So if I find a lot of gold coins circa cival war era (or gold buillion) ......

[barnhse]

Hi All,

I looked in this forum but I could not find the answer.

I live in Texas and if I find a lot of gold coins circa civil war era (or gold buillion) why shouldn't I tell the state of Texas or the IRS?

If there is a link with the answer, you can just give me a link.

 

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[TommyB]

You have every right to tell either or both. They will simply relieve you of your finds and tax you for your effort

 

[Peyton Manning]

why should you tell them?

 

[Honest Samuel]

Be honest, sell your treasures, then pay your taxes. Never tell the governments.

 

[Tom_in_CA]

Here's a simpler solution: Send me those gold coins. I will make sure they go through the proper channels and get to the proper authority. I will absolve your conscience of all guilt.

No.... don't thank me. It's the least I can do for a fine fellow forumite hobbyist like you !

 

[cudamark]

Hi All,

I looked in this forum but I could not find the answer.

I live in Texas and if I find a lot of gold coins circa civil war era (or gold buillion) why shouldn't I tell the state of Texas or the IRS?

If there is a link with the answer, you can just give me a link.

I'm hoping to have that dilemma too!

 

[barnhse]

Here's a simpler solution: Send me those gold coins. I will make sure they go through the proper channels and get to the proper authority. I will absolve your conscience of all guilt.

No.... don't thank me. It's the least I can do for a fine fellow forumite hobbyist like you !

Sure, will do....once I get my money from that prince in Africa that emailed me....hahaha

 

[Honest Samuel]

If you find treasures worth millions, hire a good lawyer to protect you.

 

[Primus Palus]

At the end of the day, if you sell those items you will have to report it as earned money for that years taxes. If it's worth millions, expect to be paying through your teeth.

If you don't report it... the government could and likely will come after you.

 

[SD51]

If you find a cache of gold coins, that's cool! When you find out what you are expected to pay in taxes for finding it, that's not cool! Google "Couple that found $10 million in gold coins will have to pay how much in taxes?"

 

[NHBandit]

If you find a cache of gold coins, that's cool! When you find out what you are expected to pay in taxes for finding it, that's not cool! Google "Couple that found $10 million in gold coins will have to pay how much in taxes?"

This case still makes me wonder if a good lawyer could have changed the outcome. They found $20 gold coins. With a face value of course, of $20 each. That's what they should be taxed on until they sell them, not the current value which we all know can vary widely depending on condition, wholesale or retail pricing, etc. Any armchair lawyers in the group ? Tom ?

 

[Tom_in_CA]

...Any armchair lawyers in the group ? Tom ?

Haha. As long as you don't mean "armchair" in a derisive sense. Doh! Because, read and weep, I'm only quoting what the IRS and *real* lawyers themselves said about the case you're referring to:

Couple That Found $10 Million in Gold Coins Will Have to Hand Over HOW MUCH in Taxes? ? TheBlaze


As you can see in that article:

a) They are taxable WHETHER OR NOT SOLD, and ...

b) no, they're not taxed at the face value ($5, $10, $20, etc...) of each coin. They're taxed on the MARKET VALUE.

Not saying I like it either. And sure, I suppose someone could "try to keep it a secret" and sell them on-the-sly, and off-the-books. But there are pitfalls to that: If someone who's paying you, pays over $600 in a calendar year, they might elect to follow the laws on their end, and issue you a 1099. Then the govt. will "come looking for you" at tax season asking for their cut. So to be "off-the-books", you'd have to make sure that whomever you're selling to is not reporting it (or "cooking books" on their end).

In my company for example, we could be subject to an audit . And it's *possible* (though not likely) that an auditor could "flag" payments to an individual, and want to see proof of what those outgoing $$ went to. And if they were items that *should* have been subject to a 1099, then *theoretically* we could be asked to fix up the records (along with whatever hand-slap accompanied it). And thus, I suppose, a year or two later, the IRS could be appraised of $$ that went to particular destinations (buying gold coins). And then , in theory, someone could come knocking on the md'rs door even years later. But all this is sort of a remote "follow the dots" sort of thing. And I could imagine would only occur in big ticket money transactions.

 

[Oddjob]

Here's a simpler solution: Send me those gold coins. I will make sure they go through the proper channels and get to the proper authority. I will absolve your conscience of all guilt.

No.... don't thank me. It's the least I can do for a fine fellow forumite hobbyist like you !

Sure, will do....once I get my money from that prince in Africa that emailed me....hahaha

I have a win win for both of you, I can drive them up to Tom while you wait for your money to come through.

I seriously do not mind at all.

 

[OBN]

Bottom line, If you sell do you want to be worried about this the rest of your life. Every time you open the door or walking to the mail box. Best to get a good lawyer and report it. My opinion.

 

[SteveOrygun]

Well others have covered the moral high ground. Be a good little serf and pony up to feed the 10,000 headed hydra the sucks the life outa every American alive and yet to be born.

Im the 13th man.

I am going to assume its a purely monetary thing. ( if u want historic fame by all means, tell every one!!)

Let me state first IF this was a permission find you need to trun it over to the owner of the land.

Public land, differant story!

Keeping it and nickle and Dimming it out to better your life, yup thats it! Dont pay the Feds a DIME!!
State gets ZERO!

Penny pinch to a nice life, buy used cars/trucks/rv.. melt it down ingots.. send a few to a rare coin dealer to be preserved, donate to the Shriners, etc etc...

But its a chance to live!!

Take it.

 

[Primus Palus]

On a side note... we paid almost $20,000 in taxes in 2016... they gave us back like $600. So please, pay your taxes. Maybe they'll give me more back next year. Haha (yeah right).

 

[Honest Samuel]

Hi All,

I looked in this forum but I could not find the answer.

I live in Texas and if I find a lot of gold coins circa civil war era (or gold buillion) why shouldn't I tell the state of Texas or the IRS?

If there is a link with the answer, you can just give me a link.

No need to tell the great state of Texas unless it the treasures in on state land. Pertaining to IRS, only report after you sell your treasures, or off to jail you will go.

 

[Deft Tones]

1099's....ha!

Like I'm giving my real social security number to a gold coin buyer.

 

[Honest Samuel]

Not me either.

 

[Tom_in_CA]

1099's....ha!

Like I'm giving my real social security number to a gold coin buyer.

Not me either.

Deft Tones and Honest Samuel, you guys are despicable! I'm sure there is a law about providing false SS #'s, eh ? Hence, as such, your names are being reported to T'net mod's in-lieu of this mandate:

http://www.treasurenet.com/forums/general-discussion/362060-obey-laws.html

How could you stoop so low ?? Oh, and btw: That's a great idea. I have always made sure just to send in no more than $600 to any-one smelter/buyer in a calendar year (because $600 is the threshold for where they'd theoretically use your SS# for a 1099 form). But it never occurred to me that I could simply use another SS#. Hmmmm.

Not that I would ever condone such lowly tasteless behavior. But .... just sayin ' .....