| Author |
 Topic  |
|
|
Gumby_5
Penny Sorter Member
USA
52 Posts |
 Posted - 02/12/2010 : 13:52:06
|
Does anyone out there own a couple acres that they just collect and stack scrap metal on waiting for the prices to go back up like they were over a year ago?
I have thought about purchases a old used 20ft semi trailer and just parking it and tossing scrap metal in for storage until the price was right.
|
2000 halves Sorted
0 Silver of any kind
97 marked coins of various colors |
|
|
cptindy
Penny Hoarding Member
572 Posts |
Posted - 02/12/2010 : 14:09:48
|
| If you could do that you would become a millionaire overnight! |
"It is the nature of the human species to reject what is true but unpleasant and to embrace what is obviously false but comforting"
" The average man doesn't want to be free. He wants to be safe."
H.L. Mencken
http://silver-news-today.com/ |
 |
|
|
Gumby_5
Penny Sorter Member
USA
52 Posts |
Posted - 02/12/2010 : 14:43:11
|
| lol I guess it would have to be a lot of money as the 20ft trailers run about 800-1000 dollars delivered. |
2000 halves Sorted
0 Silver of any kind
97 marked coins of various colors |
|
|
|
cptindy
Penny Hoarding Member
572 Posts |
Posted - 02/12/2010 : 14:47:56
|
If you filled a 2 acre parcel to its maximum with scrap metal you could wait for the right time. A trailer full itself no! If it was full of alum/copper radiators then yeah!
|
"It is the nature of the human species to reject what is true but unpleasant and to embrace what is obviously false but comforting"
" The average man doesn't want to be free. He wants to be safe."
H.L. Mencken
http://silver-news-today.com/ |
|
|
|
cptindy
Penny Hoarding Member
572 Posts |
Posted - 02/12/2010 : 14:50:29
|
| All Metal prices are going to rise dramatically for many reasons, inflation just to start. Copper in my mind will be going to $9-$12 lbs in the next 3-5 years maybe sooner. |
"It is the nature of the human species to reject what is true but unpleasant and to embrace what is obviously false but comforting"
" The average man doesn't want to be free. He wants to be safe."
H.L. Mencken
http://silver-news-today.com/ |
|
|
|
uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 02/12/2010 : 15:18:00
|
| My father owns a garage on his property. There are a couple of junk cars that he is constantly throwing scrap metal into, and when one fills up, he loads the car onto the trailer and hauls it down to the scrap yard. He straps as many old fenders, bumpers, etc to it as possible, then takes the straps off after we get there. So we kind of store it up for a while, but eventually he gets to where he wants to do a little spring cleaning and hauls it off. Doesn't usually wait for the scrap prices to determine when it happens. |
Come to the new and improved realcent: http://realcent.org
|
|
|
|
redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 02/12/2010 : 17:49:12
|
quote:
Originally posted by cptindy
If you filled a 2 acre parcel to its maximum with scrap metal you could wait for the right time. A trailer full itself no! If it was full of alum/copper radiators then yeah!
Almost all counties have a Code Enforcement officer that enforces county codes. Most counties have laws against collecting junk if your not a scrap dealer.
Just wanted everyone to be vary of this if you try.
> |
|
|
|
Kurr
1000+ Penny Miser Member
2906 Posts |
|
|
redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 02/12/2010 : 18:16:46
|
quote:
Originally posted by Kurr
and be vare that such
You got me there...  
quote:
in States like mine a scrap metal dealers liscense is like $25. EPA might HANG YOU though.
liscense (license) Gotcha you back... 
You may also have to file a tax return since you would now be considered a business.
>
|
|
|
|
El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 02/12/2010 : 19:04:17
|
If you made money selling the stuff, you would file a return regardless.
If make money but don't file, the IRS gets rather difficult.
|
Trust the government? Ask an Indian. |
|
|
|
Kurr
1000+ Penny Miser Member
2906 Posts |
|
|
redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 02/12/2010 : 20:11:26
|
quote:
Originally posted by El Dee
If you made money selling the stuff, you would file a return regardless.
If make money but don't file, the IRS gets rather difficult.
Don't you mean should...?
Out of curiosity, when you turn in your scrap aluminum cans in for money, do you make a note of it to add that to your total earnings when you file for the year...?
Like I said, just curious.
>
|
|
|
|
hobo finds
Penny Hoarding Member
838 Posts |
Posted - 02/12/2010 : 21:29:55
|
quote:
Originally posted by Kurr
and be vare that such in States like mine a scrap metal dealers liscense is like $25. EPA might HANG YOU though.
As you need to get a license do they collect tax from what you turn in? |
|
|
|
El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 02/12/2010 : 21:57:59
|
quote:
Originally posted by redneck
quote:
Originally posted by El Dee
If you made money selling the stuff, you would file a return regardless.
If make money but don't file, the IRS gets rather difficult.
Don't you mean should...?
Out of curiosity, when you turn in your scrap aluminum cans in for money, do you make a note of it to add that to your total earnings when you file for the year...?
