What are the federal laws in USA regarding finding a buried coin cache?

[Treasure_Hunter]

Bryan, thanks for chiming in ...... I use to live in Columbia Missouri too.

 

[holepuncher]

The way I look at it is that taxes were already paid in the past on new items and earned money. Paying taxes again and again on the same items just seems wrong to me.

Do you mean like when you buy a used car? also if you get a super deal on that used car you have to pay taxes on market value.

 

[holepuncher]

# 137 agree with me. Pay your state and federal income taxes on any income, legal or illegal, or off to jail you will go.

Didn't you say no big deal on a small clad beach find (something to that effect)?

 

[FloridaSon]

Interesting discussion. In Florida, all land is owned by someone; either a private owner, corporation, local gvmnt, the state, feds. The state has written statutes stating any find in state waters or state owned land is a historic find. Then you know what happens. Only exception is when a private owner finds or grants rights to another to hunt and recover items. Private owner rules. Beach is kind of iffy (imho). There are treasure hunting leases by salvage operators that are shaped like a circle up to the low tide line on the beach. In these areas if you get in ankle deep you may be illegal - if someone reports you. On an active lease the salvage operators may hire someone t watch the beach and call in divers or waders but I have not seen this officially happen. It may not matter with the sand placement going on, some places are slated to get 9 feet aded to the beach.Still learning so if anyone has better info chime in. Cheers all!

 

[Tom_in_CA]

.... Almost all governmental entities have their ordinances and laws available for search online.....

Correct. And if you look up, and sleuth deeply enough through them, you will find there is : In some fashion / form/ or wording: Language that disallows "taking", "removing", "collecting", "stealing", etc...

.... MD'ing is ALLOWED on all municipal land in my city....

That is confusing the topics here. I have NO DOUBT that metal detecting is: "Allowed". I agree that it is . It's very very rare for any city have a specific "no detecting" rule for their parks, I agree. But that's not the topic here. The issue is: Can you remove and take and collect items, or not ?

.... In all my years of hunting public land, I have not personally experienced anything like this.....

Yes, correct. And SO TOO will VERY VERY few others ever run into someone who actually construes this to apply. And the fact that ... in your area, you too haven't bumped into this, merely means no one has gone asking far enough and high enough. So, for example, if I went to your parks in Missouri, and started asking enough govt. people "Is it right that Bryan enriches himself by digging holes and taking home park features ?", that I could find someone to take issue with that.

I agree that very few people "connect the dots" like that. But it HAS been the logic used to pass out "no's" before. And it DOES exist, in some variation of wording, on ALL public land (lest someone thinks he can help himself to the park benches, harvest the sod for commercial sale, etc...)

 

[cudamark]

Do you mean like when you buy a used car? also if you get a super deal on that used car you have to pay taxes on market value.

Yes. Taxes were already paid on that car, and with income that was already taxed too.

 

[Louie D]

Hence my "one hit wonder" post a ways back in this thread.

If we could check his IP and wonder what it would show??!?

IRS Employee?

Maybe some skilled professional criminal saw the OP:
Obtained the OP's IP
Was able to determine the physical location of the OP
Visited the OP and took the found treasure?



I know, I've watched No Country For Old Men a few too many times.

 

[Honest Samuel]

IRS states that all income earn, legal or illegal. you have to pay income taxes. I live in Connecticut which have state income taxes. Stop crying.

 

[Honest Samuel]

Tom

I was banned for six months which is total unfair. I missed you.

 

[JoeInMO]

Well you'd have several problems, but they can be overcome depending on your morals.

It doesn't matter if you found them, or were in your family for a long time (unless you inherited them due to a death) you'll owe capital gains. There are three federal long term capital gains rates, 0% for low income ($39k to $79k depending on filing status), 15% (income $39k to $489k depending on filing status), and 20% (above the high limit for 15%).

Now if you inherited the coins then you get to restate your cost basis to the current value of the coins at the date of decedent's death or time of actual transfer. This could mean near zero federal capital gains for you unless the inheritance was over $3 million. A few states have their own inheritance tax so you might want to establish legal residence elsewhere before inheriting the assets.

Or you can just let the government take their bite out of things. Plenty of people waiting for that money.

-Joe

 

[Johnnybravo300]

They might let you keep a few crumbs and you might even get a pat on the head like a good peasant. They might even use lube! Freedom ain't free! It costs lots of your money!
It's all for your own good they say.

 

[Tom_in_CA]

Tom

I was banned for six months which is total unfair. I missed you.

Hey there Samuel: I missed you too

 

[Tom_in_CA]

Is anyone here old enough to remember the 1970s TV sitcom "Odd Couple" ? There was one scene, where neat-nick "Felix" found a dime in the change slot of a payphone. And he dutifully reported that .10c income on his income tax. Eh ?

 

[Red James Cash]

This is easier,KEEP YOUR MOUTH SHUT.For lump sum income you will lose 50 percent.

 

[Honest Samuel]

You just get a lawyer in your state to give you good legal advice. And pay him for it. Of course the chance of finding a million worth of anything these days is like having a bus sized meteor land safely in your front lawn....today.

As an accountant, I agree with your great interesting comments. Good hunting and good luck.

 

[ivan salis]

rule #1 --if YOU find something of serious value on "public land" and no one but YOU knows about (keep it that way) -- shut the hell up and relocated it to a place that you own / control before openly claiming it (and only do it if you really must) ….remember folks often only know only what you tell them ...so shut the hell up -- you can be your own worst enemy many times ...wagging tongues and babbling lips have screwed over many a treasure hunter

 

[Madmox]

rule #1 --if YOU find something of serious value on "public land" and no one but YOU knows about (keep it that way) -- shut the hell up and relocated it to a place that you own / control before openly claiming it (and only do it if you really must) ….remember folks often only know only what you tell them ...so shut the hell up -- you can be your own worst enemy many times ...wagging tongues and babbling lips have screwed over many a treasure hunter

This is also true in regards to getting arrested. Just shut the hell up. Don’t say a word. More people incriminate themselves than are incriminated through routine police work. You flat out aren’t qualified to talk to the police. Figuratively speaking of course

 

[ivan salis]

remember cops are allowed to lie to you but you can not lie to them ...however they can not lie to your lawyer ---so that's why you let the lawyer speak to them for you

 

[Johnnybravo300]

There are guys here on tnet that have involved the FBI and lost everything to them. Never call the govt for anything like that. They are the ultimate thieves.and nothing you can do. They can and will lie to you, you lie it's a crime.

 

[Rawhide]

What coin cache