Posted on 02/27/2014 1:26:08 PM PST by Doogle
One couple's gold find could mean a jackpot for the IRS.
The Northern California couple that found $10 million worth of rare, mint-condition gold coins buried in the shadow of an old tree on their property will likely owe about half the find's value whether they sell the gold or not.
The San Francisco Chronicle reports that the find is a taxable event under a 1969 federal court ruling that held a "treasure trove" is taxable the year it was discovered.
"If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession,” the report said, citing the IRS tax guide.
(Excerpt) Read more at foxnews.com ...
Should have reported only 2-3 million, bought a boat and taken the rest abroad. Retire somewhere.
Government greed
This couple will probably pass away from old age before this court battle is finished.
Not if they were stolen property.
That’s not in contention.
Given that the value of the metal is trivial compared to the value of the coins, that’d be an awful idea.
Reading that language, since it was on their property, they would have a good argument that the value would be the year they purchased the property, not when they discovered it.
Apparently it is in contention that they were stolen.
“a previously undiscovered bounty that an employee of the San Francisco Mint was convicted of stealing in 1901”
The top marginal income tax rate in California is 11%. They could have bought property in Nevada, with no income tax, and claimed that they found it there.
The lawyers will loot them, the socialists will plunder them, and after they have been tagged by the death panels they’ll be voting D’rat in perpetuity.
Life, liberty and the pursuit and destruction of totalitarians.
What is the cash amount that generates a report to the federal government? $1200 comes to mind.
I know I wouldn’t tell anybody about a find like that. The question is do you sell them or sit on them as a way out when things go to pot.
I’m sorry, did I say $10 M worth of coins? Silly me, I meant $10. How much tax do I owe now?
Look at what the gummint parasites did to Mel Fisher, the guy who discovered the treasure of the “Atocha.”
EXACTLY!
Just wondering why the government feels that it has the right to confiscate part of peoples’ assets.
Do you REALLY believe that the gubmin wouldn't find you?
Do you REALLY believe that the gubmin WOULDN'T get their pound of flesh taxes from you?
If you do, then do I have a deal for you in Florida real estate.
Hah, all the gubmin would have to do is offer a reward, of say $5.00, to find you...and your butt would be behind bars before you could say: "One telephone call!!"
..depends on who your buyer was....*smiles*
I’m assuming these people don’t have $5 million in the bank.
So they’ll have to sell half of the coins just to pay the tax man.
Aint gubmint grand.
Melting gold requires SOME kind of "GOLDFINGER" type melting facilities. PIECE OF CAKE!! Right??
NO ONE would blink an eye because, SOMEHOW, you would be able to do all this without ANY help, witnesses, etc.
You would merely go into the local gold smelting joint, put down all these coins and say: "MELT THESE, PLEASE." Lol.
Wow!
Yep. They bought the property and everything on the property. The gold was as much a part of the deal as the tree was.
You find millions in paperless untraceable gold that no human being on earth knows you own.
STFU!
These people are beyond stupid. Lucky, but stupid.
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