Big Brother

[excav]

Sorry, guess I worded the original question wrong. I'm wondering if there are any cases of someone posting a big find, as in cashe, and getting a call from the tax man. Not individual coins or other valuable items, just actual big money (cash) finds.

Is there really any cases of you know who showing up for his cut after a big find was posted on this site, or is it all paranoia?

 

[bigfoot1]

the big and valuable finds arent posted.individual finds and small caches sometimes are but are always"found on private property".so no I have never heard of big bro coming after one of us.

If you post a large valuable find and give enough info on where it was found on public land...expect a knock at the door.You dont have to be mel fisher to draw attention.I am aware of a couple interesting finds but they arent spoken of for this reason by the person who unearthed them.most seasoned hunters would agree...keep the lid on.

 

[Tom_in_CA]

bigfoot, I think the OP was asking about tax consequences. Not ownership issues.

 

[Tedyoh]

I wouldn't think you could be taxed on something dug out of the ground?

 

[Charlie P. (NY)]

Karl von Mueller (Charlie Miller) gave good advice when he said "keep your finds quiet".

I love the "What Is It" forum. And I love to see or show the handfull of coins and occasional silver highlights. But when I . . . er, if I ever find something of value it won't make the little screen.

I will tell you I didn't find the boat, but was able to order it new in 1999. But I won't tell you why I was able to.

 

[Tedyoh]

Karl von Mueller (Charlie Miller) gave good advice when he said "keep your finds quiet".

I love the "What Is It" forum. And I love to see or show the handfull of coins and occasional silver highlights. But when I . . . er, if I ever find something of value it won't make the little screen.

I will tell you I didn't find the boat, but was able to order it new in 1999. But I won't tell you why I was able to.

You found my lost winning lottery ticket when I was fishing up on Lake Ontario?

 

[Charlie P. (NY)]

I wouldn't think you could be taxed on something dug out of the ground?

You can't be. Until you sell it - then it's income. And you are obligated to report income. The IRS has a 10 year statute of limitations (less for some items) but if fraud is involved it is unlimited. Now, whether failing to report income is considered fraud I am not sure.

Another good question: if you spent 5¢ in 1956 and put three cards away somewhere after chewing the gum, and then open an old book and find a mint Micky Mantle card under the cover, do you have to report the profit when you sell it as capital gains?


PS - who knew perch would eat lost lottery tickets?

 

[CincinnatiKid]

Whichever, tax consequences and ownership issues, become irrelevant if one stays quiet.
Shhh, big bro IS looking AND listening.
Peace ✌

 

[Escape]

Whichever, tax consequences and ownership issues, become irrelevant if one stays quiet.
Shhh, big bro IS looking AND listening.
Peace ✌

I heard that!

 

[Sod Buster]

I wouldn't think you could be taxed on something dug out of the ground?

You can't be. Until you sell it - then it's income.

Not so sure.

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

 

[NHBandit]

Not so sure.

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

Here's my opinion on this particular find for what it's worth. My theory would apply to any coins found but I'm not a lawyer and don't play one on tv. What gives the government the right to place a value on the coins ? Based on what ? Wholesale prices ? Retail ? Does someone at the IRS go to Ebay "ended auctions" and look to see what similar coins sold for ? What a joke. Technically a $20 gold coin since it is US currency, is only worth face value until you try to sell it. Don't believe me ? Take it to a bank and see what they will give you. It's my opinion that if the couple in CA had a good lawyer and told the IRS they had no plans for selling the coins that they should only be taxed on the face value of the coins. At some point in the future if they sell them they would then be responsible for paying taxes on the profit. Any actual lawyers here who have an opinion on this ? I do know that in at least 2 states where I've attended auctions the auction house isn't required to collect sales tax when they sell US coins.

 

[JOe L]

My signature says it all....
My wife hasn't got used to hers yet.

 

[Sod Buster]

Here's my opinion on this particular find for what it's worth. My theory would apply to any coins found but I'm not a lawyer and don't play one on tv. What gives the government the right to place a value on the coins ? Based on what ? Wholesale prices ? Retail ? Does someone at the IRS go to Ebay "ended auctions" and look to see what similar coins sold for ? What a joke. Technically a $20 gold coin since it is US currency, is only worth face value until you try to sell it. Don't believe me ? Take it to a bank and see what they will give you. It's my opinion that if the couple in CA had a good lawyer and told the IRS they had no plans for selling the coins that they should only be taxed on the face value of the coins. At some point in the future if they sell them they would then be responsible for paying taxes on the profit. Any actual lawyers here who have an opinion on this ? I do know that in at least 2 states where I've attended auctions the auction house isn't required to collect sales tax when they sell US coins.

I agree with you on the face value thing. Trouble is, by the time your lawyers get it settled, you'd have to sell the coins to pay to pay them. Everyone's got their hands in your darn pocket nowadays.

I guess that's why your supposed to keep your trap shut about it, huh?

 

[Limitool]

I agree with most everybody's comments stating to keep YOUR mouth shut. Less is MORE! Most large finds are found on someone else's property. And the actual owners never had a clue it was there. But rest assured if your hoard find is announced, posted, filmed and pics shown you will pay taxes on the income. And this doesn't count the present property owners or past owners either getting involved. It just isn't worth it at all.

Bigfoot... I think you had it right or we're both wrong.

 

[Escape]

In NYC, any coin which exceeds its face value is to be declared as found.

 

[Escape]

If it's value is $25.00 or higher if I recall correctly.

 

[bwirth1999]

So do the actual "treasure hunters" not post on these forums any longer? I know they used to frequent this place only a few years ago. Surprised they haven't chimed in on this.

 

[JOe L]

So do the actual "treasure hunters" not post on these forums any longer? I know they used to frequent this place only a few years ago. Surprised they haven't chimed in on this.

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

 

[Keppy]

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

I am the same as you . I never post or tell any one about my find's..

 

[CincinnatiKid]

I'm so vain, I would post every find if I could. Including a huge treasure.
Luckily, I'm to stupid to get the pics to load.
Peace ✌