[meteorite-list] meteorites and TAXES

From: Count Deiro <countdeiro_at_meteoritecentral.com>
Date: Fri, 2 Nov 2012 19:17:39 -0700 (GMT-07:00)
Message-ID: <17106303.1351909060148.JavaMail.root_at_wamui-june.atl.sa.earthlink.net>

How did Michael's blatantly political post get by the List Administrator? As a representative of the conservative majority in this country, I request equal time :0)

Count Deiro

-----Original Message-----
>From: Michael Blood <mlblood at cox.net>
>Sent: Nov 2, 2012 6:38 PM
>To: Adam Hupe <raremeteorites at yahoo.com>, Meteorite List <meteorite-list at meteoritecentral.com>
>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 I only thought this applied to businesses which was repealed.?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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>>
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>>
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>
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Received on Fri 02 Nov 2012 10:17:39 PM PDT