California couple finds $10 million in rare coins while out walking dog

[cw0909]

the tax lady left me a message, i didnt mention it was treasure trove, makes a dif, she sent me this
after she heard about it

Found property. If you find and keep property that does not belong to you that has been lost
or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is
your undisputed possession
Publication 17 (2013), Your Federal Income Tax

 

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[Citiboy289]

They bought it with the property no one could claim ownership but, them. They are gonna have to pay tax at the top rate between the feds and the state its gonna be around 47 percent......get this weather they are sold or not the tax is due the first year of true ownership....so they owe 450,000.00 by April 15th.....I would definately have kept my mouth shut....but, how do you sell something you actually know very little about some of those coins are worth 10k + a piece....I think them being taxed the first year of ownership is just wrong.... but, its in the books so their stuck in their situation now.

Maybe the laws have changer or are different in CA ---- There were 2 finds in history that seemed different The Baltimore Find in the 30's , where 2 kids found a stash in a dirt basement floor of a home Was changelled in court by former owners and renters of the home --- It ended up being split ------------- The Forsyth Cty, GA find of pots of gold coins in the 1900's was also changelled by a former property owner and the finder has to pay off a share to the claim

 

[gilgar]

Just saw this, apparently they damaged some trying to clean them:

Restoring the coins was a long, involved process, although for Kagin, it is a labor of love. He said John and Mary initially tried to scrub the dirt and rust off themselves, causing some of the pieces to be unfortunately damaged. So how did his firm restore the coins? Kagin isn't giving out the recipe. "Our technique is a trade secret," he says. "Word to the novice: Don't try this at home."

this site Gold Country couple discover $10 million in buried coins - SFGate has the best/most pix of them in the cans I've seen so far including this one showing just how "rusty" they were

 

[TheHarleyMan2]

Yeah I am waiting for the news report on the feds to come in and claim it was from a bank robbery from that time period and "STEALS" it from the couple telling them they have no found ownership of it!

 

[Bumpstick]

The newest coin date is about 30 years after the Civil War
Looks like a bankers stash of that time.

$27,980 back then would be like a 1/4 million dollars today.

 

[Davers]

What if?

? Was the man or Couple ever into Mding.

? How Long have they owned the property .

? Could They have Found/dug the coins Somewhere else Maybe years ago & Re-buried them on Their property ? .He did admit he buried them again at one point.

What would you REALLY do if you found that many Gold Coins on Someone else's property.?

Is there any Detective work done in cases like this ,ie "Lie detector test" or other type "Truth" test.?

Hopefully for them and Uncle Sam it's all legit.

I have a couple coins I would like to send off to PCGS To be cleaned and not have them labeled
"Details " Enviromental Damage" or "Details" Cleaned.
Davers

 

[sponge]

I just rented a front hauler for the weekend. Gonna do some landscaping. You VLF mders would have discriminated that can. Just leave this to the PI machines. Lets go Sand Shark were on a mission. DAMIT Jim

 

[Citiboy289]

Another forum I frequent had an accountant make an interesting comment ---- seems like if it was found on their property the tax rate is one level BUT if it was found on another piece of property it is much higher , I AGREE WITH DAVERS AND HAVE BEEN ASKING THE SAME THING ON OTHER THREADS ON THIS FORUM ! Also an interesting piece of information is that in their interview ( link on another T net post ) The people claim that where they found it , there was a can hanging from a tree. they Always thought the it was some sort of vase to put flowers in ? Now I am not an expert on the amount of time it takes an object to rust through BUT I would estimate a can that was exposed to the elements for over 100 years would have surely rusted away over the time. A can that was used for a vase would have to have a bottom still in place , that would collect water and leaves and would speed up the rusting process

 

[Goldwasher]

a vlf would h have in no way cancelled that out the tone from that gold would sound through very deep............ I have found 100= year old cans laying in damp mossy woods on mor than one occasion . The dates mentioned in regards to the original owners claiming latter day refinds pre-date the treasure trove law. These people found the coins one full year ago and have been getting all there ducks in a row so the couns could be displayed and sold.

 

[sponge]

Yea thats probably true. I only own a pi. Someday ill get a vlf. For now the Shark will do. You are dead on about the preparation. I guess they are Harvard Pirates.

 

[BC1969]

Bump for current folks.

 

[gilmerman]

God loves these people.

 

[SeabeeRon]

It would nice to find a ?Where are they now?? story on this incredible find!

 

[Crow]

It would nice to find a ?Where are they now?? story on this incredible find!

Gidday SeabeeRon

Personally I hope there isn't amigo!

Because it never pays to reveal your identity in regards to any wealth. 99% would love to see them doing well. There is a 1% will see opportunities to exploit. Revealing your identity opens you and family to predators either intent on false claims or even worse kidnapping of family members.

I really wish them well in obscurity regardless where they are now.

Crow

 

[SeabeeRon]

Gidday SeabeeRon

Personally I hope there isn't amigo!

Because it never pays to reveal your identity in regards to any wealth. 99% would love to see them doing well. There is a 1% will see opportunities to exploit. Revealing your identity opens you and family to predators either intent on false claims or even worse kidnapping of family members.

I really wish them well in obscurity regardless where they are now.

Crow

You make a good point Crow!

 

[scruggs]

What can you say...treasure is still out there!