Couple That Found $10 Million in Gold Coins Will Have to Hand Over HOW MUCH in Taxes?

The Blaze ^ | 2/28/2014 | Becket Adams

[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.

[rktman]

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..........

[Red in Blue PA]

Moral of the story: Shut the hell up

[Red in Blue PA]

Of course half of 10 million that you didn't have or have to work

How did the govt "work for" half of it?

[IncPen]

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?

[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

[Tupelo]

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.

[Made In The USA]

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

[rktman]

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? ;>}

[rktman]

SSS. Shoot. Shovel. Shut up.

[txrefugee]

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.

[chrisser]

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.

[hal ogen]

Note to self: Never tell anyone anything.

[ken5050]

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..

[morphing libertarian]

In most states there is no state tax on lottery winning

[skinkinthegrass]

just like winning a lottery, SSS.
hire lawyer/accountant, make plans/pay an actor, "i won, i won"/then just disappear

[baddog 219]

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!

[jjotto]

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.

[muir_redwoods]

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.

[wideawake]

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.

[rktman]

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