Hi Michael, Thank you for stepping up on some difficult issues and providing good input however I pay a much higher tax rate on meteorite sales.
The short-term and long-term capitol gains rate on meteorites are 28% because they fall under collectables like Gold, Platinum and Silver now do. Then another 15% has to be added for FICA which is taxed before Net Operating Losses (NOL). 28% plus 15% equals a tax rate of 43% on realized profits squeezing dealers pretty hard. In Arizona and many other states, there is also a state income tax that has to be taken into account. Meteorites fall under the highest capitol gains rate. I wouldn't be complaining at all if it were only 15% like other investments. Taxes have become very confusing. Take Care, Adam ----- Original Message ----- From: Michael Farmer <[email protected]> To: Paul Gessler <[email protected]> Cc: meteorite-list <[email protected]> Sent: Friday, November 2, 2012 4:29 PM Subject: Re: [meteorite-list] meteorites and TAXES it is only taxed if sold, wait a year and it is 15%. No gain like that can be taxed unless sold as there is no actual provable value. Michael Farmer Sent from my iPad On Nov 2, 2012, at 3:50 PM, "Paul Gessler" <[email protected]> wrote: > 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 > > > ______________________________________________ > > Visit the Archives at http://www.meteorite-list-archives.com > Meteorite-list mailing list > [email protected] > http://six.pairlist.net/mailman/listinfo/meteorite-list ______________________________________________ Visit the Archives at http://www.meteorite-list-archives.com Meteorite-list mailing list [email protected] http://six.pairlist.net/mailman/listinfo/meteorite-list ______________________________________________ Visit the Archives at http://www.meteorite-list-archives.com Meteorite-list mailing list [email protected] http://six.pairlist.net/mailman/listinfo/meteorite-list
