Posted on 03/01/2014 5:56:10 AM PST by rktman
A California couple that discovered $10 million worth of gold coins last year will have to pay nearly half that amount in federal and state income tax, regardless of whether they sell the coins.
(Excerpt) Read more at theblaze.com ...
I’m in cal
How would you get 1500 gold coins out of the country? Put them in your carry on?
She’s actually on board with the plan but that’s how you get caught. I don’t need or want anything flashy. A slow release over 15 or 20 years woodwork fine.
Suddenly livin’ large will get you every time. LOL!
They won’t be paying any taxes.
It’s all academic anyway because Uncle Sam will declare that whole lot of gold coins to have been stolen from the San Fran Mint in 1901 and they will seize it all.
Right now I’m sure they have a BOLO out to coin dealers re these coins.
According to this thread last night they might have more problems.
Couple who found $10m hoard of gold coins could have broken law
http://www.freerepublic.com/focus/f-chat/3128212/posts
That’s interesting. Reminds me of the double eagle theft from the 30s.
In other words, since these coins are, and technically remain, legal tender of the United States, then they are redeemable for their face value. A $20 gold piece is, as currency, worth 20 dollars, just like a 1979 penny is worth a penny even though the copper content is worth more.
You could make a case that if they are sold for more than the value assigned that is a captial gain, but until sold they are only "worth" face value.
“Especially now with gold so low.They should have sat on it for 3-5 years when the dollar collapses and gold is worth 10 times what it is now. They will really regret not keeping quiet”
Nope. The value of these coins is about 90% collector value. They can sell them, then buy bulk gold with half the money - they will have a *lot* more gold that way.
That all presumes that the government doesn’t outright confiscate them on some pretext.
I can see the confiscation ticket, ($27,000.00, in coin). If forced to hand it back, a check...for $27,000.00
I beleive my exact words, when this story broke last week was, ‘STFU!’ :)
Still and all, a nice payday. ;)
“How would you get 1500 gold coins out of the country? Put them in your carry on?”
I would drive south into Mexico. There’s virtually no border security going that direction. You’d then need enough cash to securely charter a plane to, say, Belize. That seems like a nice country. ;-)
Yes, digging up gold is like shoot, shovel and shut up. Most gold caches that are found are never heard about.
Too bad they didn’t just “find” a few coins at a time...might have saved them some money or drive to Mexico and sell them there and not report it to the IRS.
Perhaps not, but don't you think a system where the government just automatically assumes that half of whatever you have belongs to them? By what right? What did the government do to afford this opportunity? You can talk about the infrastructure and what not, but the value of that is dubious at best.
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