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#1
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That's not true. I deposit lots of checks well over $10000 in my business and they are not reported.
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#2
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I think the federal law has more to do with cash transactions of $10k or more. It would be crazy to have to report all transactions to the govt. that are over 10k. All of that should come out on tax returns, one way or the other.
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Leon Luckey |
#3
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Taxes
Quote:
I am not a tax advisor - but I think if there is a net gain on the sale, it's gets reported on your Schedule D, and I believe it's subject to the 28% collectibles rate. If there is a net loss, I don't think the loss is allowed, from what I understand - but don't quote me on that. It's not like the sale if stocks, bonds, etc. Tony |
#4
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Right, so if you get a check from an auction house that's over 10K and cash it, it gets reported to the IRS by your bank. At least that's what I thought. |
#5
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There was a skit (madtv/snl) or a comedian I heard long, long ago where a person involved with "illegal activities" would stand in line multiple times at the same bank and deposit $9,999 each time.
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#6
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Collectibles are treated differently than normal capital gains/losses.
There is no short term or long term, the rate is 28% of what your gain is, not the actual sale price. If there is a loss it can be used to offset other collectible losses in the same year. Unlike other investments you also cannot deduct expenses and or related costs on these collectibles. Auction Houses are not required to file any individual reports, it is up to the seller to report it. Last edited by sb1; 09-17-2013 at 12:10 PM. |
#7
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I stand corrected. Looks like it's a straight 28% of the net of gains and losses on sales of collectibles for the calendar year. Sorry for the misinformation.
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#8
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Thanks to Jim VB, I stand corrected a second time. The 28% is the MAXIMUM capital gain tax rate on collectibles, otherwise it is taxed at your lower marginal rate for all income including the capital gain. Only if your rate is 28% or higher would you pay 28% on your collectibles gain. I sure hope that's right, and in any case I'm going to shut up now.
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#9
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Jim VB!!, I haven't seen him post in a long time. I hope he's doing well.
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#10
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Quote:
Always amazes me that auction houses aren't required to issue 1099's. I have to 1099 my janitor and anyone else I pay over $599. a year to, assuming they are not incorporated. And just because you don't get a 1099 don't assume the payer didn't report it and just neglected to send you the form. Always best to report all income and then find the cost basis for that income rather than under report. Last edited by Griffins; 09-17-2013 at 08:57 PM. |
#11
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Even if the bank isn't reporting deposits to the IRS, if you get audited it's still all in your bank records as large deposits. I would assume that an audit could involve you producing your bank statements and explaining such deposits.
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$co++ Forre$+ |
#12
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After doing some searching I was able to find all of my purchase history for my cards..Which is a good thing! For those of you that have been through this process before, are any of you aware or not if there are sections on the HR Block or Turbo Tax sites where you submit this information or would I have to speak to someone in person. Thank you again for the much appreciated information.
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#13
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Reporting
I don't know the cash reporting threshold for banks, but with the Post Office, cash transactions of $3000 or more have to be reported to the Secret Service. If you come in and purchase $3000 worth of money orders you have to fill out a form. The info on the form goes into the computer system and the transaction is reported to the Secret Service. It is call the Bank Secrecy Act.
Rick
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Rick McQuillan T213-2 139 down 46 to go. |
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