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Couple That Found $10 Million in Gold Coins Will Have to Hand Over HOW MUCH in Taxes?
The Blaze ^ | 2/28/2014 | Becket Adams

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 ...


TOPICS: Education; Local News; Outdoors; Society
KEYWORDS: afterthegoldrush; california; coin; coins; doh; gold; goldcoins; irs; taxes
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I added "education" to this only because somebody needs to be educated about learing to dig all night and don't tell anybody. Of course half of 10 million that you didn't have or have to work for still ain't a bad payday. Long lost relatives will be calling in 5, 4, 3..........
1 posted on 03/01/2014 5:56:10 AM PST by rktman
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To: rktman

Moral of the story: Shut the hell up


2 posted on 03/01/2014 5:56:54 AM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: rktman
Of course half of 10 million that you didn't have or have to work

How did the govt "work for" half of it?
3 posted on 03/01/2014 5:57:44 AM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: Red in Blue PA
How did the govt "work for" half of it?

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?

4 posted on 03/01/2014 6:00:32 AM PST by IncPen (When you start talking about what we 'should' have, you've made the case for the Second Amendment)
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To: Red in Blue PA

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


5 posted on 03/01/2014 6:01:07 AM PST by ground_fog
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To: rktman
You got it dead on right.
If you find anything like this, do not do not tell anyone. Sell your house, take the proceeds and move to a state or even country that does not confiscate wealth. The just dribble it out a coin or two at a time.
NEVER EVER GO PUBLIC.
6 posted on 03/01/2014 6:01:41 AM PST by Tupelo
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To: Red in Blue PA

And think what kind of horsecrap Washington will waste it on...


7 posted on 03/01/2014 6:02:04 AM PST by Made In The USA (I'm not yelling, just... just talking enthusiastically..)
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To: Red in Blue PA

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? ;>}


8 posted on 03/01/2014 6:02:15 AM PST by rktman (Under my plan(scheme),unemployment will necessarily skyrocket! Despite the % dropping. Period.)
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To: Tupelo

SSS. Shoot. Shovel. Shut up.


9 posted on 03/01/2014 6:03:12 AM PST by rktman (Under my plan(scheme),unemployment will necessarily skyrocket! Despite the % dropping. Period.)
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To: rktman

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.


10 posted on 03/01/2014 6:06:30 AM PST by txrefugee
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To: rktman

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.


11 posted on 03/01/2014 6:09:11 AM PST by chrisser (Senseless legislation does nothing to solve senseless violence.)
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To: chrisser

Note to self: Never tell anyone anything.


12 posted on 03/01/2014 6:10:28 AM PST by hal ogen (First Amendment or Reeducation Camp?)
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To: Tupelo; rktman

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..


13 posted on 03/01/2014 6:10:50 AM PST by ken5050 (I fear a world run by adults who were never spanked as kids and got trophies just for participating)
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To: ken5050

In most states there is no state tax on lottery winning


14 posted on 03/01/2014 6:13:03 AM PST by morphing libertarian
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To: Red in Blue PA
just like winning a lottery, SSS.
hire lawyer/accountant, make plans/pay an actor, "i won, i won"/then just disappear

15 posted on 03/01/2014 6:14:03 AM PST by skinkinthegrass (The end move in politics is always to pick up a gun..0'Caligula / 0'Reid / 0'Pelosi)
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To: rktman

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!


16 posted on 03/01/2014 6:16:32 AM PST by baddog 219
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To: morphing libertarian

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.


17 posted on 03/01/2014 6:20:22 AM PST by jjotto ("Ya could look it up!")
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To: rktman

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.


18 posted on 03/01/2014 6:22:44 AM PST by muir_redwoods (When I first read it, " Atlas Shrugged" was fiction)
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To: rktman
Because I am too successful, the government takes half the money I work to earn.

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.

19 posted on 03/01/2014 6:23:04 AM PST by wideawake
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To: muir_redwoods

But wouldn’t your wife at least be curious as the where that new 4x4 came from? ;>}


20 posted on 03/01/2014 6:24:30 AM PST by rktman (Under my plan(scheme),unemployment will necessarily skyrocket! Despite the % dropping. Period.)
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To: jjotto

I’m in cal


21 posted on 03/01/2014 6:25:12 AM PST by morphing libertarian
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To: Tupelo

How would you get 1500 gold coins out of the country? Put them in your carry on?


22 posted on 03/01/2014 6:26:02 AM PST by wideawake
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To: Red in Blue PA
Because, as Hillery said, “It's there”.
23 posted on 03/01/2014 6:26:41 AM PST by ANGGAPO (Layte Gulf Beach Club)
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To: rktman

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.


24 posted on 03/01/2014 6:30:36 AM PST by muir_redwoods (When I first read it, " Atlas Shrugged" was fiction)
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To: muir_redwoods

Suddenly livin’ large will get you every time. LOL!


25 posted on 03/01/2014 6:35:53 AM PST by rktman (Under my plan(scheme),unemployment will necessarily skyrocket! Despite the % dropping. Period.)
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To: rktman
All of it, if the government can prove they were stolen by a SF mint employee. They never found the coins he stole from the vault about 100 years ago. It was in all the papers.
These coins were all in mint condition. The ones I saw didn't even have bag marks. Like they came straight from the mint, they were so pretty.

