I remember when discovery of the find was first announced here on FR. Lots of folks were worried that the owners of the property would not be able to enjoy their find. They reasoned, and the quote I posted supports, that the government would look for a way to get it, if they could.
If the couple can get $10MM for their coins, I’m sure the government will still get a share of it somehow.
“If the couple can get $10MM for their coins, I’m sure the government will still get a share of it somehow.”
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They certainly will. First, there will be federal income taxes. Also, the top income tax rate in California is what, something like 13.2%?
When the husband and/or wife eventually dies, there are also federal and state estate taxes to worry about.
Then the coin dealers who handled the sale would get a fee for their services.
Some of these coins were offered for sale on Amazon last May. I’m not sure if that was the right way to go.....a high end rare coin auction in New York would probably bring top dollar.
Even if the couple received $5 million after taxes and expenses, it would be what my late father used to call “found money.” In this case of this couple, quite literally.