how do rappers afford chains Vol. taxes

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apthekid said:
A few things here fellas...
Whoever said show money is not taxed is ABSOLUTELY INCORRECT. Show money is a form of income and unless that artist has residency in one of the few states that do not have income tax, they are DEFINITELY TAXED! The issue is that unlike most of us who get their taxes taken out before they ever see their check, show money is left to the artist to report to the IRS as income so that proper taxes can be assessed. This is the problem that many rappers that have tax issues down the road (waddup Young Buck) run into. They get a check for 10k for a show, and spend 10k. 3-5k of that 10k belongs to the man.
Second, that's the value of metals TODAY. By the time an artist gets a piece of jewelry, it has already been bought and held, likely for months at that point. So it's not worth (to the seller) what gold is worth TODAY. Also, without getting too much into distribution channels, jewelers buy jewelry from certain channels that buy precious metals in bulk. A lot of times, jewelry that is sold to these rappers were other pieces of jewelry that was melted down and reformed. Basically, there's a lot of recycling. ALSO, the range of precious metals is HUGE. There's a BIG difference, both in quality and price, between an top notch diamon and a flawed diamond. Same goes for gold, silver, and platium. (Before anyone says some monkey ****, yes, I know diamond is a mineral, not a metal...get off it). 20k gold is MUCH more expensive than 10k gold...
Finally, a lot of people have already touched on this, but a lot of times, jewelry is rented and or borrowed for promotional reasons.
In a nutshell, how do rappers afford chains?? 1) they dont 2) they can afford crappy quality 3) the IRS is essentially "loaning" it to them...they'll come around and collect soon enough. Even my man Nas got hit up by unc sam...
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Well damb...

Knowledge has been dropped...

Thank you sir....

Repped for a great response....
 
Gucci is my dog but I refuse to believe he paid a million dollars for that one chain when I can make the same thing in art1101
 
first off, hows noone notice how off that professor is? lol gold is currently 17-1800 an oz. 800$/oz was at best a year or 2 ago price.

2nd big concerts ex. hob, livenation/ticketmaster is "untaxed" but the artist owes taxes on it at the end of the fiscal year tax day (april) which they will be responsible for.

what some ppl here are talkin about are lil simple promoters/club appearances where rappers can come, hang out, do couple songs and leave with a few thousand to 10-20k cash (untaxed and for the most part untaxable by the govt) depending on the level of artist.

Gucci's been caking offa club appearances and cash payments in the south 4-5 nights a week for few years so hes been making good money..tho not sure he spends it on that jewelry.
 
ArmenExchange said:
first off, hows noone notice how off that professor is? lol gold is currently 17-1800 an oz. 800$/oz was at best a year or 2 ago price.
2nd big concerts ex. hob, livenation/ticketmaster is "untaxed" but the artist owes taxes on it at the end of the fiscal year tax day (april) which they will be responsible for.
what some ppl here are talkin about are lil simple promoters/club appearances where rappers can come, hang out, do couple songs and leave with a few thousand to 10-20k cash (untaxed and for the most part untaxable by the govt) depending on the level of artist.
Gucci's been caking offa club appearances and cash payments in the south 4-5 nights a week for few years so hes been making good money..tho not sure he spends it on that jewelry.
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THIS
1. walls of text w/ confident delivery = truth to those who don't know
2. yes. that's what I'M talking about. if it's hand to hand. cash for appearance/club show...then they spend that on jewels, drugs, bottles, strip clubs, etc. and the IRS has NO possible way of finding out. it's simple economics for one, and i've seen it first hand. but whatevs.
 
niquefreak94 said:
THIS
1. walls of text w/ confident delivery = truth to those who don't know
2. yes. that's what I'M talking about. if it's hand to hand. cash for appearance/club show...then they spend that on jewels, drugs, bottles, strip clubs, etc. and the IRS has NO possible way of finding out. it's simple economics for one, and i've seen it first hand. but whatevs.
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There is no such thing as non taxable income in America. Not paying taxes is not the same. Yes....when you get paid cash it's almost impossible for the IRS to find out but that doesn't mean to don't have to pay taxes. It just means you are responsible for reporting it when you file your taxes. You pay taxes for EVERYTHING. You pay when you win something, get something free, you inherit something. The IRS wants their cut.
 
Smokey13 said:
There is no such thing as non taxable income in America. Not paying taxes is not the same. Yes....when you get paid cash it's almost impossible for the IRS to find out but that doesn't mean to don't have to pay taxes. It just means you are responsible for reporting it when you file your taxes. You pay taxes for EVERYTHING. You pay when you win something, get something free, you inherit something. The IRS wants their cut.
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alright. you're 100% correct.
those facts are correct...but **** that. situational intelligence can be more beneficial than facts.
ATTENTION TO ANYONE WHO PLANS TO BECOME A RAPPER: When you get show money in cash, buy anything you want that can't be linked to you tax wise and never spend it on things like mortgage, credit cards, etc.Young Buck did this...and got in trouble. Being famous doesn't make you smart...you can learn from these mistakes and live like this for forever and a day without any consequences. the end. that's all i was trying to say this whole time. i'm out.

