Skip to comments.Couple That Found $10 Million in Gold Coins Will Have to Hand Over HOW MUCH in Taxes?
Posted on 03/01/2014 5:56:10 AM PST by rktman
A California couple that discovered $10 million worth of gold coins last year will have to pay nearly half that amount in federal and state income tax, regardless of whether they sell the coins.
(Excerpt) Read more at theblaze.com ...
Moral of the story: Shut the hell up
The government built the roads and schools that gave you the opportunity to earn it yourself.
What the hell's the matter with you, don't you listen to Obama?
Especially now with gold so low.They should have sat on it for 3-5 years when the dollar collapses and gold is worth 10 times what it is now. They will really regret not keeping quiet
And think what kind of horsecrap Washington will waste it on...
All that paperwork the fedrones gotta fill out in triplicate. Even more interesting(maybe?) is that there is speculation that the coins were stolen from some bank in SF in the early 1900’s prior to the big shaker. Reclaiming stolen items with a pittance of a reward? Now that would really sting. Just melt the crap down and sell it. Still more than they had. How come I never stumble across caches like that in my yard? ;>}
SSS. Shoot. Shovel. Shut up.
By the time the federal and state tax vultures are finished, the finders will be lucky to keep the beat up cans the coins were in.
Solution: Shut up. Give up your U.S. citizenship. Move to Central America. Dribble out the sale of these coins for generations.
Well, it’s always possible they found $100million and just let on about the $10million so they could live a lavish lifestyle without anyone giving it a second thought...
$5million in taxes would be worth it to not have to worry about the govt snooping around.
Note to self: Never tell anyone anything.
Same thing applies to Lottery winnings..take a so called $100 mill prize..which is actually $4 million annually for 26 years..if you elect a lump sum, it’s about $50 million...and then fed, state and city taxes will take about 50%..so you end up with about $25 mill..not complaining, but why doesn’t Sen Warren launch an investigation? If an investment company played with the numbers like that...they’d be in front of her, and the cameras..
In most states there is no state tax on lottery winning
They found this gold buried under an old oak tree?
There is going to be one pissed off leprechaun when he finds out, someone stole his stash!
Actually, only the six states with no income tax, plus California and Pennsylvania (special exemptions) do not tax lottery winnings. The feds will get their 40%, regardless of whether they withhold that much.
If I found a cache of coins worth millions no one but my wife would ever know and I’m not 100% sure about her :)
These people were fools.
This couple found some other family's money and were lucky enough to keep half of it.
So I'm not crying for them.
And you can bet that if they had not told the authorities about it and kept it secret, they would have gotten ripped off and wound up with well less than their true value.
If they had gone to "cash for gold" places and sold them one by one, they would probably have got $1.5mm tops.
If they had gone to the same place multiple times, they might have wound up getting followed and getting robbed.
If they had gone to coin shops, the collecting community would have gotten wind of what was going on and it would all come out anyway.
The tax code is nnsense, but these people aren't special.
But wouldn’t your wife at least be curious as the where that new 4x4 came from? ;>}
I’m in cal
How would you get 1500 gold coins out of the country? Put them in your carry on?
She’s actually on board with the plan but that’s how you get caught. I don’t need or want anything flashy. A slow release over 15 or 20 years woodwork fine.
Suddenly livin’ large will get you every time. LOL!
They won’t be paying any taxes.
It’s all academic anyway because Uncle Sam will declare that whole lot of gold coins to have been stolen from the San Fran Mint in 1901 and they will seize it all.
Right now I’m sure they have a BOLO out to coin dealers re these coins.
According to this thread last night they might have more problems.
Couple who found $10m hoard of gold coins could have broken law
That’s interesting. Reminds me of the double eagle theft from the 30s.
In other words, since these coins are, and technically remain, legal tender of the United States, then they are redeemable for their face value. A $20 gold piece is, as currency, worth 20 dollars, just like a 1979 penny is worth a penny even though the copper content is worth more.
You could make a case that if they are sold for more than the value assigned that is a captial gain, but until sold they are only "worth" face value.
“Especially now with gold so low.They should have sat on it for 3-5 years when the dollar collapses and gold is worth 10 times what it is now. They will really regret not keeping quiet”
Nope. The value of these coins is about 90% collector value. They can sell them, then buy bulk gold with half the money - they will have a *lot* more gold that way.
That all presumes that the government doesn’t outright confiscate them on some pretext.
I can see the confiscation ticket, ($27,000.00, in coin). If forced to hand it back, a check...for $27,000.00
I beleive my exact words, when this story broke last week was, ‘STFU!’ :)
Still and all, a nice payday. ;)
“How would you get 1500 gold coins out of the country? Put them in your carry on?”
I would drive south into Mexico. There’s virtually no border security going that direction. You’d then need enough cash to securely charter a plane to, say, Belize. That seems like a nice country. ;-)
Yes, digging up gold is like shoot, shovel and shut up. Most gold caches that are found are never heard about.
Too bad they didn’t just “find” a few coins at a time...might have saved them some money or drive to Mexico and sell them there and not report it to the IRS.
Perhaps not, but don't you think a system where the government just automatically assumes that half of whatever you have belongs to them? By what right? What did the government do to afford this opportunity? You can talk about the infrastructure and what not, but the value of that is dubious at best.
The police always pull you over on the one day your license isn't in your wallet, but in the pocket of the jacket you left at home.
You realize how many logical holes this assertion has in it, right?
We have been stopped and searched by the Mexicans going down and by the US coming back and once by the Mexican Army in the interior. Going down we got out by saying we were going to visit an important local person (we weren’t but we knew him). The other 2 times they found nothing (we had nothing illegal) so we were not detained.
Use the money that the Feds and State demand in taxes to buy good lawyers and accountants instead, then sue the crap out of the Feds instead.
That’s what I’d do, fight, FIGHT!!
Imagine the pressure on them to “give back to the community”!
I don’t understand how that is income. It is capital gain gleaned from their property.
I figure if you find 10 million, the tax bill will be 10 million, plus whatever it costs in time and services to fill out the reports.
Per jojo biden. One word. I.R.S. They make the rules, you follow them. Or else. Kinda like bullying to me.
Better toss in some attorney fees too. In the end, you wind up in debt for finding the stuff.
The fact that the government treats both equally, should concern us all.
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