So all info collected at scrap yards are merely for law enforcement agencies to investigate theft of materials. Is the info collected on scrappers such as address or amount sold kept private.
Raul, great question. Yes, all info collected is for law enforcement. In Texas it all goes to DPS. All info collected (state ID, vehicle info, and transaction details) is required to uploaded to Texas Online Metals EVERYDAY. This information will only be used by law enforcement if you become a person of interest in a metals theft case. MRE stands for Metal Recycling Entity (scrapyard). There are currently 691 registered MREs in Texas. So if you think about it, if every yard reported an average of 50 regulated transactions a day, that would be 34,550 transactions a day. This is why I say nobody cares about your transaction unless you are a suspect in a criminal case. It just allows DPS to look you up and see if you sold any regulated materials. I attached a link below to the DPS site if you want to take a look. Hope this answers your question! www.dps.texas.gov/RSD/TexasMetalsProgram/reportingGuidelines.htm
What the nice guys do around here is pick a different target every year. They go to auto parts stores one year, lumber yards, scrap yards etc. They audit the yards books and then go into customer accounts and hit enter. When they see a license plate or name in the yard 3 times a week it means you are making a living and get the next audit. In the lumber yards if you buy too much wood, they pass your name on to Comp for the next fine. If you buy something like auto parts, pay cash, not debit and no name on the bill. Say you bought 2 sets of brakes last year is different than 2 per day 7 days a week.Your name on the bill is incriminating.
So a scrapyard reports how much they bought as a total number??? Not an itemized list such as (John Thomas sold xyz amount of scrap to us this year etc.) ???
Hey my scrapyard just made me sign some form from the D. P. S for a 🆔 card down here in the valley (rgv) is everybody required to get an 🆔 from their scrapyard
I know dumb question....but do you deal with aluminum cans at all? And money from that?? I have a good source at work and the money is adding up. Isn't it if you make $400 dollars in income or more you have to report it?
I Should Know I'm A Chef the bottle deposit is worth Far FAR more then any scrap value ( at leaast in Canada) 10cents a can vs 10 cents a pound? (Just ballparking on the pounds but yea) in canada cans and reg. Bottles are 10c, 1-2l is 20-25c respectively and glass has its own prices as well. Does America not pay a recycling bottle deposit fee?
@@Renwoxing13 certain states have can/bottle deposits, but you are not aloud to claim a deposit on containers that come from another state. For example, I live in New York state where we do have a 5cent bottle deposit. But if I was to go to another state and get a whole bunch of cans and bottles from people to bring back to New York and cash in, I would face pretty hefty fine if I was caught. I'm pretty sure the fine is $100/container. It's technically "stealing from the government" to do that.
Dude, you are a bit off on the business taxes on depreciation. What gets factored is how and when you paid the sales tax. Some jurisdictions make you pay sales tax up front, some offer exemptions. If you buy a car and don't pay tax up front, you need to claim depreciation and/or charge tax to the scrap yard. Not sure about Texas, but if you have a business here you either charge the end user or need to posses THEIR exemption blanket and forward the appropriate funds to the man. That being said, as far as income is concerned it is a profit and needs to be on the books if through the business. Now, if you took some scrap from work in on a personal non commercial invoice and got paid for it nobody cares as long as it isn't every day and is within reason. Putting a business cheque into a personal account is a no-no but most yards here pay in cash. If I buy a piece of steel, and manufacture a product I need to charge tax and report it. On the scrap, I need to charge tax or have your tax id. When it gets remelted the end user will pay taxes. The money from the scrap yard gets added to my gross sales and will be reflected in income.
Another great video! I like the fact that you get straight to the point and in plain English !
Love all your vidoes, thanks for taking the time to teach and inform the general public!
You're welcome Brian! thank you for watching!
im a two year scrapper and new subscriber, thank you for this channel, hope you keep up the videos
I would suggest that scrappers claim their scrap income as being gifted to them because Gifts under 15k are not federally taxed
So you want people to lie to the irs?
@Maverick Setsuna yes. Cause they lie to you
So all info collected at scrap yards are merely for law enforcement agencies to investigate theft of materials. Is the info collected on scrappers such as address or amount sold kept private.
