Gold coin!

[RichW]

If you go to a pawn shop or coin dealer I have found that they are not a really good deal. If you have bulk and go to a refineries they need your ssn # so how can you do cost basis if you did not buy it. The gov wants there capital gains. Just my thoughts could be very wrong

Who's to say you didn't buy it ?

 

[RichW]

There are some serious questions developing with this coin. I’m hoping for my friend that this is not counterfeit. Even jkline was saying it read high on his 3030 and eTrac. Guessing this coin needs to go to a professional for final say. It hit full on 92 no matter which way I attacked it.

Lots of counterfeiting going on these days. The 1916 D Mercury dime is the most counterfeited coin in the world.

 

[autopilot42]

That is what I am saying how do you do cost basis for what you have or found . Just saying

 

[autopilot42]

The tax code is so bizarre the irs is messed up. If you found a very valuable coin or artifact when I sell should I have to pay capital gains tax how is the cost basis determined. They want there money so how is it determined. Nothing is for free. Are we as detectorist to make up the cost basis. It depends if you keep your finds or sell them.

 

[RichW]

That is what I am saying how do you do cost basis for what you have or found . Just saying

Jewelry prices go for a premium, (a lot more than melt value) Let's suppose someone's wife bought a lot of jewelry over 30 years and lets say she got tired of it and decided to sell it for melt value. Melt value may be worth less than what she originally paid for it. She paid taxes on it when she bought it, why would she have to worry about tax consequences when she sold it for less than she paid for it.

 

[jim tn]

If you have bulk and go to a refineries they need your ssn # so how can you do cost basis if you did not buy it. The gov wants there capital gains. Just my thoughts could be very wrong

If the Govt wants a per cent of my refinery melt price, I can easily off set that percent with gas/mileage costs to off set that percent. In fact, my treasure hunting expenses are more then I get from a smelter and the Govt would end up owing me a few bucks. HH jim tn

 

[tvr]

TVR's posted scale of readings is an example. Where did he get that scale? From a manufacturer, or from/for a particular detector model?

It came from an old post that was based on Whites detector normal ID numbers. The Whites XL Pro seemed to match those numbers and the F75 I have seems to be very close to the numbers, although dimes do run about +2 from the chart. I know other manufactures have detectors with completely different readings.

 

[tvr]

how is the cost basis determined

Cost basis should be what it is worth when you first take possession of it.