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Author Topic: Treasure Hunters - A Way to Beat the System  (Read 2460 times)

Offline zorgon

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Treasure Hunters - A Way to Beat the System
« on: October 23, 2013, 01:45:40 PM »
Treasure Hunters - A Way to Beat the System

"One man's trash is another man's treasure..." old adage :D but oh so true

In today's economy, finding castaways and learning what has value is a marvelous way to supplement your income.  You have all heard me talk about online selling and it really IS easy.  The beauty of online sales at places like Ebay, Etsy, Craigslist and Amazon is that you reach those that have money all over the world. On top of that it is tax free income as you are effectively selling at a yard sale, used personal goods and they only track it for three months.

Even the IRS says as long as it is below $20,000 a year no need to report it (That is in the terms of each seller site)

No sales tax applies on used goods (except vehicles)

But over the years I have spent a lot of time researching the value of things. The internet makes that easy these days and you can quickly do a search on any item... you no longer need to be an expert.

So once you get the hang of it, you become an INFORMED shopper at yard sales and thrift stores. And with a little luck and knowledge you can find the occasional treasure that REALLY hits the jackpot

Bought this for $10.00 at a yard sale across the street... he had several items but this one caught my eye because from Medieval reenactment I knew it was a belt cup...



I had listed it on my shop for $280.00 but then did more research. What I found was that this one was a really good one.  So I contacted Heritage Auctions, and they were very interested.  I sent it to them in May and it was on display in New York then in Sante Fe... and now will be listed for sale in Dallas

Based on their research and subsequent reviews while on display  they upped the expected value several times...

So today it goes up for sale :D  Starting bid... $5,000.00

http://fineart.ha.com/c/search-results.zx?N=50+793+794+792+2088+4294947271+4294966915&type=consignorlive-notice


This should be interesting :D Maybe one of those Oil barons will want to add this to their collection :D


Offline robomont

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Re: Treasure Hunters - A Way to Beat the System
« Reply #1 on: October 23, 2013, 02:12:48 PM »
lol.congrats zorgon.
as soon as i get wheels.im going book hunting.i think thats where the real money is.
ive never been much for rules.
being me has its priviledges.

Dumbledore

Fruitbat

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Re: Treasure Hunters - A Way to Beat the System
« Reply #2 on: October 23, 2013, 03:09:01 PM »
That's pure Ankh Morpork that is zorgon.

And are those really "rats on a stick"?

FB.

Offline zorgon

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Re: Treasure Hunters - A Way to Beat the System
« Reply #3 on: October 23, 2013, 05:42:08 PM »
Not rats though some might think so :D Beavers

Offline zorgon

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Re: Treasure Hunters - A Way to Beat the System
« Reply #4 on: October 23, 2013, 05:43:24 PM »
as soon as i get wheels.im going book hunting.i think thats where the real money is.

Books are good if you find the right titles. Thrift stores sell em for .99 cents or less. Look for text books too... they sell quickly on Amazon

deuem

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Re: Treasure Hunters - A Way to Beat the System
« Reply #5 on: October 24, 2013, 02:56:55 AM »
If it sells for 5K, how much tax do you have to pay?
 
Is it a one time tax or get added to your yearly income?
 
Are there a lot of these around the place or is it very rare?
 
Deuem

Offline zorgon

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Re: Treasure Hunters - A Way to Beat the System
« Reply #6 on: October 28, 2013, 01:55:25 PM »
If it sells for 5K, how much tax do you have to pay?

No tax really as it is a personal item. Collectibles fall under the capital gains tax laws.  So if you bought gold when it was cheap and sold when high you have incurred capital gains. The first 50% is exempt and the rest is worked out you pay tax on  the remainder. I looked it up years ago and probably should check again before I sell my big rocks :D

I have two from China that should do well, but don't want to jinx it yet :D

Also if you put your capital gains into your principle residence... no tax because you are merely putting the value from one box into another. When and if you sell the house, then it will apply again.
 

So on this one... no worries and the year is almost up. My stamp collection goes on auction in Jan

Quote
Is it a one time tax or get added to your yearly income?

Capital gains is a one time tax.  Okay just checked the update. Yeah 50% of any capital gains is exempt so on 100,000 dollar gain 50K is tax free... then the rate is based on your annual income.  Since I am retired I fall into the 10% bracket on collectibles

If I sell a rock for 100K I will gladly give them a cut :P

One point though... if you put the capital gains into your will, Under the “step-up in basis” rule in the federal tax code, capital gains tax is forgiven at death. So that is how families become rich off an estate. So all my 'goodies' that I leave behind will be tax free for my kids and likely be worth a lot more by then :D
 
Quote
Are there a lot of these around the place or is it very rare?

Very rare in this condition and quality of carving.
 

Offline zorgon

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Re: Treasure Hunters - A Way to Beat the System
« Reply #7 on: October 28, 2013, 02:00:48 PM »
Another change...

'Under 26 U.S.C. §121[19] an individual can exclude, from his or her gross income, up to $250,000 ($500,000 for a married couple filing jointly) of capital gains on the sale of real property if the owner used it as primary residence for two of the five years before the date of sale."

This is how the rich do it :D  All sorts of looholes  I cannot stress enough the power of selling collectables that you can find for a song at yard sales, church sale or flea markets

And I just saw a family of rockhounds on TV that hit a pocket of Amazonite crystals worth over 1 million

This is one of the pieces they found in Colorado  featured on the Weather channel "Prospectors"


 


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