I found a cache, now what?

[OutBack Duo]

Like most treasure hunters I sit and day dream a lot. On my way to Iowa City This week I was day dreaming about finding a cache and started asking myself what I should do if I did find a cache. I would like to hear from people who have found big caches and reported it. What happened? What should I expect if I ever do find a big cache. I would also like to hear from people who do not claim to have found a large cache and how they would expect to conceal their new found wealth. How big of a cache should it be before most of us would report it. Has anyone found a good size cache recently?

Sorry about all the questions but I can't get enough of this stuff.

[danl311]

I havent found anything worth while....Yet, but if i did, depending on the size, say 20k to 100k, I would keep it quiet and not sell or cash in more than 10k a year. Banks have set limits that automatically trigger red flags. To not trigger any flags you should not have any deposits in a 1yr time period more than 10k that you dont want to have to be accountable for.

[Klaatu]

Each to his own. I have never found a cache but if I did I would not announce it to the world. There are tax implications to consider. Every poor soul that is down on his luck (relatives included) would be knocking in your door looking for a handout. Thieves would be alerted to your newfound treasure. And the list goes on.

Nope. I would keep it under my hat. (That's not to say that I wouldn't post a pic or two here. ? )

[MiddenMonster]

Like most treasure hunters I sit and day dream a lot. On my way to Iowa City This week I was day dreaming about finding a cache and started asking myself what I should do if I did find a cache. I would like to hear from people who have found big caches and reported it. What happened? What should I expect if I ever do find a big cache. I would also like to hear from people who do not claim to have found a large cache and how they would expect to conceal their new found wealth. How big of a cache should it be before most of us would report it. Has anyone found a good size cache recently?

The "3 S's" -- Sift, Shovel and Shut up.

[Darren in NC]

You have but a few choices...

(1) Cash it in, claim it on your taxes. I assume few would do this. It would be foolish and unnecessary.

(2) Cash it in, then hide the cash and report nothing. Pull some out as you need it. Also foolish. Especially if you show your new wealth with new cars, home, etc.

(3) What I would do...cash some of it in...only enough to keep me in the same tax bracket. Keep doing the same each year until I had a full retirement account or...

cash some of it in...only enough to start a business on the side. Begin a coin collecting/thunting business, pay myself and grow a great business with more revenue. Or if it sustained a loss, claim it on taxes. Let the business grow as a retirement hobby or fold it.

My two cents...

[Darren in NC]

Forgot one more...

If it's gold, keep it and you'll have something of value when our fiat money crashes - otherwise known as the American dollar which is based on the faith of our economy, not backed by precious metal as it used to be.

[joe]

If it's gold, keep it and you'll have something of
Forgot one more... value when our fiat money crashes - otherwise known as the American dollar which is based on the faith of our economy, not backed by precious metal as it used to be.

Thats a perfect advice from a true cache hunters(is your P.I still available, darren?)
if only i have the right tools ,i for surely get the cache on what ever this **** guys
interest in buying my land?

[Darren in NC]

Yes, Joe, my pi loop units are still available. My other one has been purchased. I have two boards left to make the whole unit. Click my email under my avatar and let me know how I can help.

[Amona]

Dathvick

You asked:

I would like to hear from people who have found big caches and reported it.? What happened?

1. Uncle Sam will like a "big" part of the cake.
2. If you found the cache in Private property, the landlord will like part of it

My opinion is: all law is based in a just compensation. If I going to search and find a cache in a public land and the state and/or Federals wants I share part of the "cake" because I reported it,..... "AND" after that you have to pay taxes over, when "NOBODY" HELPED ME WITH MONEY TO FIND THE CACHE THEN,... WHERE IS THE JUSTICE IN ALL THIS MATTER?

Follow the Darren's advice. I would open an account in Gran Cayman

Amona

[wayne1956]

MiddenMonster says it exactly, use the three S's.

[omnicognic]

If you find a big one and there is some/any dispute over it, you wont see any of it for years until after all the court battles are finished, then you will see most of it go to the lawyers(you will see alot of it go out of your pocket before the court battles too, most likely) Whatever is left after the lawyers will be taken by the government in large chunks!

Or..

Bury or hide it in the location of your choice, telling no one. Then "find" it a little at the time with your metal detector! HH omnicognic 8)

[AzSports]

Wouldn't it just be horrible to find a 'famous' cache, one that would be much more valuable known and shown to all?
By the time you split and wait and fight and tax for your piece it gets gnawed down to the scrap price or less.

