Dig all night. Don’t tell a soul. Live as low key as possible. Resist the urge to go buy that new Range Rover with cash. (Or 7 or 8 oz of gold.)
Stupid for saying anything about it?
Ragnar Danneskjöld, where are you?!
If I ever came across a stash like that, I’m not sure if I’d be saying anything.
I don’t know enough about the international laws when it comes to treasure to know if I didn’t have to declare it.
Then I'd buy an underground safe.
Under international maritime law, if a wreck is found to be a warship sunk while on duty, its cargo remains the property of the ship’s country of origin.
http://www.businessweek.com/articles/2012-06-07/odyssey-and-the-lost-spanish-treasure
Yeah, and the state takes 20% off the top and then the family has to pay 50% to the person who owns the rights.
The family will then receive $70k which will be again taxed by the government, so the family will end up with:
font size=4>$50,400.
RRRRRRRRRRRRRR! ‘tis a few weeks early, but we’ll not make ye walk the plank fer it!
lets see....$300k - 20% = 240k then X 1/2 = 120k. but then what happens? how do you pay taxes on treasure? when you sell them? i guess at that point it’s income
Then I though about taxes and corporate tax rates.
Then I thought of Yosemite Sam and Bugs Bunny.
Yosemite Sam tells Bugs Bunny: "You find the gold and I'll share it with you."
The next news story involving this family will be how they were robbed and or killed by the mob or some druggie.
They are taking a distant second to the idiots that sent the 10- 1933 $20 gold pieces into Treasury to ask if they were real...
According to the article, Mel Fisher already owns the rights to the wreckage.
If we’re reading about it, the IRS knows too, plus the heirs to the Spanish owners.
Definitely wouldn’t melt it down. Worth much more unmelted, but I’d probably reveal one doubloon at a time... “Yes, you see, officer, I was fishing for swordies and the riggin’ knocked my gun overboard. I lunged, reaching for it, hoping to grab it before it went in the drink. But alas, matey, I was too late and as I looked down into that water all doleful and sad, this waterlily came floatin’ by and what should be nestled in the center of that lily but this here doubloon. Yessir, that’s the truth. No sir, I haven’t been salvaging any shipwrecks. So Spain can’t claim it; it was floating on the surface of the water, just as I explained.” oslt
$300,000 to start.
The State takes 20% off the top. This leaves $240,000.
They split it 50/50 with the rights owner. This leaves $120,000.
Federal Taxes will take about 40% of that.
They end up with about $70k. Before expenses.
Not a bad days work, but I am sure they have been at this more than a day or two....And there is no indication of how many are in this family.
So...not a bad way to make a living, as long as you find this type of gold cluster every couple of months (as they did in July.)