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maybe I don't want to dig up buried treasure after all

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  • maybe I don't want to dig up buried treasure after all

    the tax ramifications can be huge (and wayyy complicated!)

    http://www.sfgate.com/default/article/C ... 271261.php

  • #2
    Re: maybe I don't want to dig up buried treasure after all

    It's still 'free money', although a bit less than originally assumed. Kind of hard to deal with this in a Don't Ask, Don't Tell way, unless one moves to Switzerland.

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    • #3
      Re: maybe I don't want to dig up buried treasure after all

      Indeed, by law that windfall finding is a "taxable event". This was why it was so important for them to announce this publicly. Im sure right now they have a tremendous sense of pride that they did the right thing in making this known to the world. We all tip our hats to them!

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      • #4
        Re: maybe I don't want to dig up buried treasure after all

        what got me were all the hairy options that lead to different taxing scenarios. Another 10% is going to go to HR BLock!

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        • #5
          Re: maybe I don't want to dig up buried treasure after all

          This is a wooly booger. I don't think I would take this one to HR Block.
          One account said the "face value" of the coins is only about $27,000. Why are they not taxed on that amount if they do not sell in the current year and on capital gains in subsequent years as coins are sold?

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          • #6
            Re: maybe I don't want to dig up buried treasure after all

            I'll cry them a river.

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            • #7
              Re: maybe I don't want to dig up buried treasure after all

              Originally posted by Mighty Favog
              I'll cry them a river.
              Yeah it's still 3-4 million they didn't have before.

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              • #8
                Re: maybe I don't want to dig up buried treasure after all

                Originally posted by lonewolf
                the "face value" of the coins is only about $27,000.
                good point! But does the IRS buy this, or they insisting on a fair-market value, i.e., the appraised worth? Is a painting only worth the cost of canvas and paint, until such time as it sold? I guess that depends on whether it's the person who painted it or someone who has procured it?

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                • #9
                  Re: maybe I don't want to dig up buried treasure after all

                  Originally posted by Marlow
                  Originally posted by lonewolf
                  the "face value" of the coins is only about $27,000.
                  good point! But does the IRS buy this, or they insisting on a fair-market value, i.e., the appraised worth? Is a painting only worth the cost of canvas and paint, until such time as it sold? I guess that depends on whether it's the person who painted it or someone who has procured it?
                  My attorney daughter happens to be visiting. She says since the US went off gold standard in 19?? this gambit will no longer will fly.

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                  • #10
                    Re: maybe I don't want to dig up buried treasure after all

                    Turns out they not get any money from the find, except maybe a finder's fee.

                    http://abcnews.go.com/US/10m-calif-gold ... d=22764360

                    "If the coins were stolen from the government, the couple may be entitled to a finder's fee but they may not be able to keep the stash. The Mint has not yet commented on the situation."

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                    • #11
                      Re: maybe I don't want to dig up buried treasure after all

                      According to these reports they found the stash on their property in Tiboron. Compared to lots of folks they've already won the lottery - its hard to find a significantly wealthier enclave here in California.

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