Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

California couple in $10M gold find may owe govít about half, report says
foxnews ^ | 02/27/2014 | FOXNEWS

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 ...


TOPICS: Chit/Chat; History; Society
KEYWORDS: afterthegoldrush; california; coin; coins; gold; goldbugs; goldcoins; numismatics; odungo; treasure
Navigation: use the links below to view more comments.
first 1-2021-4041-6061 next last
..WOOHOO..MORE PORKULUS MONEY...
1 posted on 02/27/2014 1:26:08 PM PST by Doogle
[ Post Reply | Private Reply | View Replies]

To: Doogle

“If you find and keep property that does not belong to you...”

The coins were on their property. They belong to them.


2 posted on 02/27/2014 1:28:01 PM PST by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Doogle

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.


3 posted on 02/27/2014 1:28:32 PM PST by Resolute Conservative
[ Post Reply | Private Reply | To 1 | View Replies]

To: Doogle
Like I said before, they should have shoveled and shut up.

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.

4 posted on 02/27/2014 1:28:35 PM PST by E. Pluribus Unum (If Barack Hussein Obama entertains a thought that he does not verbalize, is it still a lie?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Doogle

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.


5 posted on 02/27/2014 1:29:48 PM PST by Zathras
[ Post Reply | Private Reply | To 1 | View Replies]

To: Doogle

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


6 posted on 02/27/2014 1:29:50 PM PST by juma (What i s the real answer ? Does anyone Know ?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Doogle

About half, huh?

Yeah right. Wishful thinking.


7 posted on 02/27/2014 1:30:42 PM PST by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Doogle

They may lose all of it:

http://www.freerepublic.com/focus/f-chat/3127454/posts

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.


8 posted on 02/27/2014 1:31:46 PM PST by Uncle Chip
[ Post Reply | Private Reply | To 1 | View Replies]

To: Doogle

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.


9 posted on 02/27/2014 1:31:55 PM PST by noinfringers2 ( /*)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Resolute Conservative

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.


10 posted on 02/27/2014 1:32:14 PM PST by C19fan
[ Post Reply | Private Reply | To 3 | View Replies]

To: Doogle

and gold was really high last year....I hope they did the right thing and lost a couple of dozen pieces...poor things...


11 posted on 02/27/2014 1:32:32 PM PST by cherry
[ Post Reply | Private Reply | To 1 | View Replies]

To: Responsibility2nd

"..their dog found it, IT'S HIS....and he ain't giving any of it up"

12 posted on 02/27/2014 1:33:21 PM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
[ Post Reply | Private Reply | To 7 | View Replies]

To: C19fan

Look at me, look at me!


13 posted on 02/27/2014 1:33:55 PM PST by Resolute Conservative
[ Post Reply | Private Reply | To 10 | View Replies]

To: Resolute Conservative
I would have sat on these and sold one at a time anonymously or gone as far to melt them down to gold.

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.

14 posted on 02/27/2014 1:34:08 PM PST by henkster (Communists never negotiate.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Doogle
One couple's gold find could mean a jackpot for the IRS

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.

15 posted on 02/27/2014 1:34:32 PM PST by PGalt
[ Post Reply | Private Reply | To 1 | View Replies]

To: juma

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.


16 posted on 02/27/2014 1:34:34 PM PST by albie
[ Post Reply | Private Reply | To 6 | View Replies]

To: Doogle

Damn Nixon....screwing us from the grave.


17 posted on 02/27/2014 1:34:54 PM PST by napscoordinator ( Santorum-Bachmann 2016 for the future of the country!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Resolute Conservative

Yup, very lucky and very dumb. Why tell anybody?


18 posted on 02/27/2014 1:34:56 PM PST by Former Proud Canadian (Cruz/Palin 2016)
[ Post Reply | Private Reply | To 3 | View Replies]

To: lepton
Not if they were stolen property. Couple should've learned smelting and melted these coins down into crude bars.

Sending the coins for grading probably isn't a good idea either. The fewer eyes and mouths, the better.

19 posted on 02/27/2014 1:36:12 PM PST by Obama_Is_A_Feminist
[ Post Reply | Private Reply | To 2 | View Replies]

To: Doogle

gotcha!


20 posted on 02/27/2014 1:36:13 PM PST by smokingfrog ( sleep with one eye open (<o> ---)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson