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  1. #61
    um
    Dec 2008
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    2827 times
    Msbeepbeep:

    Nope. It is yours, and you owe tax on the market value of the find(s), when it becomes yours and nobody else's. This is a common misconception here on TN.

    Good luck to all,

    The Old Bookaroo
    Msbeepbeep and Clay Diggins like this.
    Make America Think Again

    Do you have good books in good condition you are never going to re-read? Clean 'em out!
    Operation Paperback collects gently used books and sends them to American troops.

  2. #62
    us
    Jun 2012
    MA
    M-6, pro pointer, pistol probe
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    Oh. Thank you.
    I thought they looked at it like the coins people buy & collect and put in books and slab, and was taxed when used or at point of sale.
    My bad.



    Sent from my VS810PP using Tapatalk

  3. #63
    um
    Dec 2008
    3,965
    2827 times
    Msbeepbeep:

    Let's say you have the good fortune to purchase a coin and it goes up in value. That's not a "taxable event." You don't have to pay taxes on the increase in value until you sell.

    Let's say you find something. When it becomes yours - then you owe taxes on the market value. In essence, it has gone from $0 (before you owned it) to $X - now it's yours!

    Good luck to all,

    The Old Bookaroo
    Honest Samuel likes this.
    Make America Think Again

    Do you have good books in good condition you are never going to re-read? Clean 'em out!
    Operation Paperback collects gently used books and sends them to American troops.

  4. #64

    Mar 2007
    Salinas, CA
    Explorer II, Compass 77b, Tesoro shadow X2
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    Bookaroo and honest Samuel: I love your guys' posts.
    Honest Samuel likes this.

  5. #65
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
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    Tom, you can count on me to sent you bail money to bail you out of jail for not paying taxes on all the treasures that you had found and sold.
    Tom_in_CA likes this.

  6. #66
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
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    All members, that crying in your cheap beer. Some states including Connecticut have state income taxes.

  7. #67
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
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    All Types Of Treasure Hunting
    # 63, and good luck to you.

  8. #68
    us
    Brad - Wolfpack Proud

    Jun 2013
    Middle TN. area
    White XLT Spectrum E-Series
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    Quote Originally Posted by Old Bookaroo View Post
    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
    Keeping a "Big Find" secret is so easy to do. FYI: Your key word in your post is "unique". It's not a mystery or unknown to most folks either and nor is it "rocket science". That's why MOST FOLKS DON'T broadcast such finds. "Word will get out".... right...?
    releventchair likes this.
    I am a true blue Patriot who believes in the original Constitution's meaning. I'll bleed blood to defend it and resist those who want to diminish or alter its meaning or those rights stated within the Constitution.

  9. #69
    Charter Member
    us
    "WP"

    May 2012
    14,783
    29207 times
    If I find a broken piece of glass that cuts my expensive boot when detecting ,can I deduct the cost of the boot as a loss to offset the six dollar Mercury dime found on the same hunt many times over on taxes? Worn out gloves? Tools ? Fuel? Why not?
    It's not a business ,nor a legal nonprofit. Just a hobby. Till profit outweighs investment ,shouldn't I get a deduction for a loss if a gain equals a tax regardless?

    Risk has a cost associated. The party rewarded for the risk should not be the one taking no risk.
    Equitists caveat!

    Cripes , next I'll face a tax for killing a fish while fishing properly licensed , for supper , non professionally. Never mind the costs to catch one.
    T.C. and Limitool like this.

  10. #70
    Charter Member

    May 2012
    Kalamity Falls, Orygun
    Whites M6
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    Quote Originally Posted by Tom_in_CA View Post
    Bookaroo and honest Samuel: I love your guys' posts.
    ...so does the IRS, Tom
    Honest Samuel and Tom_in_CA like this.

  11. #71
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
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    And I love the IRS.

  12. #72

    Nov 2005
    231
    108 times
    Quote Originally Posted by Limitool View Post
    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.


    Wasn't it found by A young couple? Man, millennials live their lives on FB. They record everything, even their food. They have probably never seen or owned any gold coins, and blabbed just to impress their friends with their cool.
    Youth loses its innocence, and sometimes its a harder lesson than other times.

  13. #73
    Charter Member
    us
    Nov 2010
    The Great Southwest
    3,927
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    Prospecting
    Quote Originally Posted by littlehugger View Post
    Wasn't it found by A young couple? Man, millennials live their lives on FB. They record everything, even their food. They have probably never seen or owned any gold coins, and blabbed just to impress their friends with their cool.
    Youth loses its innocence, and sometimes its a harder lesson than other times.
    Clueless.

    They are retired. The coins were found on their recently purchased retirement property. I doubt they even have an internet connection. If they even have a computer they probably bought it for their grandchildren.

    Jealous a little?
    T.C. likes this.

  14. #74
    GB1
    GB1 is offline
    us
    Classic car lover

    Jul 2017
    East TX
    Teknectics eurotek pro bounty hunter time ranger bounty hunter quick draw 2 used a teroso compadre.
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    baseball cards,hunting,bottle digging,coin roll hunting,shooting,Metal Detecting, swimming,
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    Quote Originally Posted by Honest Samuel View Post
    And I love the IRS.
    please tell me your being sarcastic
    T.C. likes this.
    audemus jura nostra defendere

    neque deditionem


  15. #75
    Charter Member

    May 2012
    Kalamity Falls, Orygun
    Whites M6
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    All Types Of Treasure Hunting
    Quote Originally Posted by littlehugger View Post
    Wasn't it found by A young couple? Man, millennials live their lives on FB. They record everything, even their food. They have probably never seen or owned any gold coins, and blabbed just to impress their friends with their cool.
    Youth loses its innocence, and sometimes its a harder lesson than other times.
    Clay Diggins revealed the true story in post #48...check it out. It makes sense now
    Clay Diggins likes this.

 

 
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