Skip to comments.California couple in $10M gold find may owe govít about half, report says
Posted on 02/27/2014 1:26:08 PM PST by Doogle
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.
(Excerpt) Read more at foxnews.com ...
“If you find and keep property that does not belong to you...”
The coins were on their property. They belong to them.
People in their quest for the 15 minutes are morons. I would have sat on these and sold one at a time anonymously or gone as far to melt them down to gold.
Then they could have waited until they had a tax shelter set up to declare that they just now found it.
At least that would have allowed them to do it in their own time.
If I had found it, getting it OUT of California would have been my first thought.
Buying a home in Grand Cayman would be my second thought.
This is when I renounce my citizenship an move to a favorable country before declaring anything. Then I would sell as needed and claim it was a family hand me down. There are way to avoid the IRS, you just have to lay low and keep your liberal ass mouth shut ! Now they will learn about their other Govt friends. lol
About half, huh?
Yeah right. Wishful thinking.
They may lose all of it:
The mysterious haul of gold coins discovered by a Northern California couple while out walking their dog and valued at $10 million may well be a previously undiscovered bounty that an employee of the San Francisco Mint was convicted of stealing in 1901.
There is too much IRS tax guiding. I realize such makes a prosperous living for many people but for many others those people are just modern day plunderers.
Why didn’t they keep their mouths shut? They could had individual coins appraised and certified then sold at numismatics conventions and the like for cash.
and gold was really high last year....I hope they did the right thing and lost a couple of dozen pieces...poor things...
"..their dog found it, IT'S HIS....and he ain't giving any of it up"
Look at me, look at me!
I would not have melted them down, but I would have sold them off slowly, and also made them part of an inheritance by giving them away one or two at a time over the years. I would not have melted them down. I wonder if the sale of a rare coin of a certain amount generates some sort of required 1099 filing.
IR$ - Internal Revenue for $ocialists. Totalitarians GE$TAPO tentacles ALERT!
If you didn't work for that or earn it you can CONFISCATE someone else's money. Period.
Now they will learn about their other Govt friends. lol”
...exactly. I’m thrilled to hear they pay 50%! Hopefully more because anyone stupid enough to announce this has got to be a liberal dumbass convinced that their lib vote helps them in their future.
Damn Nixon....screwing us from the grave.
Yup, very lucky and very dumb. Why tell anybody?
Sending the coins for grading probably isn't a good idea either. The fewer eyes and mouths, the better.
Should have reported only 2-3 million, bought a boat and taken the rest abroad. Retire somewhere.
This couple will probably pass away from old age before this court battle is finished.
Not if they were stolen property.
That’s not in contention.
Given that the value of the metal is trivial compared to the value of the coins, that’d be an awful idea.
Reading that language, since it was on their property, they would have a good argument that the value would be the year they purchased the property, not when they discovered it.
Apparently it is in contention that they were stolen.
“a previously undiscovered bounty that an employee of the San Francisco Mint was convicted of stealing in 1901”
The top marginal income tax rate in California is 11%. They could have bought property in Nevada, with no income tax, and claimed that they found it there.
The lawyers will loot them, the socialists will plunder them, and after they have been tagged by the death panels they’ll be voting D’rat in perpetuity.
Life, liberty and the pursuit and destruction of totalitarians.
What is the cash amount that generates a report to the federal government? $1200 comes to mind.
I know I wouldn’t tell anybody about a find like that. The question is do you sell them or sit on them as a way out when things go to pot.
I’m sorry, did I say $10 M worth of coins? Silly me, I meant $10. How much tax do I owe now?
Look at what the gummint parasites did to Mel Fisher, the guy who discovered the treasure of the “Atocha.”
Just wondering why the government feels that it has the right to confiscate part of peoples’ assets.
Do you REALLY believe that the gubmin wouldn't find you?
Do you REALLY believe that the gubmin WOULDN'T get their
pound of flesh taxes from you?
If you do, then do I have a deal for you in Florida real estate.
Hah, all the gubmin would have to do is offer a reward, of say $5.00, to find you...and your butt would be behind bars before you could say: "One telephone call!!"
..depends on who your buyer was....*smiles*
I’m assuming these people don’t have $5 million in the bank.
So they’ll have to sell half of the coins just to pay the tax man.
Aint gubmint grand.
Melting gold requires SOME kind of "GOLDFINGER" type melting facilities. PIECE OF CAKE!! Right??
NO ONE would blink an eye because, SOMEHOW, you would be able to do all this without ANY help, witnesses, etc.
You would merely go into the local gold smelting joint, put down all these coins and say: "MELT THESE, PLEASE." Lol.
Yep. They bought the property and everything on the property. The gold was as much a part of the deal as the tree was.
You find millions in paperless untraceable gold that no human being on earth knows you own.
These people are beyond stupid. Lucky, but stupid.
They CAN'T take your most precious asset: your eternal soul.
THAT you must GIVE them.
They could hire a good lawyer who would accept the other 50% for their attorney fees.
The condition of the coins and arrangement in the cans indicates they were collected and stored over time. One can holds the oldest coins, and others were stashed in ascending chronological order.
Amusingly, the Bible has almost the exact set of events as an example of how ownership should be decided...with the exception that likely the couple didn’t know of the coins prior to purchasing the property.
When we lived in Saudi Arabia (early 1980's), we would go into town and visit the gold souk (market) on occasion.
They had REAL GOLD BARS for sale.
There was a smallish one and I asked the price. It was called the "Hershey bar" because it was IDENTICAL to the size of a standard Hershey bar. It was $44,000.00. I don't even remember the price is Saudi riyals!!
"hire a good lawyer"??? Are you NUTS?! No attorney ALIVE would touch that with a 10-foot pole. The attorney's company of Smiley, Dodger, Shifty, Golddigger and Jones would KNOW that the coins had been someone's "loot," that is, ill-gotten gains.
They would offer to DEFEND the gold seller...at the NOMINAL fee of, well, EVERYTHING. But maybe that wouldn't even be enough for SDSG&J!!
My 2 cents.
Agreed. They brought the property. It included the home, the landscape, the dirt - and the gold.