Money laundering isn't too tough with a personally owned business, or even with non-taxable capital gains on a second home after improvements. Traveling is mostly under the radar. Course, anything works sometimes and nothing works others.

Sure would be fun to have to play that game, though!

[Amona]

I prefer to detect cache hunting in Central America, Caribbean and South America because I won't have "hard time" with the different government in order to recover any treasure.

Amona

[MiddenMonster]

Wouldn't it just be horrible to find a 'famous' cache, one that would be much more valuable known and shown to all?
By the time you split and wait and fight and tax for your piece it gets gnawed down to the scrap price or less

That's why I hate the "treasure" laws in Great Britain and some places of the U.S. There is no incentive to keep collections of artifacts or treasure together, and much incentive to melt it down and destroy hundreds or thousands of years of history. And what if the monetary value meant less to you than having it in your personal collection? They still take it from you. There are plenty of artworks, atrifacts and treasure in the private collections of smart individuals that will never see the light of day, unless an idiot relative receives it through an inheritance and doesn't know what he/she has. I'd be the first person to try and return something I found from a 150+ year old heist, if I knew how to contact a living descendent. But I'd also be the first person to horde Augustus Ceasar's ring if I found it. With my luck it would be confiscated as treasure *and* I'd be taxed on it as income. Society made me what I am today...

[RagnorakPA]

Here's what you do... you find a big cache, you look me up and call me! Okay, not really. I'd study the state and federal laws to see if it is worth it to claim it, or surreptiously deposit it like others have said. If it's a neat artifact--consider an anonymous donation to a local museum!

Just my two cents (damn, I think they were the last two, too).
Andrew

[dragonmistfire]

When you find a cache and actually tell someone,they will say its theirs. now you get the thrill of meeting and experiencing all sorts of interesting people....lawyers,judges,criminals,...all trying to get a piece of "your" find.after expenses you can expect to pay the lawyers about 80 percent of it , then you can expect to pay about 60-70 percent to the other person. then you can pay several thousand for court costs, then the ex-wife and her attorneys sue you for about 80 percent of it, plus court costs ,dont forget!
After its all over , say you found 50,000. it could cost you 2-3 times that to try to keep it. when its all over and done someone else will here about your Money and they will say it was thiers and here we go again. Never find anything {on paper} Kick back and enjoy your hard earned retirement .Dont give it all away.

[Amona]

Dragonmistfire said

then the ex-wife and her attorneys sue you for about 80 percent of it, plus court costs ,dint forget

Remember!!,...You didn't count the "mistress" and any "chicks" he has "under the table" wants some piece of the "cake"



Amona

[Monty]

Tell no one,convert it to cash as fast as possible, open a Swiss bank account and disappear in Europe or South America living off the interestwhich is mailed to a PO box at your location.JIM

[yurt_boy]

I know this was an old topic, but I ran across it and thought I should post a reply just in case someone does find a cache and needs to consider their options. Any "financial" institution (bank, casino, FCU, mortgage broker, etc.) must legally file what is called a "Suspicious Transaction Report" (STR) with the IRS any time someone participates in a transaction of $10,000.00 or greater. New laws indicate that if the institution recognizes any attempt to "structure" transactions, ie $9,999.99 as opposed to $10K, or a pattern of sub-$10K transactions, must also file an STR. All STRs are funneled to the FBI for analysis. The point is to catch drug dealers. The FBI filters out the STRs from the purchase or sale of homes, cars, etc., but others are investigated. My point is that one would have to be careful not to set off such "red flags."

[Siegfried Schlagrule]

It has been proven many times that open mouths lose treasures. Karl von Mueller reported one case where a treasure hunter won this argument among pros as to whether to report it or keep quiet. He had earlier found a large cache of damaged and valueless confederate currency. After warning his friends to watch closely he let a newspaper report that he had found $20,000. There was an endless parade of neighbours, relatives of the hoader, state cops, federal cops, attorney generals and what all. He politely declined their offers yokeep it for safekeepingand declined again when they came back and made demands. He forced the attorney general to go to court and prove to a judge that he had jurisdiction when they didn't even know where the cache had been found. After he beat them all to a fare-thee-well he announced that he was tired of the fighting and he would give up all the money at a press conference and let all the claimants fight it out. You guessed it. the greedy officials all showed up and looked pretty damn silly when he passed over the confederate money. The side bets on that netted him a tidy sum and he walked away with bragging rights intact. If you still don't believe me just make up a story and release it to the press. When they get done with you just tell them you wanted to see how greedy everyone was. Won't stop them from charging you with perpetrating a hoax but you should have a good time doing it. exanimo, ss