I have a huge stockpile of metals and e-scrap i will be making trips to the yard soon with. Since most scrap yards keep your name on file, when do you/or at what $ amount do you legally need to claim your profit on taxes?
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I have a huge stockpile of metals and e-scrap i will be making trips to the yard soon with. Since most scrap yards keep your name on file, when do you/or at what $ amount do you legally need to claim your profit on taxes?
Experienced Scrapper
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Yards by law ain't required to 1099 you. But according to the IRS all income is taxable
Experienced Scrapper
be careful...because all scrap yards report your earnings over a certain dollar level usually 100 dollars...most scrap yards pay cash under 100 dollars and check anything over that..thats for tax reasons and if they get audited your name and how much you sold to them will definately be in there either wayOriginally Posted by machinistace802
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$400 of income (not profit) or more
People may laugh at me, but that's ok. I laugh all the way to the bank.
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@mick, that is per year, right?
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Yes.
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