Recovery Plan in state without DAPT Legislation

[GaBnn3]

This one is for financial legal advisors. Though all are welcome to read. As a farsighted one with a hypothetical question on a possible application, I wondered about the legal options available to deal with the inevitable tax issue. Situation: A person or entity, as the case may, acquires property where a quantity of gold is recovered. That property is located in a state that has not enacted Domestic Asset Protection Trust legislation. If I have to mention the state okay but prefer not. Q1: Can a DAPT from another state own the property then transfer the gold back to the home state without paying tax in the state where found. Q2: Otherwise, best tax strategy.

 

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[cudamark]

To me, the best strategy is not to tell anyone about your finds. The only ones who will benefit from it will be the lawyers and the government.

 

[Tom_in_CA]

Gabnn3, it depends on who you're asking this question to. I suppose if you asked enough lawyers, and tax-collector people, you would get one answer. Heck, I suppose if we md'rs "asked enough questions of enough lawyers", and if we md'rs "desired to be totally technically accurate to every last law", we'd probably all give up our hobby right now.

Not that I'm advocating "breaking laws", but just saying, it's an endless slope. Examples: You're supposed to call the utility Co before doing any digging. Those "call before you dig" 800#'s, so you don't hit a utility line. Did you do that ? And then you'd also have to turn in the items to police lost & found (afterall, there's no age/time criteria in all 50 state's "lost & found" laws). And then sure, the age-old taxes question: Not only do you with your cache of gold have to worry, but every last one of us who finds even-only clad, must dutifully report the income on our tax returns. And schemes like you're thinking of (to transfer state-to-state to circumvent), would probably fall afoul of some forbiddance of "evasion" or "subterfuge", etc....

So a part of me has no doubt that if you found loads of gold on your land, you could probably find some tax collector to say you owe taxes on it, EVEN IF YOU DIDN'T SELL IT (yup, someone one time posted that it's not reliant on selling your finds, if you can believe that).

I realize that cuda-mark and I didn't answer your question, but .... just saying you may not like the technical answer.

 

[Cassy11]

That's the point! I was searching for that treasure, I have found it, nobody knows whom did it belong previously, but for some reason I should pay taxes. That's why most people do not tell about their findings.

 

[Tom_in_CA]

..... but for some reason I should pay taxes. That's why most people do not tell about their findings.

Huh ? ON THE CONTRARY! We folks on T'net here are all law-abiding code-of-ethics followers. Which says to "obey all laws". So quite contrarily we all rush to the IRS guy and pay the percentage due on all our finds. Even those that sit un-sold in our collections, we get appraised, and pay on the appraised value. And all the clad totals I find are listed on my income taxes, etc......

 

[cudamark]

Did you ever sell that bridge Tom?