[meteorite-list] meteorites and TAXES

From: Adam Hupe <raremeteorites_at_meteoritecentral.com>
Date: Fri, 2 Nov 2012 16:09:28 -0700 (PDT)
Message-ID: <1351897768.84616.YahooMailNeo_at_web122001.mail.ne1.yahoo.com>

Hi Paul and List,

Good question.


The problem is that the new tax laws, hidden and partially due to the Affordable Health Care Act have not yet been fully decoded so nobody knows where they stand. My accountant can't even advise me of what to expect in 2013. ? The laws are so complicated that I can no longer calculate my own tax returns. ? I was appalled at all of the surprises on my last return which included sending out 1099s to friends that help you out if you pay them over $600.00.? I only thought this applied to businesses which was repealed.? You will be fined $100.00 for every one these 1099s you don't send out.? Pretty soon everybody will have to 1099 the newspaper boy, the kid that mows your lawn or a neighbor who sold you some personal belongings to make ends meet.?


The best advise is to talk to an accountant with superhuman skills that can decode the new hidden taxes that are not even referred to as taxes.


I think is time to change the subject and dream about somehow making it back out to the field before hypertension sets in.


Take Care,

Adam


----- Original Message -----
From: Paul Gessler <cetuspa at shaw.ca>
To: meteorite-list <meteorite-list at meteoritecentral.com>
Cc:
Sent: Friday, November 2, 2012 3:50 PM
Subject: [meteorite-list] meteorites and TAXES

All this talk about taxes and the like has raised some old questions for me.
If this has been discussed before forgive me I missed it.

Lets say a meteorite falls and you find it then someone sells one from the same fall creating a benchmark of value (however fleeting)
Do you immediately incur a tax liability on the stone you have?

I remember back in the day when Sammy Sosa and Mark Mcguire were in a homerun race and the topic came up that whoever caught the
record beating baseball would immediately be forced to sell it to raise the taxes owed on it or pay out some ludicrous amount to the feds in order to keep it.

So what gives?

I recently read the article about the Novato 100 gram stone being worth $10,000
GREAT! But does the owner now owe a percentage to the tax man????

What are the facts concerning this kind of windfall?

Any idea?

-Paul Gessler


______________________________________________

Visit the Archives at http://www.meteorite-list-archives.com
Meteorite-list mailing list
Meteorite-list at meteoritecentral.com
http://six.pairlist.net/mailman/listinfo/meteorite-list
Received on Fri 02 Nov 2012 07:09:28 PM PDT