Raul, great question. Yes, all info collected is for law enforcement. In Texas it all goes to DPS. All info collected (state ID, vehicle info, and transaction details) is required to uploaded to Texas Online Metals EVERYDAY. This information will only be used by law enforcement if you become a person of interest in a metals theft case. MRE stands for Metal Recycling Entity (scrapyard). There are currently 691 registered MREs in Texas. So if you think about it, if every yard reported an average of 50 regulated transactions a day, that would be 34,550 transactions a day. This is why I say nobody cares about your transaction unless you are a suspect in a criminal case. It just allows DPS to look you up and see if you sold any regulated materials. I attached a link below to the DPS site if you want to take a look. Hope this answers your question!
www.dps.texas.gov/RSD/TexasMetalsProgram/reportingGuidelines.htm
What the nice guys do around here is pick a different target every year. They go to auto parts stores one year, lumber yards, scrap yards etc. They audit the yards books and then go into customer accounts and hit enter. When they see a license plate or name in the yard 3 times a week it means you are making a living and get the next audit. In the lumber yards if you buy too much wood, they pass your name on to Comp for the next fine. If you buy something like auto parts, pay cash, not debit and no name on the bill. Say you bought 2 sets of brakes last year is different than 2 per day 7 days a week.Your name on the bill is incriminating.
Do you have any advice about scrapping aluminum baseball bats
We have the same brass elephant 🐘.
So a scrapyard reports how much they bought as a total number??? Not an itemized list such as (John Thomas sold xyz amount of scrap to us this year etc.) ???
I think scrapper pay for stuff in terms of time,isn't that like earning it? Grey area
Dude knows his shit
Thanks Patrick!
Hey my scrapyard just made me sign some form from the D. P. S for a 🆔 card down here in the valley (rgv) is everybody required to get an 🆔 from their scrapyard
Hey so what about cans if i save them and recycle them in can they tax me for that, if they are from my own houselod
To bad we cannot just scrap the government or at least part of it just trash the rest. But at least scrap has some value.
I know dumb question....but do you deal with aluminum cans at all? And money from that?? I have a good source at work and the money is adding up. Isn't it if you make $400 dollars in income or more you have to report it?
I Should Know I'm A Chef the bottle deposit is worth Far FAR more then any scrap value ( at leaast in Canada) 10cents a can vs 10 cents a pound? (Just ballparking on the pounds but yea) in canada cans and reg. Bottles are 10c, 1-2l is 20-25c respectively and glass has its own prices as well. Does America not pay a recycling bottle deposit fee?
@@Renwoxing13 certain states have can/bottle deposits, but you are not aloud to claim a deposit on containers that come from another state. For example, I live in New York state where we do have a 5cent bottle deposit. But if I was to go to another state and get a whole bunch of cans and bottles from people to bring back to New York and cash in, I would face pretty hefty fine if I was caught. I'm pretty sure the fine is $100/container. It's technically "stealing from the government" to do that.
Do you take circuit board
This dudes funny. Too bad he hasn't made a video in 2 years. I wonder if he's still scrapping?
It's nearly impossible to claim income with a 1099 or w2.
Dude ,,,,,, dig the elephant ,,,,, you must be a Bama fan …. RTR !!!
today , my thumb up ,
is for you, and
for your monney glasses bubble
Your fired!
Taxes suck anyway you slice it!
Yes they do!
I'm a scrap star man just do know that s***you know where to scrap star is it's a f****** magnet on an excavator
Gas wear and tare
Dude, you are a bit off on the business taxes on depreciation. What gets factored is how and when you paid the sales tax. Some jurisdictions make you pay sales tax up front, some offer exemptions. If you buy a car and don't pay tax up front, you need to claim depreciation and/or charge tax to the scrap yard. Not sure about Texas, but if you have a business here you either charge the end user or need to posses THEIR exemption blanket and forward the appropriate funds to the man.
That being said, as far as income is concerned it is a profit and needs to be on the books if through the business. Now, if you took some scrap from work in on a personal non commercial invoice and got paid for it nobody cares as long as it isn't every day and is within reason. Putting a business cheque into a personal account is a no-no but most yards here pay in cash.
If I buy a piece of steel, and manufacture a product I need to charge tax and report it. On the scrap, I need to charge tax or have your tax id. When it gets remelted the end user will pay taxes. The money from the scrap yard gets added to my gross sales and will be reflected in income.
Taxes? That’s why you barter & trade