[meteorite-list] For those of you that use PAYPAL I got this email today.

From: Don Giovanni <don.giovanni50_at_meteoritecentral.com>
Date: Mon, 30 Jan 2012 13:10:31 -1000
Message-ID: <554B7857-B3F6-4C84-BEF7-51D4C38F1410_at_yahoo.com>

On Jan 30, 2012, at 12:12 PM, Shawn Alan wrote:

> ....paypal will be send this to the IRS not taking inconsideration if what you sold was at a lose.

Well, yes....but isn't pretty much the same as, say, selling a stock in the stock market? The IRS is informed of the stock selling price only, and it's up to you to then fill out your taxes with the buy-price factored in, so that you're only paying tax on the profit. Or loss, which can then be claimed.

I'm assuming the tax return would be filled out the same way, for meteorite sales, am I wrong?

   DG
Received on Mon 30 Jan 2012 06:10:31 PM PST