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

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  1. #91

    Jan 2014
    Colorado
    2
    All Types Of Treasure Hunting
    So I guess my biggest question would be if you have been searching for a certain treasure for 5 years and have all receipts of fuel purchases, books on the subject, batteries for your detector, and any other expenditures can you claim that against your tax bill? Or would you just be able to claim what you spent in the year you paid the taxes? I know for lottery wins or gambling wins you can claim a deduction for money spent on losing tickets or losing bets for that year.

  2. #92
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
    F2
    1,206
    1196 times
    Prospecting
    Are you registered with Colorado as a treasure hunting business or are you just a guy that hunts for treasure? Expense deductions for operating costs are usually limited to business deductions. If you aren't an actual business that hunts treasure then it's a hobby.

    I could be wrong too.
    Overseas likes this.

  3. #93
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
    F2
    1,206
    1196 times
    Prospecting
    If you do own a business and it's not treasure related, slap a sticker on your detector or truck for "advertising" and your business can sponsor your hunts. It's all a write off as advertising technically. I did that to travel around and race dirt bikes for years. My business sponsored me and paid for it all tax free.
    I was a sub chapter s Corp so your situation might be different.
    Last edited by Johnnybravo300; Feb 08, 2018 at 11:39 PM.
    Overseas likes this.

  4. #94

    Jan 2014
    Colorado
    2
    All Types Of Treasure Hunting
    Sorry I left part of the hypothetical info out. If you find something of value then can you deduct any expenses in finding it from the taxable amount?

  5. #95

    Mar 2014
    112
    87 times
    All Types Of Treasure Hunting
    Iíll just leave this here so you can get some idea what to expect. http://www.triplicate.com/csp/mediap...id=923&fid=151
    Using Tapatalk

  6. #96
    us
    Jun 2016
    Europe
    Deephunter by Makro
    22
    13 times
    Quote Originally Posted by mtcowboy81 View Post
    Sorry I left part of the hypothetical info out. If you find something of value then can you deduct any expenses in finding it from the taxable amount?
    How I would do it is form a business for a few dollars, so that I could buy a new car...write off the gas expenses for the car, detector, special clothing & tools. Once the business is formed as a corporation I would carry forward my "losses" from year to year until I made the big find. Again, that is how I would do it.

  7. #97
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
    F2
    1,206
    1196 times
    Prospecting
    Only if you own a business and can claim the expenses as operating costs for that specific year as far as I know. Previous years expenses would be claimed on previous year's taxes. You can't save up years of expenses and cash them in at once, they don't do that or at least I haven't heard of it before.
    Be careful how you do this because if you play their game you agree to the consequences and false info makes you a criminal when you sign your name. That's how they get people, self incrimination.
    Maybe there's a tax attorney that can answer this on tnet haha. I'm no expert on the details these days. I gave up that madness over ten years ago so things could have changed in that arena.
    Last edited by Johnnybravo300; Feb 09, 2018 at 12:07 AM.

  8. #98
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
    4,645
    2188 times
    All Types Of Treasure Hunting
    As far as taxes, contact the IRS or a good tax attorney. Good hunting and good luck.

  9. #99
    us
    Oct 2015
    Greensboro NC
    Nokta Impact, Tesoro Compadre, Nokta Pin pointer Have owned Minlab E-trac, Tesoro Tejon, BH-505 Whites 6000 Di Garrett ADS 2,3 and 7
    876
    1535 times
    All Types Of Treasure Hunting
    From what i understand, and i understand very little, you can write off the business expenses but you have to show a profit after a specified amount of time.
    Remember, all dogs go to heaven. Be a dog and dig till you drop!

  10. #100
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
    4,645
    2188 times
    All Types Of Treasure Hunting
    Always pay your state and federal income taxes.

  11. #101
    us
    Oct 2017
    Dallas, Tx
    1
    1 times
    All Types Of Treasure Hunting
    I am a Dinosaur Hunter that just recently got my first Detector. I have dug dinosaur bones since I was 9 or so...Watch the Documentary Dinosaur 13. A private Fossil hunting company found an almost complete T Rex, and once the land owner, even after their agreement, found out it was worth millions, all bets were off and a Legal Battle began, to make matters worse, even though it was private land, and the land owner gave permission and an agreement, the land was in a Federal Trust for Native Americans, they got involved of course, and it went from bad to worse. It may show you there are no hard and fast answers and it's never cut and dry. It's very eye opening. I for one, will keep my mouth shut, even to the land owner if possible, say, well had a bad day , and go home. Only me would know, other wise, you will never see anything from your find.
    Honest Samuel likes this.

  12. #102
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
    4,645
    2188 times
    All Types Of Treasure Hunting
    Always get permission from land owners, private and government. Always pay federal income taxes.

  13. #103
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
    F2
    1,206
    1196 times
    Prospecting
    What's up with you and your tax advice haha. If you hired a roofer to roof your house and he never showed up would you send him a check every week for the rest of your life?
    You probably would is my guess.

    The slave mentality has never made any nation great.
    Last edited by Johnnybravo300; Feb 17, 2018 at 10:32 PM.

  14. #104

    Mar 2007
    Salinas, CA
    Explorer II, Compass 77b, Tesoro shadow X2
    11,706
    7841 times
    Banner Finds (4)
    Quote Originally Posted by Johnnybravo300 View Post
    ....The slave mentality has....
    Samuel's admonition is commendable for taxes on our paychecks, purchases at the stores, etc.... After all: you partake of government services. But when it comes to items lost and forgotten 150 years ago, I would agree with you.
    Metal detecting is my one worldy vice!

  15. #105
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
    F2
    1,206
    1196 times
    Prospecting
    Last edited by Johnnybravo300; Feb 18, 2018 at 10:28 AM.

 

 
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