Welcome guest, is this your first visit?
Member
Discoveries
 
Page 12 of 12 FirstFirst ... 2101112
Results 166 to 176 of 176
Like Tree330Likes

Thread: What are the federal laws in USA regarding finding a buried coin cache?

« Prev Thread | Next Thread »
  1. #166
    us
    Mar 2011
    San Diego
    Equinox 800, Treasure Probe IV, E-Trac, 3 Excal 1000's, White's GM3 V-sat. White's TM808, VibraProbe, 15" NEL Attack, 5X10 Joey, Steath 920ix and 720i, TRX, etc....
    9,081
    6211 times
    All Types Of Treasure Hunting
    Honorable Mentions (3)
    Quote Originally Posted by holepuncher View Post
    Do you mean like when you buy a used car? also if you get a super deal on that used car you have to pay taxes on market value.
    Yes. Taxes were already paid on that car, and with income that was already taxed too.
    holepuncher and Honest Samuel like this.
    "jus cuz it's wrote down, don't make it so"

  2. #167
    us
    Nov 2018
    The Motor City
    31
    44 times
    All Types Of Treasure Hunting
    Quote Originally Posted by SeabeeRon View Post
    Hence my "one hit wonder" post a ways back in this thread.

    If we could check his IP and wonder what it would show??!?

    Quote Originally Posted by sprailroad View Post
    IRS Employee?

    Maybe some skilled professional criminal saw the OP:
    Obtained the OP's IP
    Was able to determine the physical location of the OP
    Visited the OP and took the found treasure?



    I know, I've watched No Country For Old Men a few too many times.
    Last edited by Louie D; Jan 06, 2019 at 04:28 PM.

  3. #168
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
    6,172
    2921 times
    All Types Of Treasure Hunting
    IRS states that all income earn, legal or illegal. you have to pay income taxes. I live in Connecticut which have state income taxes. Stop crying.
    MDCLXVI likes this.

  4. #169
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
    6,172
    2921 times
    All Types Of Treasure Hunting
    Tom

    I was banned for six months which is total unfair. I missed you.

  5. #170
    us
    Jan 2019
    Minelab Equinox 800 - White's DFX
    39
    57 times
    All Types Of Treasure Hunting
    Well you'd have several problems, but they can be overcome depending on your morals.

    It doesn't matter if you found them, or were in your family for a long time (unless you inherited them due to a death) you'll owe capital gains. There are three federal long term capital gains rates, 0% for low income ($39k to $79k depending on filing status), 15% (income $39k to $489k depending on filing status), and 20% (above the high limit for 15%).

    Now if you inherited the coins then you get to restate your cost basis to the current value of the coins at the date of decedent's death or time of actual transfer. This could mean near zero federal capital gains for you unless the inheritance was over $3 million. A few states have their own inheritance tax so you might want to establish legal residence elsewhere before inheriting the assets.

    Or you can just let the government take their bite out of things. Plenty of people waiting for that money.

    -Joe
    Honest Samuel likes this.

  6. #171
    us
    Jan 2016
    South of Gunnison, Gold Basin
    F2
    1,688
    1855 times
    Prospecting
    They might let you keep a few crumbs and you might even get a pat on the head like a good peasant. They might even use lube! Freedom ain't free! It costs lots of your money!
    It's all for your own good they say.

  7. #172

    Mar 2007
    Salinas, CA
    Explorer II, Compass 77b, Tesoro shadow X2
    13,366
    9649 times
    Banner Finds (4)
    Quote Originally Posted by Honest Samuel View Post
    Tom

    I was banned for six months which is total unfair. I missed you.
    Hey there Samuel: I missed you too
    Honest Samuel likes this.
    Metal detecting is my one worldy vice!

  8. #173

    Mar 2007
    Salinas, CA
    Explorer II, Compass 77b, Tesoro shadow X2
    13,366
    9649 times
    Banner Finds (4)
    Is anyone here old enough to remember the 1970s TV sitcom "Odd Couple" ? There was one scene, where neat-nick "Felix" found a dime in the change slot of a payphone. And he dutifully reported that .10c income on his income tax. Eh ?
    b3y0nd3r, mick56 and Honest Samuel like this.
    Metal detecting is my one worldy vice!

  9. #174
    Charter Member
    us
    WolfPack member

    Aug 2009
    New Hampshire
    Garret Master hunter Cx Plus
    12,824
    7924 times
    The Truth
    This is easier,KEEP YOUR MOUTH SHUT.For lump sum income you will lose 50 percent.

  10. #175
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
    6,172
    2921 times
    All Types Of Treasure Hunting
    Quote Originally Posted by smokeythecat View Post
    You just get a lawyer in your state to give you good legal advice. And pay him for it. Of course the chance of finding a million worth of anything these days is like having a bus sized meteor land safely in your front lawn....today.
    As an accountant, I agree with your great interesting comments. Good hunting and good luck.

  11. #176
    us
    da book worm--researcher

    Feb 2007
    callahan,fl
    delta 4000 / ace 250 - used BH and many others too
    16,602
    3283 times
    Honorable Mentions (1)
    rule #1 --if YOU find something of serious value on "public land" and no one but YOU knows about (keep it that way) -- shut the hell up and relocated it to a place that you own / control before openly claiming it (and only do it if you really must) ….remember folks often only know only what you tell them ...so shut the hell up -- you can be your own worst enemy many times ...wagging tongues and babbling lips have screwed over many a treasure hunter
    Last edited by ivan salis; Mar 15, 2019 at 03:39 AM.
    cudamark likes this.

 

 
Page 12 of 12 FirstFirst ... 2101112

Remove Ads

Home | Forum | Active Topics | What's New

Sponsored Links

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Similar Threads

  1. i need help finding a gold coin cache
    By ronoiler in forum Cache Hunting
    Replies: 44
    Last Post: Sep 24, 2012, 02:33 PM
  2. Stephenville buried Coin Cache
    By Gypsy Heart in forum Treasure Legends - Texas
    Replies: 3
    Last Post: Jul 28, 2009, 08:21 PM
  3. Replies: 3
    Last Post: Jan 04, 2009, 11:57 PM
  4. regulations for hunting and finding a cache on federal lands or parks
    By therealunclebilly in forum General Discussion
    Replies: 3
    Last Post: Jan 20, 2007, 08:42 AM

Search tags for this page

[mobile detailing santa cruz]

Click on a term to search for related topics.

Tags for this Thread

Powered by vBadvanced CMPS v4.3.0