Found treasures or caches question

[Old Bookaroo]

Msbeepbeep:

Nope. It is yours, and you owe tax on the market value of the find(s), when it becomes yours and nobody else's. This is a common misconception here on TN.

Good luck to all,

The Old Bookaroo

 

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[Msbeepbeep]

Oh. Thank you.
I thought they looked at it like the coins people buy & collect and put in books and slab, and was taxed when used or at point of sale.
My bad.



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[Old Bookaroo]

Msbeepbeep:

Let's say you have the good fortune to purchase a coin and it goes up in value. That's not a "taxable event." You don't have to pay taxes on the increase in value until you sell.

Let's say you find something. When it becomes yours - then you owe taxes on the market value. In essence, it has gone from $0 (before you owned it) to $X - now it's yours!

Good luck to all,

The Old Bookaroo

 

[Tom_in_CA]

Bookaroo and honest Samuel: I love your guys' posts.

 

[Honest Samuel]

Tom, you can count on me to sent you bail money to bail you out of jail for not paying taxes on all the treasures that you had found and sold.

 

[Honest Samuel]

All members, that crying in your cheap beer. Some states including Connecticut have state income taxes.

 

[Honest Samuel]

# 63, and good luck to you.

 

[Limitool]

Limitool:

Paying taxes that are owed isn't announcing your find to the world. And whether the people who lost or hid the plunder paid taxes doesn't make any difference to the finder.

People think they can keep a big find a secret. Unless they make the recovery completely on their own, never tell a soul, have a unique way to convert the treasure into cash and then never spend any of the proceeds - word will get out.

And then the you-know-what hits the fan.

Good luck to all,

The Old Bookaroo

Keeping a "Big Find" secret is so easy to do. FYI: Your key word in your post is "unique". It's not a mystery or unknown to most folks either and nor is it "rocket science". That's why MOST FOLKS DON'T broadcast such finds. "Word will get out".... right...?

 

[releventchair]

If I find a broken piece of glass that cuts my expensive boot when detecting ,can I deduct the cost of the boot as a loss to offset the six dollar Mercury dime found on the same hunt many times over on taxes? Worn out gloves? Tools ? Fuel? Why not?
It's not a business ,nor a legal nonprofit. Just a hobby. Till profit outweighs investment ,shouldn't I get a deduction for a loss if a gain equals a tax regardless?

Risk has a cost associated. The party rewarded for the risk should not be the one taking no risk.
Equitists caveat!

Cripes , next I'll face a tax for killing a fish while fishing properly licensed , for supper , non professionally. Never mind the costs to catch one.

 

[T.C.]

Bookaroo and honest Samuel: I love your guys' posts.

...so does the IRS, Tom

 

[Honest Samuel]

And I love the IRS.

 

[littlehugger]

That find (Saddle Ridge Hoard) was handled so stupidly (so says I). Those folks brought on their own grief by ANNOUNCING it to the world.

LOOKINGHARDER: I agree with you. Keep you mouth shut... SHUT! Especially if a large find is found by you and off your property. Don't tickle the dragon.

Wasn't it found by A young couple? Man, millennials live their lives on FB. They record everything, even their food. They have probably never seen or owned any gold coins, and blabbed just to impress their friends with their cool.
Youth loses its innocence, and sometimes its a harder lesson than other times.

 

[Clay Diggins]

Wasn't it found by A young couple? Man, millennials live their lives on FB. They record everything, even their food. They have probably never seen or owned any gold coins, and blabbed just to impress their friends with their cool.
Youth loses its innocence, and sometimes its a harder lesson than other times.

Clueless.

They are retired. The coins were found on their recently purchased retirement property. I doubt they even have an internet connection. If they even have a computer they probably bought it for their grandchildren.

Jealous a little?

 

[GB1]

And I love the IRS.

please tell me your being sarcastic

 

[T.C.]

Wasn't it found by A young couple? Man, millennials live their lives on FB. They record everything, even their food. They have probably never seen or owned any gold coins, and blabbed just to impress their friends with their cool.
Youth loses its innocence, and sometimes its a harder lesson than other times.

Clay Diggins revealed the true story in post #48...check it out. It makes sense now

 

[IMAUDIGGER]

This whole thread is funny.
Bunch of people arguing about what they would do IF they found a cache.
Bet $$ these honest guys don’t add $1700 bucks to their declared income every time they find a common double eagle gold coin or a diamond ring.
The coin goes in the safe and the ring on the wife’s finger.

 

[Honest Samuel]

After finding single coins and jewel, and buried treasures, and if I decided to sell, I pay Connecticut and Federal income taxes. Any income is taxable, legal or illegal. Good hunting and good luck.

 

[IMAUDIGGER]

So I was right.

Really it’s nobodies business what people do as far as declaring income.
I always follow the rules.

 

[Charlie P. (NY)]

There is an IRS statute of limitations on collecting taxes. The IRS is limited to 10 years to collect back taxes, after that, they are barred by law from continuing collection activities against you.

But to be safe I'm following Brother Karl Mueller's (Charlie Miller's) advice. Shhhhhhhhh.


Maybe after 25 years . . . but I took no photographs (pre me owning a digital camera) and left no lists or files so no one would believe me, anyway. ;-) Not dug, not metallic. Just a pleasant surprise cleaning out Dad's "junk".

 

[Honest Samuel]

Bookaroo and honest Samuel: I love your guys' posts.

We all miss you, hope you be back real soon.