"..their dog found it, IT'S HIS....and he ain't giving any of it up"
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 ...
“If you find and keep property that does not belong to you...”
The coins were on their property. They belong to them.
People in their quest for the 15 minutes are morons. I would have sat on these and sold one at a time anonymously or gone as far to melt them down to gold.
Then they could have waited until they had a tax shelter set up to declare that they just now found it.
At least that would have allowed them to do it in their own time.
If I had found it, getting it OUT of California would have been my first thought.
Buying a home in Grand Cayman would be my second thought.
This is when I renounce my citizenship an move to a favorable country before declaring anything. Then I would sell as needed and claim it was a family hand me down. There are way to avoid the IRS, you just have to lay low and keep your liberal ass mouth shut ! Now they will learn about their other Govt friends. lol
About half, huh?
Yeah right. Wishful thinking.
They may lose all of it:
http://www.freerepublic.com/focus/f-chat/3127454/posts
The mysterious haul of gold coins discovered by a Northern California couple while out walking their dog – and valued at $10 million – may well be a previously undiscovered bounty that an employee of the San Francisco Mint was convicted of stealing in 1901.
There is too much IRS tax guiding. I realize such makes a prosperous living for many people but for many others those people are just modern day plunderers.
Why didn’t they keep their mouths shut? They could had individual coins appraised and certified then sold at numismatics conventions and the like for cash.
and gold was really high last year....I hope they did the right thing and lost a couple of dozen pieces...poor things...
"..their dog found it, IT'S HIS....and he ain't giving any of it up"
Look at me, look at me!
I would not have melted them down, but I would have sold them off slowly, and also made them part of an inheritance by giving them away one or two at a time over the years. I would not have melted them down. I wonder if the sale of a rare coin of a certain amount generates some sort of required 1099 filing.
IR$ - Internal Revenue for $ocialists. Totalitarians GE$TAPO tentacles ALERT!
If you didn't work for that or earn it you can CONFISCATE someone else's money. Period.
Now they will learn about their other Govt friends. lol”
...exactly. I’m thrilled to hear they pay 50%! Hopefully more because anyone stupid enough to announce this has got to be a liberal dumbass convinced that their lib vote helps them in their future.
Damn Nixon....screwing us from the grave.
Yup, very lucky and very dumb. Why tell anybody?
Sending the coins for grading probably isn't a good idea either. The fewer eyes and mouths, the better.
gotcha!
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