Return to Index  

You should read your own sources more carefully

August 2 2012 at 12:51 PM
Dan  (Login Arkasha)
HyperScale Forums
from IP address

Response to Not so...

Note where none of them actually stated flat out the medals were taxable. They all hemmed and hawed.

You also appear to have difficulty understanding what is subject to tax. You claim a kit won is subject to tax. Fine - that's because a market value is easily determined. Win a 1/32 Tamiya P-51? The IRS will argue the value is retail. You will argue its value is actually the lowest price at which it can be shown to usually sell - probably on an online site.

Thing is, both of you have actual numbers to back up your claims. In contrast, there is effectively no secondary market in Olympic medals - so where does the IRS pull a value from? How about the taxpayer? It's simple: something that just doesn't sell can't be valued, and the IRS will not waste time or money trying to pursue this, particularly since the actual value of the metals is pretty low.

And just so you know: I've done personal/corporate/partnership/S/trust/foundation/etc returns for a living. I've dealt with the IRS on many occasions.

 Respond to this message   

To post a new message, simply press the "Post An Article" button. If you are posting a message or replying for the first time you will need to create a Network 54 login and regsiter for the Forum.

To read a message, click on that message in the list. You will see the message and the following thread, and then have the choice of reading the remaining messages or replying to the original message.

free counters