Taxes and treasure .

[vor]

So when you sale gold is there any paperwork to fill out that can go back to you?

No, whether sold for numismatic value or melt it does not have to be documented. The buyer may ask you for a name to put on the receipt but there is no ID required. The receipt (regardless of the name used) would be only for the buyer's business records and their is no reporting required in the business.

Some of you seem a little paranoid on the tax reporting when all you have to do is list it (however much you feel is appropriate) under "other income" on your tax return. If you specify the type of income, you could put many things but "hobby income" may be appropriate. For those that want to push their luck, you could schedule all of your hobby expenses to help offset some of the proceeds but you may have a higher likelihood of an audit.

Just put it in a safe and wait until the rainy day (or when you think PM prices have peaked) and cash in whatever you need.

 

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[neo]

I think that answers it thanks.

 

[10claw]

Why would he be in jail for reporting that he found gold?

Perjury. especially to the feds. so do you think they would'nt throw him in the slammer?
Neo, with all junk aside, if, and when you find ''Gold'' if there is enough of it, go buy a gold claim so you can buy,sell, trade in gold without suspicion and enjoy it. Be honest with taxes if you must, or give it to a church and forget it. Bye,
I be's thru now. no mo' jawin' from me. I hope you get good information to work with.

 

[10claw]

Why would he be in jail for reporting that he found gold?

Perjury. especially to the feds. so do you think they would'nt throw him in the slammer? Neo, with all junk aside, if, and when you find ''Gold'' if there is enough of it, go buy a gold claim so you can buy,sell, trade in gold without suspicion and enjoy it. Be honest with taxes if you must, or give it to a church and forget it. Bye, I be's thru now. no mo' jawin' from me. I hope you get good information to work with.

 

[Frankn]

A word of caution. When you sell gold or silver coins, it can be a cash transaction with no paperwork. On the other hand, jewelry is recorded to check against stolen items. This is a report that goes to the police department in Maryland. When I was prospecting in the Quartzite area, there was a buyer that bought gold that could be found in a certain restaurant. It was a cash transaction. Frank..
.

 

[neo]

So if you bought in a lot of gold no paperwork?

 

[Salvor6]

The couple that recently found $10 million worth of gold coins will be taxed 47% of the value in the first year weather they sell them or not. That is the current IRS ruling announced today.

 

[doc-d]

Life in the land of the free………….
Detect, shovel and shut up!

 

[duggr]

Read This!!
Tax man comes for couple's gold-coin find- MSN Money

 

[Msbeepbeep]

Life in the land of the free………….
Detect, shovel and shut up!

Sound advice.

 

[aquanut]

The couple that recently found $10 million worth of gold coins will be taxed 47% of the value in the first year weather they sell them or not. That is the current IRS ruling announced today.

So, if they can't come up with $4,700,000, what's next? Will the government accept 47% of the coins as payment?

 

[NHBandit]

This is BS... The value of rare coins is extremely volatile. Sell them at a local unknown auction and you would get a very different price than in a nationally advertised coin specific auction. The coins are worth face value until they are sold. At that time the taxes should be paid on the profit. Who decides the exact value for the IRS ? This essentially forces the couple to sell at least half of them immediately whether they want to or not unless they just happen to have a spare 5 mil laying around. The government is completely out of control and out of touch with reality. I suspect a good lawyer could have a field day with this. Hey I know... Have that greaseball from the Hardcore Pawn show or his rude nasty daughter make an offer on them. He'll probably offer $500. Use this as the taxable value.

 

[NEPADIGGER7]

No tax on treasure never found lol remember spread it out over time

 

[Ripsaw]

There are no taxes ...period. If "you" do not have the right to take someone's money or gold, you can't get together with some other people and elect someone that has the right to take there money or gold. Those so called elected people that supposedly represent your wishes, have no more right to scribble down insane writings on paper, (opinions,the insane call them laws) and give the IRS or anyone else the power to do what you can't.

 

[lisfisher]

You never put the money in the bank; you never tell anyone you have it; and you never, NEVER, report it to IRS. Period.

Sharecropper nailed it. Period!

...although there are rare instances such as the California couple who found 10 million worth of gold coins, that could get very sticky trying to cash those in, even one at a time. Eventually someone will raise an eyebrow.

 

[Hillbilly Joe]

What you have to do in confound them with Hillbilly math!

 

[jimmatt_43]

Remember the3 s of treasure hunting shovel sift shut your pie hole

 

[sailaway]

Now that the saddle ridge hoard is brought up, I believe that the coins are part of the saddle ridge gold in Arizona National Forest. Just because the gold was claimed to be found on property they own does not mean that is where it came from. When I was in Arizona last summer I had a conversation with a friend who lives in California but was visiting in Arizona. (He also saw the photo of the treasure room and trail to get to it) In this conversation it was brought up about getting away with the gold. There are 300,000 coins so pick out the ones that would not be questioned. We discussed how a person could go to a antique store and buy old rusty cans with cash. put the gold in these cans, drive to California, and no one would notice. Once in Cali and on your own property dig a hole and take pictures of the cans in the hole. Claim you were on a walk when you found them. With the collaboration of the story from your wife, who was to say it was not so? Does this sound like the story they told?
The Jesuit treasure room has a Date above it that says 1847. notice that the dates on the coins stop at that date. Apache Chief Mangus Colorado Killed all the priest and I believe the Peraltas were trying to find this stash when they were attacked. The area Is a Saddle Ridge and looks just like an old time saddle. Now here is why I believe the gold was moved, Gold is a noble metal, and if in contact with steel, the cans would have disappeared years ago. If the gold came from the National Forest it means they stole it from all of us.

 

[Hillbilly Joe]

"If the gold came from the National Forest it means they stole it from all of us."

The Govt has been stealing from We the People so long I think they only go after others if they dont get a cut!

 

[Hunterhound]

of course not to mention that the lawyers would wind up with what you found..
best deal
do like the three monkeys. see no treasure, speak no treasure, hear no treasure. in other words,
KEEP QUIET. or, if you feel guilty, give it to the police. they will know what to do with it and you will be clear. maybe.

Yeah, or they will keep it. Have you seen what police officers make. I could see this being a "sure, we'll watch that pile of money for you, snicker, snicker" situation. If you look at recent news about that couple that found all those gold coins on their property, everybody wanted to take a piece of the pie. The way I understand it, they tried to post some of the coins for sell on ebay or Amazon who reported it to the authorities. After that, they were supposed to pay capital gains tax on the money because there is apparently some IRS law governing treasure that's kept when found on personal property. The state was wanting a piece for state taxes. I think they got away in the end having to pay less tax than when it was originally released in the news but still, the government wanted their piece. I still don't know why it was reported as you'd think it would have fallen in with the rest of the coin sales unless maybe they drew attention to it as treasure.