Originally Posted by Bearklr
Problem is though if you try to sell of just one coin that's valued at a million bucks it's gonna draw attention no matter how secretive you try to be.
That’s true Bear, but according to this Fox News article, an accountant says, “that the couple can try to fight the tax and claim it was there when they bought the property.” So, had they not ran to the media with this and stated that it was found, they might have had an argument that it was included when they bought the property.
I think it is now too late to make that argument.
Nevertheless, after paying half in taxes, and even though it would be tough, I could probably squeak by on the 5 million that will be left.
From Fox News:
“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.
The report says after all is said and done, about 47 percent will go to state and federal tax, or the top tax rate.
An accountant told the paper that the couple can try to fight the tax and claim it was there when they bought the property.”