What would you do?

[boogeyman]

I am not a tax expert and following is not advice just discussion ease see a tax expert to verify this.
Two things here…if you keep it and do not declare it on your income taxes…then you may be coming out less than if you paid the taxes! Before you all start yelling at me let me explain..
Let’s say you find an old stash that no one has a real claim on and for augment let’s say it’s worth $100,000. You decide not to declare it as income for the IRS..now you want to sell the coins..When you go to do it the guy buying them is not likely to pay you anything close to what they are worth because he has to make a profit and HE has to pay taxes on the profit. So you will more than likely get 50 percent of what they are worth. So let’s say $50,000. And you will have to hope he doesn’t turn you in or blackmail you later, you are always going to be looking over your shoulder.
If you do declare them (The IRS says treasure Trove Items are taxable and taxes r due in the year you take undisputed possession of the item.)And since you only make $50,000 a year your tax bracket is maybe 25 %, so if you sell them legit and get a really good price of $100,000(not sure of the tax rate/category you fall into then) –maybe even 40 percent) you will still net more than the $50,000 and not be looking over your shoulder., plus be able to deduct all you spent treasure hunting all year (in the new tax deductable truck?)
If I am wrong please tell me where.
I know it stinks having to give art of what you find to the gobernment for them to waste

The first thing I see wrong with this theory is, if you're selling boullion or coin for 50% of its value, you need to find another buyer period. I'm assuming you're talking about dumping the whole cache all at once which wouldn't be too smart. Personally I'd be more inclined to put it away for a rainy day & move a little at a time when needed. If you keep up on the stories of "criminals" being busted, it's due to their own stupidity. If you make a diddly squat income & all of a sudden you're trading your pinto in on a Ferrari you're gonna get a visit. The first thing you need to do is use the brain god gave you. The second thing is NEVER get greedy. How mant times have you heard of a brilliant plan going to pot because of greed?

[Ads]

TreasureNet.com is the premier Treasure Hunting Forum on the internet. Registered Users do not see these ads. Please Register - It's Free!

[Zephyr]

You aren't supposed to cash it in. You must keep the tradition going and hide it again....

[dogpound]

1. tell no one
2. if its coins, gold or silver.....dump it in small amounts (under 10K) to several dealers over a course of time
3. see step 1

[jimmatt_43]

Shovel,sift,and shut your pie hole

[St. Jerome]

hehe. I would try to lift it. I would sit there and stare at it and laugh at all the fools that thought they was clever. I would say go dig up the spanish cemetary some more. You'll find it. I would hit it and no one would ever know. Yeah, if I found that old cave....without a trace. Just tracers.

[dustytrails123]

ofcourse i found that big stash in my back yard ...can you prove i didnt lol ;-)

[MickeyMaguire]

When the USA did away with the Gold Standard, they put a clause in the law that stated in the event of a "national emergency", they had the right to confiscate "commodity" gold (to prop up the US dollar). Commodity gold would be US minted coinage from 1912 to the present, ingots, bars, etc... Now, proposed legislation would change that to include gold coins minted prior to 1912 and even jewelry (wedding rings, earrings, etc...), in the event of a "national emergency", of course the emergency is subject to interpretation.

If you don't know, we had an agreement with the oil-producing states in the Middle East that they would sell oil for US Dollars only and we would provide them with security from foreign invasion, etc... That is why we pushed Saddam Hussein from Kuwait in the Gulf War (1991). Now, several oil-producing nations say that they want Euros for oil, not USD. So, the day may soon come when the government starts gathering all of that commodity gold.

[Dr. Syn]

True, but didn't the govt try that little bit before?
Amazing how much gold didn't quite make it back to the Treasury Dept, as "required" by law.

Just saying.

[MickeyMaguire]

True, but didn't the govt try that little bit before?
Amazing how much gold didn't quite make it back to the Treasury Dept, as "required" by law.

Just saying.

Interesting, isn't it.

[1RAGINCAJUN]

I agree with Twisted i think wht hw said is about right.

[Casca]

You aren't supposed to cash it in. You must keep the tradition going and hide it again....

You on the right track, this dog knows how to hunt.