Found treasures or caches question

[miboje]

I would not say a word to ANYONE about a large cache. If it was something small....like a handful or small jar of silvers or something like that...then I wouldn't worry about that.

 

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[hotlic]

Matthew 13:44("​

Again, the kingdom of heaven is like unto treasure hid in a field; the which when a man hath found, he hideth, and for joy thereof goeth and selleth all that he hath, and buyeth that field.)

 

[Honest Samuel]

There are many people in jail for not paying their income taxes. Will you join them?

 

[Limitool]

There are many people in jail for not paying their income taxes. Will you join them?

Hell no...! And the reason is... is because it wasn't a "earned" income. It was a find... hidden, buried, locked away and found by an individual who NEVER earned a dime of it. They - these individual's never "clocked in", signed a contract, expected to find a cache and when DID shouldn't be expected to be held accountable. Go find the heirs and sue them for NOT paying the proper taxes from their relatives!!!

I'd NEVER open my mouth and ANNOUNCE I found any gold coins... if I ever did. I may take a lot of photo's and a little video but I'd be damned if I'd ever announce it to the world.... and then be held libel for pass taxes from somebody else.

NO... I would not be that HONEST!!!!! It wasn't "earned" but just plain found.

 

[Tom_in_CA]

... It wasn't "earned" but just plain found.

Uhhh, here's what you need to do: Go to the IRS, and ask them if there is any distinction between "found" and "earned", when it comes to sources of income. I believe you will find out that IT DOESN'T MATTER what the source of the money is. It's income either way.

But I'll do you a big favor: Since I know you are now heart-broken about all your past lawlessness: Just send all your stuff to me. I will absolve your conscience of all guilt. And will make sure it goes through the proper channels.

No ... don't thank me. It's the least I can do for a fine forum contributor like yourself. (PS: I accept paypal).

 

[Limitool]

Uhhh, here's what you need to do: Go to the IRS, and ask them if there is any distinction between "found" and "earned", when it comes to sources of income. I believe you will find out that IT DOESN'T MATTER what the source of the money is. It's income either way.

But I'll do you a big favor: Since I know you are now heart-broken about all your past lawlessness: Just send all your stuff to me. I will absolve your conscience of all guilt. And will make sure it goes through the proper channels.

No ... don't thank me. It's the least I can do for a fine forum contributor like yourself. (PS: I accept paypal).

I'm sorry you feel that way Tom and am upset with me. Maybe I'm not a good forum contributor or shouldn't be posting at all here possibly. And.. maybe many would agree also sir.

You probably would feel that I should pay "taxes" to the Federal Gov. upon the 200+ toy boxes I've built in the last 3 years also as a hobby... right? What's the difference Tom?

If someone happened to find a batch of gold coins that was NEVER expected why would they have to pay others? Who expects that?

You talk about "my" lawlessness I'd like to hear what I've done that so grieves the American people. Or, those who have found thousands + of metal detected finds worth hundreds, thousands +, turning over a rock, moving a wall or turning over a clump of soil? What would drive anybody to tell anybody if somebody (GOVT.) wanted a portion of it...?

I'm now so glad you weren't with me then (?) and/or now helping me build toy boxes. You fit right in with CA.

I'm sorry you feel I'm not a "fine forum contributor"... I'm probably not sir.... Brad

 

[Tom_in_CA]

I'm sorry you feel that way Tom ....

Brad Brad Brad : My entire post was tongue in cheek. It was entirely supposed to be wry humor at the lost & found & taxes issue. I'm totally on your side, and you are a fine forum contributor . I should have added more smiley emoticons.

 

[Clay Diggins]

That find (Saddle Ridge Hoard) was handled so stupidly (so says I). Those folks brought on their own grief by ANNOUNCING it to the world.

LOOKINGHARDER: I agree with you. Keep you mouth shut... SHUT! Especially if a large find is found by you and off your property. Don't tickle the dragon.

Truthfully I'm getting a little short tempered with this STUPID story.

I know the owners/finders of the Saddle Ridge Horde. The problem with the assumption that THEY blew it is the simple fact is to this day you don't know who the owners/finders are. It has never been made public who the owners are or where they found it. They have never made anything about themselves or the find public.

The horde itself was made public by Kagin when the owners paid him to estimate a value and then refused to sell the coins through him. That's when Kagin went public with their find. It's clear he tried to out them to force them to make a quick sale.

Without getting into the details some of the coins were sold and Kagin paid for his very unprofessional indiscretion. That settlement is private just as the names of the finders and the location of the find is to this day.

It's STUPID to assume that the finders announced anything. They were and are very private individuals who are neither stupid or exposed. The Saddle Ridge Hoard is the largest known discovery of buried gold coins that has ever been recovered in the US.

Kagin on the other hand has had several unsavory episodes like this one. I would never consign anything to his auctions. His reputation in the high end auction business is pretty much in the toilet after those episodes. Outing your clients and making bogus claims to sell nuggets, coins or real estate are not great career moves.

