question for all you 1715 fleet treasure hunters

[ExcalSam]

Say, just say, that while detecting on the beach and instead of the occasional cob, you happen upon an escudo, say a doubloon(No...I didn't, but let's say). I know that most on here would squirrel it away with the rest of their "treasures" but what if you wanted to cash it in? I've seen some that are priced in the 4-5 thousand range. But wouldn't you need to turn it over to the state, get authentication, the sate would get their "cut", the IRS would get their "cut". You would end up with probably less than spot after everyone else got "theirs". So...If you needed the cash, what would you do? Sell it under the table, without authentication? If it was a piece-of-eight you'd get the going price, spot, less commission, for an ounce of gold. The more I think about it...Unless you find a fistful, the easiest thing to do would be to mount it in a bezel and where it on a chain for braggin' rights.

 

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[A2coins]

I'd say it was handed down for generations and go to Mel Fisher and tell him look what you missed

 

[xcopperstax]

I'd say it was handed down for generations and go to Mel Fisher and tell him look what you missed

Might be hard to find Mel Fisher these days.

 

[Jason in Enid]

You send it to a grading service to be authenticated, graded and slabbed. then you sell or auction it to the highest bidder. You'll never get provenance that it came from a treasure fleet wreck so theres no reason to to even chase that rabbit down the hole.

 

[Joe-Dirt]

Huh, it’s a thinker

 

[ExcalSam]

You gotta let the state know, legally, right?

 

[Jason in Enid]

You gotta let the state know, legally, right?

Let the state know what? You dont have a contract with the the state, you dont owe them jack.

 

[CASPER-2]

no you do not have to let the state know - I know a bunch of guys that have found double escudos
soe keep them others sell them - if you put one on ebay or go to a dealer they have no way of knowing that
you found on treasure coast or where it may have come from - in Uk you may have to report it but
I have never heard you have to here - though Fisher's museum does like it when you let them know what and where
to record it - if its a sand find - its yours to do what you wish. Good example is Gary Drayton that has been on Oak island show and
others and found a gold and emerald ring supposedly from the fleet worth a lot....a lot alot.
He still has it as far as I know and did not have to report to anyone or share with state or irs

 

[Tnmountains]

That is not the laws we have in this country. But the California couple that found the stash of gold coins on their property sold them made it all public and think California charged them a tax. I could be wrong.
Do not think private transactions are taxed.

 

[CreakyDigger]

The assumption is the problem....that "the state" owns everything and we are all obligated to report everything to them. That assumption is false.

 

[Billieg]

You gotta let the state know, legally, right?

There are no words in which I can respond to this without getting kicked off the site.....

 

[Megalodon]

I'm not sure where this notion comes from that someone who finds something while engaged in a hobby, owes anyone a tax. I'm familiar with federal tax code, and not aware of any provision that requires payment for finds when sold. It is not earned income, nor is it capital gains. If you are in the business of treasure hunting, that is a different story - but then you would be able to deduct expenses and depreciate equipment too.

 

[SultansOfSwing]

no you do not have to let the state know - I know a bunch of guys that have found double escudos
soe keep them others sell them - if you put one on ebay or go to a dealer they have no way of knowing that
you found on treasure coast or where it may have come from - in Uk you may have to report it but
I have never heard you have to here - though Fisher's museum does like it when you let them know what and where
to record it - if its a sand find - its yours to do what you wish. Good example is Gary Drayton that has been on Oak island show and
others and found a gold and emerald ring supposedly from the fleet worth a lot....a lot alot.
He still has it as far as I know and did not have to report to anyone or share with state or irs

Starts at 3:50

 

[Carl-NC]

I'm not sure where this notion comes from that someone who finds something while engaged in a hobby, owes anyone a tax. I'm familiar with federal tax code, and not aware of any provision that requires payment for finds when sold. It is not earned income, nor is it capital gains.

Federal tax code covers all income, earned or unearned. If you find treasure, you owe taxes on the value of the treasure in the year you found it, whether you sell it or not. The only exception, I believe, is raw nuggets; they are taxed when sold.

The vast majority of recreational treasure hunters do not declare their findings, whether $50 in clad or a $5000 coin. Like the capital gains on the now-rare comic books I bought as a kid, these slip under the radar. But people should be aware of the tax laws before they start showing off their Big Find and discover that Uncle Sam is more interested than anyone else.

 

[pulltabfelix]

I am pretty sure Carl-NC is correct, so keep it on the down low. Very hard for the IRS to catch that kind of found treasure as income. I know a couple of guys who clean up in expensive jewelry on the East Coast Florida beaches and never post any of their finds on Youtube or any forums or anywhere for obvious reasons.

 

[Jason in Enid]

I am pretty sure Carl-NC is correct, so keep it on the down low. Very hard for the IRS to catch that kind of found treasure as income. I know a couple of guys who clean up in expensive jewelry on the East Coast Florida beaches and never post any of their finds on Youtube or any forums or anywhere for obvious reasons.

haha, thats funny. Everything that involves $$$ leaves a paper trail. Every penny put into or withdrawn from a bank, paypal, ebay, every way you can move money is tracked by the govt. Unless you live in the dark ages of stuffing cash in your mattress, you cant hide.

 

[Megalodon]

Federal tax code covers all income, earned or unearned. If you find treasure, you owe taxes on the value of the treasure in the year you found it, whether you sell it or not. The only exception, I believe, is raw nuggets; they are taxed when sold.

The vast majority of recreational treasure hunters do not declare their findings, whether $50 in clad or a $5000 coin. Like the capital gains on the now-rare comic books I bought as a kid, these slip under the radar. But people should be aware of the tax laws before they start showing off their Big Find and discover that Uncle Sam is more interested than anyone else.

When I'm wrong, I admit it. Upon doing further research, I admit that I was wrong and you are correct. IRS Publication 525 addresses income from many sources. Under "other income" on page 31, third column, of this publication is this written:

"Found property. If you find and keep property
that doesn't belong to you that has been lost or
abandoned (treasure trove), it's taxable to you
at its FMV in the first year it's your undisputed
possession."

https://www.irs.gov/pub/irs-pdf/p525.pdf

Interesting to read that bribes received, kickbacks, value of stolen property, and proceeds from illegal activities such as drug dealing, must also be reported as income.

 

[Jason in Enid]

Interesting to read that bribes received, kickbacks, value of stolen property, and proceeds from illegal activities such as drug dealing, must also be reported as income.

Thats just what they added so they could prosecute people who they had nothing else to convict them with. If the govt doesnt like you, but cant pin you with any crime, they can always put you away for decades because you failed to report a single $ to the IRS.

 

[Gare]

You JUST SEND it to me I WILL CHECK it out and TELL NO ONE> BTW NO RETURN ADDRESS NEEDED !!!

 

[pulltabfelix]

Jason, you got it. It is a cover all clause for those just in case situations where you pissed them off. Once you get involved with the IRS on any significant matter you better have an older wiser tax consultant. It is even better when this tax consultant has worked for the appropriate taxing authority you are facing and knows the people. You should NEVER try to face a taxing authority yourself. Never, EVER!!!!!