26 posted on 03/01/2014 6:37:38 AM PST by Genoa (Starve the beast.)
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To: rktman

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.


27 posted on 03/01/2014 6:42:08 AM PST by Uncle Chip
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To: rktman

According to this thread last night they might have more problems.

Couple who found $10m hoard of gold coins could have broken law
http://www.freerepublic.com/focus/f-chat/3128212/posts


28 posted on 03/01/2014 6:42:24 AM PST by Lurkina.n.Learnin (This is not just stupid, we're talking Democrat stupid here.)
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To: Genoa

That’s interesting. Reminds me of the double eagle theft from the 30s.


29 posted on 03/01/2014 6:43:30 AM PST by wideawake
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To: rktman
I would disagree with the Governmen't position. The value of the coins once sold is different from the value of the coins originally assigned them by the government.

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.

30 posted on 03/01/2014 6:43:47 AM PST by par4
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To: ground_fog

“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.


31 posted on 03/01/2014 6:45:48 AM PST by PreciousLiberty
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To: par4
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.

I can see the confiscation ticket, ($27,000.00, in coin). If forced to hand it back, a check...for $27,000.00

32 posted on 03/01/2014 6:46:08 AM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: rktman

I beleive my exact words, when this story broke last week was, ‘STFU!’ :)

Still and all, a nice payday. ;)


33 posted on 03/01/2014 6:47:53 AM PST by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: wideawake

“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. ;-)


34 posted on 03/01/2014 6:48:28 AM PST by PreciousLiberty
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To: wideawake
Don't know how to break this to you but;
Mexican border is very porous on both sides and I have never been stopped going down there, just coming back.
35 posted on 03/01/2014 6:49:23 AM PST by Tupelo
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To: Red in Blue PA

Yes, digging up gold is like shoot, shovel and shut up. Most gold caches that are found are never heard about.


36 posted on 03/01/2014 6:55:33 AM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: rktman

Stolen?
http://www.dailymail.co.uk/news/article-2568952/Could-newly-discovered-gold-coins-haul-stolen-disgraced-San-Francisco-Mint-employee-1901-Treasure-hunting-enthusiasts-weigh-origins-couples-10-million-find.html


37 posted on 03/01/2014 6:59:40 AM PST by Genoa (Starve the beast.)
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To: rktman

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.


38 posted on 03/01/2014 7:08:20 AM PST by The Great RJ
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To: wideawake
So I'm not crying for them.

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.

39 posted on 03/01/2014 7:18:11 AM PST by Lou L (Health "insurance" is NOT the same as health "care")
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To: Lou L
What concerns me is the easy assumption that it is just fine for the government to steal half of what I've worked hard to earn, but that it is a shocking injustice for the government to steal half a windfall I did nothing to earn.
40 posted on 03/01/2014 7:41:10 AM PST by wideawake
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To: Tupelo
I get that - but it seems extremely risky to just assume that nothing out of the ordinary could ever happen.

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.

41 posted on 03/01/2014 7:43:42 AM PST by wideawake
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To: Georgia Girl 2
Most gold caches that are found are never heard about.

You realize how many logical holes this assertion has in it, right?

42 posted on 03/01/2014 7:45:06 AM PST by wideawake
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To: Tupelo

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.


43 posted on 03/01/2014 7:51:32 AM PST by Ditter
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To: rktman

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!!


44 posted on 03/01/2014 8:36:41 AM PST by JSDude1 (Defeat Hagan, elect a Constutional Conservative: Dr. Greg Brannon!)
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To: rktman

Imagine the pressure on them to “give back to the community”!


45 posted on 03/01/2014 8:40:31 AM PST by equaviator (There's nothing like the universe to bring you down to earth.)
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To: rktman

I don’t understand how that is income. It is capital gain gleaned from their property.


46 posted on 03/01/2014 10:21:34 AM PST by Defiant (Let the Tea Party win, and we will declare peace on the American people and go home.)
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To: rktman

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.


47 posted on 03/01/2014 10:23:11 AM PST by Cboldt
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To: Defiant

Per jojo biden. One word. I.R.S. They make the rules, you follow them. Or else. Kinda like bullying to me.


48 posted on 03/01/2014 10:23:57 AM PST by rktman (Under my plan(scheme),unemployment will necessarily skyrocket! Despite the % dropping. Period.)
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To: Cboldt

Better toss in some attorney fees too. In the end, you wind up in debt for finding the stuff.


49 posted on 03/01/2014 10:24:44 AM PST by rktman (Under my plan(scheme),unemployment will necessarily skyrocket! Despite the % dropping. Period.)
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To: wideawake
What concerns me is the easy assumption that it is just fine for the government to steal half of what I've worked hard to earn, but that it is a shocking injustice for the government to steal half a windfall I did nothing to earn.

The fact that the government treats both equally, should concern us all.

50 posted on 03/01/2014 10:26:40 AM PST by Lou L (Health "insurance" is NOT the same as health "care")
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