Writing It All Off After The Tax Cuts and Jobs Act
August 2018 by Mark E. Battersby
While many prospecting or mining operations don’t have sufficient profits to benefit from accelerated write-offs or even the full 100% “bonus” depreciation write-off, other options can be equally rewarding.
As we have noted through the years, perhaps the most direct, single influence on the future of gold and silver is their monetary opposite—currencies in general, the US Dollar in particular.
This general time frame appears to be a particularly important juncture in the precious metals markets and, therefore, we should present clearly understandable reasons why our opinion leans heavily toward continuation of the precious metals bull market...
Although the risk of a federal tax audit remains low, thanks to the Internal Revenue Service’s secret audit selection process every prospector, miner, and mining-related business owner has good reason to fear an audit, but only if they are not prepared.
In an effort to resolve the controversy over whether certain expenditures made by a mining operation or mining-related business are currently deductible as repair expenses...the Internal Revenue Service has finally released new regulations.
Once all of the pros and cons are considered, many miners and prospectors have discovered the so-called “Limited Liability Company” is the most profitable operating entity for their venture.
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