 

[Nitric]

Truthfully I'm getting a little short tempered with this STUPID story.

I know the owners/finders of the Saddle Ridge Horde. The problem with the assumption that THEY blew it is the simple fact is to this day you don't know who the owners/finders are. It has never been made public who the owners are or where they found it. They have never made anything about themselves or the find public.

The horde itself was made public by Kagin when the owners paid him to estimate a value and then refused to sell the coins through him. That's when Kagin went public with their find. It's clear he tried to out them to force them to make a quick sale.

Without getting into the details some of the coins were sold and Kagin paid for his very unprofessional indiscretion. That settlement is private just as the names of the finders and the location of the find is to this day.

It's STUPID to assume that the finders announced anything. They were and are very private individuals who are neither stupid or exposed. The Saddle Ridge Hoard is the largest known discovery of buried gold coins that has ever been recovered in the US.

Kagin on the other hand has had several unsavory episodes like this one. I would never consign anything to his auctions. His reputation in the high end auction business is pretty much in the toilet after those episodes. Outing your clients and making bogus claims to sell nuggets, coins or real estate are not great career moves.

Ok, I had it all wrong too. I'm glad that you've added that. The whole thing makes a little more sense to me now. I wondered how that came about.

How do guys like that make it as far as they do in business? In that type of business privacy and trust is a big deal!! Business in the toilet? When your talking that kind of money and pulling stuff like that?......Watching his own back might be a concern too!!! Just saying!

 

[Honest Samuel]

# 48, While the founders used a detector, they are not treasure hunters. With the history of the gold coins, the pair should had sold the coins through a coin auction, but, not with him. I wish these people the best of luck and that they got good prices for the coins and that they kept some.

 

[Limitool]

Truthfully I'm getting a little short tempered with this STUPID story.

I know the owners/finders of the Saddle Ridge Horde. The problem with the assumption that THEY blew it is the simple fact is to this day you don't know who the owners/finders are. It has never been made public who the owners are or where they found it. They have never made anything about themselves or the find public.

The horde itself was made public by Kagin when the owners paid him to estimate a value and then refused to sell the coins through him. That's when Kagin went public with their find. It's clear he tried to out them to force them to make a quick sale.

Without getting into the details some of the coins were sold and Kagin paid for his very unprofessional indiscretion. That settlement is private just as the names of the finders and the location of the find is to this day.

It's STUPID to assume that the finders announced anything. They were and are very private individuals who are neither stupid or exposed. The Saddle Ridge Hoard is the largest known discovery of buried gold coins that has ever been recovered in the US.

Kagin on the other hand has had several unsavory episodes like this one. I would never consign anything to his auctions. His reputation in the high end auction business is pretty much in the toilet after those episodes. Outing your clients and making bogus claims to sell nuggets, coins or real estate are not great career moves.

Mr. Diggins.... I totally apologize because that version of the story was unknown to me and probably MANY others! To you sir personally I'm sorry because if that happened then I'm totally wrong. Brad

 

[Old Bookaroo]

Limitool:

Paying taxes that are owed isn't announcing your find to the world. And whether the people who lost or hid the plunder paid taxes doesn't make any difference to the finder.

People think they can keep a big find a secret. Unless they make the recovery completely on their own, never tell a soul, have a unique way to convert the treasure into cash and then never spend any of the proceeds - word will get out.

And then the you-know-what hits the fan.

Good luck to all,

The Old Bookaroo

 

[Clay Diggins]

Mr. Diggins.... I totally apologize because that version of the story was unknown to me and probably MANY others! To you sir personally I'm sorry because if that happened then I'm totally wrong. Brad

That's cool Brad, I didn't mean to single you out. Your post was convenient for me to make my point.

I don't usually take offense at individual posts but like other geezers I have the luxury of finding some subjects irritating.

We're good.

Barry

 

[Msbeepbeep]

Isn't our finds considered a collection of sorts and not taxed untill we sell it?

Sent from my VS810PP using Tapatalk

 

[Honest Samuel]

Very true, my friend. IRS do not know what you have until you sell your stuff. Good hunting and good luck.

 

[GB1]

that is why you don't tell anybody the IRS (spit) will get involved

 

[Limitool]

Very true, my friend. IRS do not know what you have until you sell your stuff. Good hunting and good luck.

The world will / would NEVER know if you sold off a found gold coin(s) if you don't want them to know. It goes on... on a daily basis.

In my "opinion" it's none of the Governments business if someone is lucky enough to find a really special coin or if someone found a leather bag with some coins. It was FOUND... not earned, but just plain found. Kind of like inheriting a home and property that YOU had absolutely no investment in.

 

[Honest Samuel]

Brad, you have my full support.

 

[Honest Samuel]

I total disagree with # 57. Like my name, I am Honest and report on all large income to the IRS. Sell your treasures through a coin auction to get the best prices.
Good hunting and good luck.

 

[Honest Samuel]

Let me explain to all of you, the IRS require that all income, legal and illegal to be reported, that includes drug dealers and pimps, and bank robbers, and treasure hunters.