Edit: and btw i never used the term nontaxable. that means the ability to be taxed. i said it's NOT taxed. which means unless you ******g tell on yourself or buy the things i said DON'T buy it's not taxed. so you're not really saying anything debunking my point. ...now i'm out :tongue:
 
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dont they use all their receipts for work related expenses since they have an image to maintain? jewlery clothes haircuts things of that nature?
 
GatzbyGordon said:
dont they use all their receipts for work related expenses since they have an image to maintain? jewlery clothes haircuts things of that nature?
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IRS aint gonna write off a rolex as a "business expense" b.

if that was da case we'd ALL have em in here.
 
niquefreak94 said:
Smokey13 said:
There is no such thing as non taxable income in America. Not paying taxes is not the same. Yes....when you get paid cash it's almost impossible for the IRS to find out but that doesn't mean to don't have to pay taxes. It just means you are responsible for reporting it when you file your taxes. You pay taxes for EVERYTHING. You pay when you win something, get something free, you inherit something. The IRS wants their cut.
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alright. you're 100% correct.
those facts are correct...but **** that. situational intelligence can be more beneficial than facts.
ATTENTION TO ANYONE WHO PLANS TO BECOME A RAPPER: When you get show money in cash, buy anything you want that can't be linked to you tax wise and never spend it on things like mortgage, credit cards, etc.Young Buck did this...and got in trouble. Being famous doesn't make you smart...you can learn from these mistakes and live like this for forever and a day without any consequences. the end. that's all i was trying to say this whole time. i'm out.

Edit: and btw i never used the term nontaxable. that means the ability to be taxed. i said it's NOT taxed. which means unless you ******g tell on yourself or buy the things i said DON'T buy it's not taxed. so you're not really saying anything debunking my point. ...now i'm out
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Thats what always gets me.

Dudes think that just spending cash means that someone isn't watching. 
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niquefreak94 said:
Smokey13 said:
There is no such thing as non taxable income in America. Not paying taxes is not the same. Yes....when you get paid cash it's almost impossible for the IRS to find out but that doesn't mean to don't have to pay taxes. It just means you are responsible for reporting it when you file your taxes. You pay taxes for EVERYTHING. You pay when you win something, get something free, you inherit something. The IRS wants their cut.
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alright. you're 100% correct.
those facts are correct...but **** that. situational intelligence can be more beneficial than facts.
ATTENTION TO ANYONE WHO PLANS TO BECOME A RAPPER: When you get show money in cash, buy anything you want that can't be linked to you tax wise and never spend it on things like mortgage, credit cards, etc.Young Buck did this...and got in trouble. Being famous doesn't make you smart...you can learn from these mistakes and live like this for forever and a day without any consequences. the end. that's all i was trying to say this whole time. i'm out.

Edit: and btw i never used the term nontaxable. that means the ability to be taxed. i said it's NOT taxed. which means unless you ******g tell on yourself or buy the things i said DON'T buy it's not taxed. so you're not really saying anything debunking my point. ...now i'm out :tongue:
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I'm sorry, but I had to laugh out loud when I read that :lol:
 
GatzbyGordon said:
dont they use all their receipts for work related expenses since they have an image to maintain? jewlery clothes haircuts things of that nature?
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I'm not sure how true this is but I know they can write off literally everything else used to maintain their "business". Promo materials, travel expenses, equipment can all be written off.
 
Show money my g.... Selling records is and always will be the game as far as accolades and reputation is concerned, but even the up-and-comers are making due off of everything else.

Think about Drake, way past well off before he even dropped an album.
 
niquefreak94 said:
alright. you're 100% correct.
those facts are correct...but **** that. situational intelligence can be more beneficial than facts.
ATTENTION TO ANYONE WHO PLANS TO BECOME A RAPPER: When you get show money in cash, buy anything you want that can't be linked to you tax wise and never spend it on things like mortgage, credit cards, etc.Young Buck did this...and got in trouble. Being famous doesn't make you smart...you can learn from these mistakes and live like this for forever and a day without any consequences. the end. that's all i was trying to say this whole time. i'm out.
Edit: and btw i never used the term nontaxable. that means the ability to be taxed. i said it's NOT taxed. which means unless you ******g tell on yourself or buy the things i said DON'T buy it's not taxed. so you're not really saying anything debunking my point. ...now i'm out :tongue:
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It's obvious some of y'all have never filled out a tax form in your lives...niquefreak is dropping knowledge. With a cash transaction and no receipt, you are supposed to be an upstanding, honest, american citizen and report that income so it can be taxed. However if you don't, there is NO WAY for the govt to track that money and how much tax you owe on it. As nique said as long as you ain't taking out a mortgage...with that money (DUMB MOVE!) you are good.

Y'all never wondered how the hood Barbershop and hair Salon owners are rollin a different ride every week, or pushin' Benz's and BMW's? Same thing...cash transaction...not trackable...the smart ones report about 1/2 to 3/4 of what the actually make to the IRS to keep Uncle Sam off their back.
 
devildog1776 said:
gold is 1800 an oz
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thanks to QE3, da european meltdown, countries left and right abandoning da dollar as a world reserve currency....

da way i see it folks, if you dont buy a nice heavy gold chain soon it'll be something that a fiat currency nation will never be able to afford again in time.
 
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