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post #1 of 20 (permalink) Old 02-25-2014, 10:05 PM Thread Starter
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ho-hum

another day another find...


http://www.foxnews.com/us/2014/02/25/cal...ut-walking-dog/

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post #2 of 20 (permalink) Old 02-26-2014, 09:06 AM
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Re: ho-hum

yep saw that, good for them, but wish it was me

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post #3 of 20 (permalink) Old 02-26-2014, 10:09 AM
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Re: ho-hum

Didn't even have a MD, but I bet they will get one now.
They always tell you when you do MD a place to check out the biggest tree first.

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post #4 of 20 (permalink) Old 02-27-2014, 04:11 PM
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Re: ho-hum

The government will probably find out some way to prove that they were stolen or something and take them. Don't like to think that way, but it's not like it hasn't happened before.

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post #5 of 20 (permalink) Old 02-27-2014, 05:27 PM
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Re: ho-hum

Quote:
Originally Posted by Hunterknapp16
The government will probably find out some way to prove that they were stolen or something and take them. Don't like to think that way, but.....
There's the key work – “but”.

Unfortunately, you do have to think that way. It will never happen to me because I’m an unlucky person. But SHOULD I ever come across something like that find, the media, and in turn the Government, will never know about it. I would take my time and begin to sell it off little by little.
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post #6 of 20 (permalink) Old 02-27-2014, 09:35 PM
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Re: ho-hum

That is absolutely for sure!!!!

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post #7 of 20 (permalink) Old 02-28-2014, 01:29 PM
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Re: ho-hum

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.

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post #8 of 20 (permalink) Old 02-28-2014, 02:32 PM
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Re: ho-hum

Quote:
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.”
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post #9 of 20 (permalink) Old 03-01-2014, 01:17 AM
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Re: ho-hum

Do they have to pay tax on the face (actual) value of the coins, or what they could be worth to a collector?? That is crazy to have to pay tax on something based on what it "could" be worth, especially if that is an auction number where you might have to pay another 20-30% in commission. Just more of the government robbing honest people. Luckily they didn't find a bank or other robbery during the timeframe of when they were possibly buried and try to take them all. If I ever find something good no one will be notified, especially the media!!

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post #10 of 20 (permalink) Old 03-01-2014, 11:18 AM
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Re: ho-hum

Quote:
Originally Posted by Hunterknapp16
Do they have to pay tax on the face (actual) value of the coins, or what they could be worth to a collector?? That is crazy to have to pay tax on something based on what it "could" be worth, especially if that is an auction number where you might have to pay another 20-30% in commission. Just more of the government robbing honest people. Luckily they didn't find a bank or other robbery during the timeframe of when they were possibly buried and try to take them all. If I ever find something good no one will be notified, especially the media!!

The tax will be on the net sale of the coins……whatever amount they actually put in their pocket.
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