Like I said, just curious.
u r correct, "should"
Way long ago in time prehistoric, a family friend got nailed by the IRS for income he "should" have reported from gold circuit board trimmings he was reclaiming on the side. The IRS agent thoughtfully explained the pertinent Internal Revenue Code section to my friend with regards to the tax treatment of such activities.
They caught my friend because the scrap dealer got audited. O, life is not fair, is it?
Do I add scrap money and eBay sales to my earnings? Hmm...IRS guys might be members of this board. I wonder how friendly PayPal is with the IRS.
If I had a truck and a route, I certainly "should" report it. Scrapyards in my state pay via check, and they have your DL on file.
Just suggestin'. 
|
Trust the government? Ask an Indian. |
|
|
|
Gumby_5
Penny Sorter Member
USA
52 Posts |
Posted - 02/14/2010 : 15:19:01
|
Don't your local scrap yards pay in cash? Heck they do not even ask your name. Just a piece of paper at the disk window that says sign in. Don't ask the % of people that use real names because I could not tell you.
|
2000 halves Sorted
0 Silver of any kind
97 marked coins of various colors |
|
|
|
hobo finds
Penny Hoarding Member
838 Posts |
Posted - 02/14/2010 : 19:42:03
|
quote:
Originally posted by uthminsta
My father owns a garage on his property. There are a couple of junk cars that he is constantly throwing scrap metal into, and when one fills up, he loads the car onto the trailer and hauls it down to the scrap yard. He straps as many old fenders, bumpers, etc to it as possible, then takes the straps off after we get there. So we kind of store it up for a while, but eventually he gets to where he wants to do a little spring cleaning and hauls it off. Doesn't usually wait for the scrap prices to determine when it happens.
If I had the room and a scrap car this is a great way to stockpile steel without too much eye sore for the neighbors or the wife! Great idea! |
|
|
|
silversaddle1
Penny Pincher Member
USA
103 Posts |
Posted - 02/14/2010 : 20:42:00
|
| Remember guys, there is a upside to claiming you scrap income on your taxes. Now you can deduct your expenses for you fuel, vehicle, insurance, etc. It's only fair that if they are going to tax you on it, you can deduct what it cost you to make it. |
|
|
|
silversaddle1
Penny Pincher Member
USA
103 Posts |
Posted - 02/14/2010 : 20:44:19
|
| And yes, I live on 10 acres in the country. There is enough scrap setting around here to .... well let's just say it's a sh*#load, and then some. |
|
|
|
coppertone
Penny Sorter Member
Canada
63 Posts |
Posted - 02/14/2010 : 21:08:16
|
| Live in the country as well. Lots of old obsolete farm equipment rusting away. Hope to stockpile steel and other metals. My view is that as most mining/smelter operations are kind of nasty and dirty with long term environmental liability issues and high energy requirements, metals produced in the past under a different cost structure (energy and otherwise) are currently undervalued when compared to future values and costs. |
|
|
|
redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 02/15/2010 : 04:49:00
|
Current technology has allowed the U.S. to establish a foot hold again in the steel industry with its mini mills. Nucor Steel is a shinning example of this. They are one of the largest steel recyclers in the world. They use 95% less energy than the old blast furnaces of yesteryear.
You must be logged in to see this link.
If one has the ability to collect and store scrap metal and is reasonably close to a recycler , I say go for it.
I've known several people who have done this and they have done well.
The key of coarse is, acquiring and transporting it cheaply.
>
|
|
|
|
oldBPman
Penny Sorter Member
83 Posts |
Posted - 02/16/2010 : 06:01:58
|
| Anyone storing scrap should make sure it's clean scrap. no oil or grease on it, all it takes is one person to see it and make a complaint, most towns or counties will just tell you to get rid of it within so many days, but if the wrong person sees any trace of oil or grease that has leaked, then you could have a real problem if the DEP(Department of Environmental Protection) is called, they just love to throw their weight around. |
|
|
|
oldBPman
Penny Sorter Member
83 Posts |
Posted - 02/16/2010 : 06:09:50
|
quote:
Originally posted by Gumby_5
Don't your local scrap yards pay in cash? Heck they do not even ask your name. Just a piece of paper at the disk window that says sign in. Don't ask the % of people that use real names because I could not tell you.
It depends on what you bring them today, in our area, there are so many empty houses being cleaned out, anyone bringing copper pipe have to give their name and address. A few yrs ago some cities were welding the man hole covers in place because people were stealing them for scrap. To take in a junk auto, you have to have the title, even the junky has to have a DOT# and the title when he's carring a couple junk cars. the states are money hungry and what better way to get it than manditory fines for CS violations. |
|
|
|
wayne1956
Penny Pincher Member
177 Posts |
Posted - 02/16/2010 : 14:49:27
|
| I have an 800 sq ft work shop that I store all my better scrap for the future. Stuff like copper, brass, radiators, etc. I take in all my tin when I have my flatbed filled up, to me it is not worth the time and effort to hang on to it. |
|
|
| |
Topic |
|
saving scrap
Forum Locked
