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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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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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Hunterknapp16 said:
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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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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Bearklr said:
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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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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Hunterknapp16 said:
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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Longie said:
Hunterknapp16 said:
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.
That may not be true....saw an article last night that said they have to pay something like 45% of the appraised value of the hoard due to some obscure rule out there. It came out to 4.5million that they will owe before end of year. Nothing like being forced to sell something you found on your own property.
 

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4c_game_chaser said:
Longie said:
Hunterknapp16 said:
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.
That may not be true....saw an article last night that said they have to pay something like 45% of the appraised value of the hoard due to some obscure rule out there. It came out to 4.5million that they will owe before end of year. Nothing like being forced to sell something you found on your own property.
I agree with you. I just didn’t elaborate in my previous post as I was basing it on the fact they were actually going to sell them. After selling them, they would owe tax on the net proceeds.

But, should they decide to keep them, yes they would then owe tax on the appraised value.

Unfortunately it happens much too often when someone inherits (or finds) something of value. Even if they would like to keep it, they cannot, because they owe taxes either way. So, in turn, they MUST sell the item or property, simply in order to pay the taxes due.

I’m not an accountant, but I have lots of experience dealing with the IRS. I owned a business my entire life and I had many many battles with those thieving thugs.
 

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What if they sold it to someone they knew for face value? If you know what I mean?? lol.

They definitely messed up by going public with it.
 

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My wife text me a picture of this as soon as she saw it on the news, suddenly she thinks its great me out with the beeping thingy, told her me upgrading to a better unit would increase my chances of success 10 fold,lol.
 

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striperfred said:
told her me upgrading to a better unit would increase my chances of success 10 fold,lol.
And should she have any doubts about your statement, tell her to email me……..I’ll back you up.


Of course, it will cost ya a beer.

BTW - I drink Coors.
 
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