Do you have to pay income taxes on money you make from scrap metal?

+1 vote
asked Aug 4, 2017 in Employment & Careers by Mikein3 (240 points)
When selling scrap metal to the scrap yards do you have to file any forms with the IRS to pay income tax from the money you earned from scrap metal?

1 Answer

0 votes
answered Aug 5, 2017 by chad (14,670 points)
The scrap yard won't give you a 10-99 tax form or any other tax forms but if you make over $400.00 in income than you're supposed to file taxes with the IRS.

Most people don't do it though since they're most likely paid with cash.

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