USD $4,111.97
Goldman Detecting and finding gold as a hobby is tax free
Did you know that making money from hobbies is income tax free? Detecting for Gold as a hobby, or detecting for any other minerals, or crystals, is a hobby and no tax is payable on what you find. If you sell it’s all yours. No need to declare it because it’s tax free. Therefore any money you make by selling your booty is yours .
But as well, none of your costs are deductible. So, if you find nothing, bad luck. If you spend $10,000 in your quest for finding gold nuggets, none of your expenses are tax deductible, providing the search for gold or other metals, is as a hobby. If you find a 1,000-ounce nugget worth $3.65m it’s all yours. All the cash you receive when you sell it can be banked without any declarations.
Just a handy tip from Kitcogold
