a few dollars, in addition to the larger ones. They ALL go on my tax returns. I come to this web site because it generally seems informative, educational, and in some cases scholarly. It is disappointing to read that some people here are recommending to buy and sell gold, cars, and other assets and not reporting every penny on their tax return.

 

[Dash man]

Have at it, more power to you,..... I'm pretty nonchalant and lax when it comes to taxes, I take what I can In this dog eat dog, rat eat rat world, its innocence until they can prove me guilty. I've paid no more than $2k taxes on $60k+ Income for the past 8 years and this year it's under $1200 since I got married.

And here you are bragging about it on social media...

 

[REWahoo]

And here you are bragging about it on social media...

I see a pattern here.

Did you collect unemployment? Same that's ng happened to me, I collected for 18 months and my job 4 years before that one did the same, collected them too, so I collected 3 years of unemployment in an 8 year work stretch

 

[pb4uski]

What goes around comes around.

When if comes time for 97guns to collect social security benefits he'll probably find out that he either doesn't have enough credits to qualify or his benefit will be meager because he paid in so little.

We have a friend who is in a similar boat... does a lot of work under the table and is nonchalant about tax compliance... she doesn't realize how screwed she is.

 

[Newventurer]

Have at it, more power to you,..... I'm pretty nonchalant and lax when it comes to taxes, I take what I can In this dog eat dog, rat eat rat world, its innocence until they can prove me guilty. I've paid no more than $2k taxes on $60k+ Income for the past 8 years and this year it's under $1200 since I got married.

Let me see if I have this right - bragging about being smarter than the average bear by claiming ignorance of the law...on social media...where it is now documented that you are no longer ignorant of said laws due to posts provided to you by others. Case closed. Pay your fair share.

 

[ERD50]

Have at it, more power to you,..... I'm pretty nonchalant and lax when it comes to taxes, I take what I can In this dog eat dog, rat eat rat world, its innocence until they can prove me guilty. I've paid no more than $2k taxes on $60k+ Income for the past 8 years and this year it's under $1200 since I got married.

Totally legal, google it. I've dumped off over 50k in metal since December to fund a home overseas,, my hands are clean

There's a big difference between "I'm doing this, I don't care if it's legal or not" and your earlier post, claiming it is legal. Saying it is legal when it isn't doesn't make you very credible.

-ERD50

 

[Texas Proud]

Let me see if I have this right - bragging about being smarter than the average bear by claiming ignorance of the law...on social media...where it is now documented that you are no longer ignorant of said laws due to posts provided to you by others. Case closed. Pay your fair share.

Nope, you have it wrong... he is not ignorant of the law... he is bragging about BREAKING the law... which show willful intent...


This reminds me of a former friend who had the same attitude.... there was a group of people he worked with who would brag about not paying taxes... one guy had not filed a tax return in 20 years claiming something like he was a non-citizen or some kind of maritime law.... the IRS finally found him and charged him with a crime... his attorney was also one who had not filed under the same theory... well, during the trial the lawyer decided to file all his back return!!! I think the guy got a jail sentence and lost most of what he had due to back taxes, penalties and interest...

 

[Dash man]

Dealers are only required to report certain purchases and sales to the IRS. That does not relieve us from paying taxes on the capital gains from selling all gold or other precious metals. That's why I keep my receipts from my purchases in the same boxes as the gold and silver that was shipped to me in. Of course, most of it will likely pass on to my heirs who get to revalue the precious metals on the date of my death.

 

[97guns]

What goes around comes around.

When if comes time for 97guns to collect social security benefits he'll probably find out that he either doesn't have enough credits to qualify or his benefit will be meager because he paid in so little.

We have a friend who is in a similar boat... does a lot of work under the table and is nonchalant about tax compliance... she doesn't realize how screwed she is.

Ha, I'm not relying on any help from anyone, they can take my SS credits and choke on em for all I care. I have 12 years in the workforce before I FIRED. My income tax of $2k on 60k income is legit, not bragging that I don't pay tax, I'm bragging that I'm smarter than most of the dummies here. Is retiring in your 50's really retiring early? Your definition of early is different than my interpretation.

