Big Brother

[Tom_in_CA]

Not so sure.

California couple in $10M gold find may owe gov?t about half, report says | Fox News

Sod-buster, interesting story. I recall that story from when it broke awhile ago. But hadn't given much thought to it, in terms of tax consequences. I was always of the impression that it's only taxable if you go to SELL. But here's the quote from your link:

" The San Francisco Chronicle reports that the find is a taxable event under a 1969 federal court ruling that held a "treasure trove" is taxable the year it was discovered.


"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,” the report said, citing the IRS tax guide."


Ok, obviously that one constituted a "trove". But what about those of us who've found singular coins that valued into the several thousand $$? (ie.: key date seateds and golds, which I may or may not have ever found). Am I now to assume I was supposed to pay taxes on them ? Or are singular coins excluded ? Heck, was about a coin spill of 7 coins, of which one is a key date carson city quarter worth $3k. Does "7 coins" constitute a "trove" ? How about 20 coins ? In other words, AT WHAT POINT is our finds considered "troves" ?

 

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[Keppy]

I Didn't find ANYTHING.....

Now that is the right thing to do keep your mouth shut And if you do talk say what you said here " I Didn't find ANYTHING>>

 

[Msbeepbeep]

I'm just wondering about those corroded, pitted, rotting zincs I find that the banks, stores, and mint don't want....do I get a credit for those that I can use to off set my normal income?

 

[Keppy]

I'm just wondering about those corroded, pitted, rotting zincs I find that the banks, stores, and mint don't want....do I get a credit for those that I can use to off set my normal income?

Sure why not .......

 

[bwirth1999]

Would you, I, in fact, would NEVER post a find here or anywhere if it had any value. Thats why, I never post finds.

You didn't undersand my question. I didn't ask about them posting their finds here, in-fact they used to, and since they are contracted there is no reason they couldn't, wouldn't or shouldn't... However I asked Do they not post here anymore, or I guess the proper question would be, do they no longer frequent the forum?

 

[Detector Wars]