man finds 9 carrit diamond, IRS finds and taxes him...
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Thread: man finds 9 carrit diamond, IRS finds and taxes him...

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  1. #1
    us
    too many hobbies...

    Jul 2009
    Battle Creek, Mi
    Mine lab, Garrett, Bounty Hunter,
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    560 times

    man finds 9 carrit diamond, IRS finds and taxes him...

    OK taxes him on what? claimed value, proposed value, or the fact he only paid like 50 bucks to look for it..... story at https://www.forbes.com/sites/robertwood/2020/09/26/man-finds-9-carat-diamond-irs-finds-man/amp/?fbclid=IwAR3yZI4ag4F8stletCdaFoOdZ7T7Eig8L5A0znhe zIbAc5dZphBpDh6YPTw#referrer=https%3A%2F%2Fwww.goo gle.com&ampshare=https%3A%2F%2Fwww.forbes.com%2Fsi tes%2Frobertwood%2F2020%2F09%2F26%2Fman-finds-9-carat-diamond-irs-finds-man%2Famp%2F%23referrer%3Dhttps%253A%252F%252Fwww. google.com%26ampshare%3Dhttps%253A%252F%252Fwww.fo rbes.com%252Fsites%252Frobertwood%252F2020%252F09% 252F26%252Fman-finds-9-carat-diamond-irs-finds-man%252F

    Man Finds 9-Carat Diamond. IRS Finds–And Taxes–Man


    Robert W. WoodContributor


    Taxes
    I focus on taxes and litigation.




    It’s nice to read a feel-good story like the one about an Arkansas man who found a massive 9-carat diamond in a public state park in Arkansas. Thirty-three year old Kevin Kinard found the 9.07 carat whopper in the Crater of Diamonds State Park on Labor Day. It is the second-largest ever found at the park, the biggest being a 16.37-carat stone found in 1975, which was also the biggest diamond ever uncovered in the U.S. Mr. Kinard gets to hang on to his big find, since visitors who find diamonds or other minerals at the site are allowed to keep them.The stone has not yet been appraised, but whatever the massive diamond turns out to be worth, does Mr. Kinard really have to worry about looking over his shoulder for the IRS? Yes, that’s the not so feel-good part of the story. According to the IRS, money or valuables you find are taxed, even if you just happen upon something by pure luck, and even if you don’t sell it to turn it into cash.


  2. #2
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
    8,247
    4528 times
    All Types Of Treasure Hunting
    Like I telling you all, pay up or off to jail you may go. I am sure that he be walking away with a lot of money.

  3. #3

    Aug 2017
    748
    932 times
    All Types Of Treasure Hunting


    Ed T
    DizzyDigger and Crow like this.

 

 

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