Posted on 02/26/2014 6:17:45 AM PST by Red Badger
^^ This.
Yea, I'm betting the Feds are already on their way to pay them a visit.
This find will inevitably be confiscated from him because of historical value, eminent domain or some such crap like that. The media, nor the government are never, ever your friend.
These people are, at least based upon the story, blithering idiots.
First of all, you don’t come out in public about it. Privacy is only one reason. Another is that you have to make absolutely f’ing sure that under CA law you have the right to keep the find, and that there are no possible claims against it or your property. As an example, what if this was the product of a bank robbery 120 years ago? I guarantee that some existing bank owns the assets of the bank from which this was stolen, and thus it might have a claim to recover the property...only research could find that out. What’s the freaking rush? Sell a couple and use the proceeds to hire a good lawyer.
Second, even if you do, you do so for a much smaller amount. So how do you know what is a smaller amount? How about actually going to a bookstore and buying a coin valuation and coin grading guide - for cash, far away from your home - and put together your own list. At the very least, you then know if the coin dealer is ripping you off. Alternatively, they could set up several companies and send the coins in (again, over time) to PCGS and have the valuations done that way (plus have authenticity verified and guaranteed, plus have a higher market value due to the coins being “slabbed” by the best in the business).
Third, talk to a tax advisor. I am quite sure that holding the coins for at least 1 year after the find will make the holding eligible for capital gains treatment (which reduces the tax bite). Also, if they change their residence to Texas, Florida or one of several other states with no personal income tax, and THEN sell the coins, they’ll eliminate state-level taxation.
Fourth, why wouldn’t you sell it piecemeal over the course of several decades? F’ing morons, they’re going to lose about 45% of the value to taxes. I’d have gladly advise them how to save money for a paltry 10%.
Yes, these are morons...and they deserve to get a lot less than they could have, all for the sake of publicity.
It IS a huge junkyard.............wanna buy a used gold mining barge?..............
Yes, surprisingly wise for a government. They pay full market price for treasure trove, only claiming pieces (often old Roman coins) that are of historical value. I think that museums get first crack at the trove. Coins museums aren’t interested in are returned to the finder.
Great for them. But now, your gold is worth a teensy bit less than it was a few days ago.
Indeed now they get to pay all them taxes luck and stupidity never blend.
HAHAHA! I remember that one! Frog had a nice tux...
I loved that clip.
LOL!
That is true. I remember an old friend of my parents back in 70-72 time frame. He was an old man, nicknamed ‘Coconut’, from Barbados. He got his nickname because he came here to the US on a coconut boat, and jumped ship in Miami at the tender age of 14, IIRC, so it would have been early 1900’s then.
He made money as a numbers runner for Bolita, which is like Lottery is today, only it was illegal back then.
http://en.wikipedia.org/wiki/Bolita
Anyways, his stories were very interesting and especially to me, as I was 15-16 years old at the time.
He told the story of how he saved his money that he made in this ‘enterprise’ and converted it to silver dollars. (People did not trust banks back then because they could go under and you’d lose all your money.) He had a gallon size glass jug and put the cois in it and buried it out in the everglades, at night, marked the tree and was absolutely certain no one was anywhere near around when he did. Remember this was early 1900’s so it would not have been very populous down there then.
He went back in about a month to make a ‘deposit’ and could not find the jar. He dug all around that tree and all night long to no avail. He believed that the jar was so heavy with silver that it sunk down and kept on going in the soft, damp earth........
Good find! My wife's friend tells her that she buries money in jars on her land and told her sons where they're located. Too often, no one is told and the money is lost after the owner passes away. We have been cleaning out my mother-in-law's home after placing her in assisted living, and for the most part have found only useless garbage. Except for a hidden stash of 45 brand-new sealed cuban cigar boxes and dozens of sealed bottles of whiskey and brandy that her dad owned before passing away 25 years ago. A cigar expert friend says the cigars are wonderful even now. No money, but smokes and whiskey were her dad's treasure.
“Their first mistake was telling ANYONE about the find.”
I heard some of those coins might be worth a million dollars apiece. No way to transact that secretly.
No but could have been ‘found’ in a no income tax state, etc.
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