[meteorite-list] meteorites and TAXES

From: Mark Bowling <minador_at_meteoritecentral.com>
Date: Fri, 2 Nov 2012 23:08:39 -0700 (PDT)
Message-ID: <1351922919.9821.YahooMailNeo_at_web160404.mail.bf1.yahoo.com>

Hi everyone,
I'd be interested in learning what a tax accountant says about the question.
?
I think the numbers mentioned below might be accidentally mixed up.? According to CBO numbers for 2010, Social Security, Medicare and Medicaid are the items that add?up to 42% of spending.? The military is 20%.? And if you don't base it against spending and compare to actual tax revenues received, military spending is 30.4% of?taxpayer dollars?(and?SS & the other two?use 64.9% of taxes paid).
?
If anybody does learn if newly found meteorites (or?gold nuggets/old coins)?mean?taxes owed, please let us know.
?
Increased taxes never seem fair if your income is fixed or your salary drops...? but as Michaels said, I'd rather have my taxes go up if it means I had a bit of luck in the field.
?
Hoping that we all have plentiful windfalls this hunting season....,
Mark


________________________________
From: Michael Blood <mlblood at cox.net>
To: Adam Hupe <raremeteorites at yahoo.com>; Meteorite List <meteorite-list at meteoritecentral.com>
Sent: Friday, November 2, 2012 6:38 PM
Subject: Re: [meteorite-list] meteorites and TAXES

Hi Adam and Paul,

? ? ? ? I have long been told (by those who should know)
that finding anything of value does not open you up to
taxes UNTIL you sell it (unless, of course, it is money
you find! -? I'll pay the taxes gladly if anyone wants to
tell me where to find some of the latter).

? ? ? ? Personally I find it strange that nearly everyone
Lauds a veteran (which I understand) but despises taxes,
Which I don't get at all. Of course taxes are no fun, but
If we want fire departments, education, police, functional
Roads, bridges, etc, (not to mention the military people
Seam to adore - though we spend as much as the next
Highest 15 nations combined to on our military - much
of which is? based on an obsolete warfare concept - and
uses 42% of each tax dollar we pay). Taxes are essential
to keep all he essential things going.

? ? ? ? BTW, cutting funding of PBS ("getting rid of Big Bird
And all preschool and the informational and artistic programming
Provided for PBS would "save" about 1/10th of 1% of what we
Spend on the Military.....similar to cutting food programs
For poor kids in school....very strange priorities, indeed)

? ? ? ? Best regards, Michael



On 11/2/12 4:09 PM, "Adam Hupe" <raremeteorites at yahoo.com> wrote:

> 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
>
>
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Received on Sat 03 Nov 2012 02:08:39 AM PDT