As far as collecting unemployment, I take what I can when I can, don't care if it's taxes, unemployment or a $100 bill laying on the ground for me to jump on.

 

[braumeister]

I'm bragging that I'm smarter than most of the dummies here.

One of the most interesting forum posts I've ever seen.

 

[Fermion]

It is kind of funny because most of the "dummies" on here have so much cash that they don't need to hide anything or evade taxes.

Check out the net worth posts next time you get a chance. A large portion of the "dummies" are in the $3M to $5M range.

I wish I were that dumb

 

[MichaelB]

Someone needs to brush up on his Dale Carnegie. https://www.amazon.com/How-Win-Friends-Influence-People/dp/0671027034

 

[nun]

Let's make this discussion boring again. Nobody has mentioned a ROTH and what about your primary residence. The first has no tax on growth or the sale and the second has a $250k (or $500k) capital gains allowance. If you sell gold, cars etc you will have to declare any capital gain and work out if it is taxable.

 

[Hermit]

Someone needs to brush up on his Dale Carnegie. https://www.amazon.com/How-Win-Friends-Influence-People/dp/0671027034

+1

 

[MRG]

[emoji23] +1

+2

 

[W2R]

I'm bragging that I'm smarter than most of the dummies here.

We are so impressed.

 

[REWahoo]

Isn't that like saying you're the world's tallest midget?

 

[NYEXPAT]

Thanks. That is what I thought Gold, other "hard assets", I hadn't considered the annuity. I was trying to help someone through some discovery documentation, where he thinks money was taken by his brother from the estate.

From the last 3 years tax returns and mothers bank records, I see no asset transfers, and nor anything on the brothers taxes that couldn't be explained.

Thanks again for all the ideas. My advice was to forget about it if he did it you will have a hard time proving it.

Was the person known to keep a large amount of cash on hand (safe deposit/personal safe) also no one mentioned bearer bonds, prepaid debit cards,etc.?

 

[Blue Collar Guy]

Was the person known to keep a large amount of cash on hand (safe deposit/personal safe) also no one mentioned bearer bonds, prepaid debit cards,etc.?

wow bearer bonds, i thought they went the way of the Buffalo so to speak, they still have them? I saw an awesome movie where they owner in his Beautiful NYC home had tons of bearer bonds(Panic Room was the movie)

 

[Texas Proud]

Was the person known to keep a large amount of cash on hand (safe deposit/personal safe) also no one mentioned bearer bonds, prepaid debit cards,etc.?

I cannot be sure, but I think all bearer bonds have matured.... it was a long time ago when they said you could not issue them anymore...

 

[Blue Collar Guy]

I cannot be sure, but I think all bearer bonds have matured.... it was a long time ago when they said you could not issue them anymore...

ok, i just have not heard that term in ages.

 

[pb4uski]

.....My income tax of $2k on 60k income is legit, not bragging that I don't pay tax, I'm bragging that I'm smarter than most of the dummies here. ....

We paid [-]$356[/-] $187 on over $103k of income in 2016 so your result isn't very impressive to me.

 

[Luck_Club]

We paid $356 on over $103k of income in 2016 so your result isn't very impressive to me.

I'm impressed! Is school open?

 

[MooreBonds]

Thanks. That is what I thought Gold, other "hard assets", I hadn't considered the annuity. I was trying to help someone through some discovery documentation, where he thinks money was taken by his brother from the estate.

From the last 3 years tax returns and mothers bank records, I see no asset transfers, and nor anything on the brothers taxes that couldn't be explained.

Thanks again for all the ideas. My advice was to forget about it if he did it you will have a hard time proving it.

There could have been non-interest accounts. Are you sure the mother didn't have any non-interest checking accounts? You'd never know it by looking at Schedule B because banks don't have to report a 1099 for less than $10 (and with 0.01% interest, you could have a hefty balance and not earn more than $10).

Were there any safe deposit boxes with jewelry or cash or other items? Any way to see what annual notices or bills came in? One other way is to see if the mother lived in an area where the personal property taxes are available on-line, to see if there was anything listed to her name/address.