Couple That Found $10 Million in Gold Coins Will Have to Hand Over HOW MUCH in Taxes?

The Blaze ^ | 2/28/2014 | Becket Adams

[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.

[wideawake]

I get that - but it seems extremely risky to just assume that nothing out of the ordinary could ever happen.

The police always pull you over on the one day your license isn't in your wallet, but in the pocket of the jacket you left at home.

[wideawake]

Most gold caches that are found are never heard about.

You realize how many logical holes this assertion has in it, right?

[Ditter]

We have been stopped and searched by the Mexicans going down and by the US coming back and once by the Mexican Army in the interior. Going down we got out by saying we were going to visit an important local person (we weren’t but we knew him). The other 2 times they found nothing (we had nothing illegal) so we were not detained.

[JSDude1]

Use the money that the Feds and State demand in taxes to buy good lawyers and accountants instead, then sue the crap out of the Feds instead.

That’s what I’d do, fight, FIGHT!!

[equaviator]

Imagine the pressure on them to “give back to the community”!

[Defiant]

I don’t understand how that is income. It is capital gain gleaned from their property.

[Cboldt]

I figure if you find 10 million, the tax bill will be 10 million, plus whatever it costs in time and services to fill out the reports.

[rktman]

Per jojo biden. One word. I.R.S. They make the rules, you follow them. Or else. Kinda like bullying to me.

[rktman]

Better toss in some attorney fees too. In the end, you wind up in debt for finding the stuff.

[Lou L]

What concerns me is the easy assumption that it is just fine for the government to steal half of what I've worked hard to earn, but that it is a shocking injustice for the government to steal half a windfall I did nothing to earn.

The fact that the government treats both equally, should concern us all.

[hattend]

Claim the weight value of the gold and pay taxes on that.

They should have laundered the coins through the Cayman’s

[Georgia Girl 2]

Depends on how much info you have. :-)

[biff]

Yep, I would go see Rick in Las Vegas about every 6 months. Cash money per coin per 6 months. No questions asked. Oh, did I say my name was John Smith? hehe

[zeugma]

The government should only be allowed to tax them on the face value of the coins.