Couple finds Millions in rare gold coins

[cyclonescott]

http://www.sfgate.com/business/networth/article/Couple-s-gold-discovery-will-be-taxed

The Gold Country couple who unearthed at least $10 million worth of 19th century gold coins in their yard last year will probably owe close to half of that sum in federal and state income tax - whether or not they sell the coins.

There is no question that the discovery of the coins is a taxable event. In a famous 1969 decision, a U.S. District Court in Ohio ruled that a "treasure trove" is taxable the year it is discovered. In that case, Cesarini vs. United States, a couple bought a used piano in 1957 for about $15. In 1964, they found $4,467 in old currency inside it.

http://www.sfgate.com/business/networth/article/Couple-s-gold-discovery-will-be-taxed-at-top-5271261.php

[KBScobravert]

Fly to Dubai. Sell coins for the kings cash. Fly into Switzerland and deposit in new checking accounts. Live off debit card and atm for life. That only solves the "government is coming for your gold" theory. Hire a good CPA and an attorney or two for the tax side.

[Sean88gt]

Didn't the govt confiscate gold back in the early 1900's? It seems like I read a story last year where some guy found some gold and the govt tried to take it under that old confiscation law.

If I found all that gold, I would hide all of it but one coin. Then, since it was "one of a kind" rare, it would be even more valuable for some wealthy collector. After I auctioned it off and paid the taxes, I would live off of it until the money ran out. Meanwhile, the stash would increase in value even more. Then, 10 years later, after the money ran out, I would suddenly find another. Rinse, repeat.

EO signed in 1933. I remember the story, the gov't fucked them hard, long, wide, and deep.

You could find gold dealers to move that shit through, or move it through an attorney, or get that shit out of the US and to a place that has some level of banking freedom. Point is - shut your fucking trap about it.

[Big Dad]

Lord

Let me find 1400 plus gold coins, valued at 100 plus million

I'll allow the gubment to have their share, no fighting

amen

[line-em-up]

Surprised the gov't didn't attempt to confiscate.

Didn't the govt confiscate gold back in the early 1900's? It seems like I read a story last year where some guy found some gold and the govt tried to take it under that old confiscation law.

If I found all that gold, I would hide all of it but one coin. Then, since it was "one of a kind" rare, it would be even more valuable for some wealthy collector. After I auctioned it off and paid the taxes, I would live off of it until the money ran out. Meanwhile, the stash would increase in value even more. Then, 10 years later, after the money ran out, I would suddenly find another. Rinse, repeat.

[Roscoe]

OK, some of the lawyers or CPA's out there......what are the real tax issues on a find like that ? After all, it is not earned income. What will happen to them ?

Some gold and silver are considered reportable so when you buy and sell, and you profit, the profit is considered income and you will have to pay taxes on it, similar to stocks without long/short.

Where they fucked up was making a big public hoopla and the Feds know it was "found" and they will pay taxes at the highest percentage of 39.6%. They will get theirs.

[Sean88gt]

OK, some of the lawyers or CPA's out there......what are the real tax issues on a find like that ? After all, it is not earned income. What will happen to them ?

Is lottery or gambling "earned"?

[FastFox]

OK, some of the lawyers or CPA's out there......what are the real tax issues on a find like that ? After all, it is not earned income. What will happen to them ?

[Sean88gt]

It'll be considered income and they'll have to cut a check to the gub for ~$4M....

<-- would've kept it as quiet as possible and sold off over a long time...

Same here. I find a satchel with any amount of cash and you won't hear shit about. I'll just slowly reduce contact with everyone and plan my exit.

[Roscoe]

It'll be considered income and they'll have to cut a check to the gub for ~$4M....

<-- would've kept it as quiet as possible and sold off over a long time...

[Sean88gt]

Surprised the gov't didn't attempt to confiscate.

[DON SVO]

Especially once they show up on Pawn Stars.

[Woods Racing Transmission]

Honestly, it would be tough to avoid the story getting out if there were so many rare coins (especially the ones they say are worth over a million each to collectors). You'd have to get them verified some way and it'll raise some eyebrows.

Especially once they show up on Pawn Stars.

[zachary]

treasurenet.com

i am a member of this site, you would be amazed at how many caches like that are found!

[YALE]

6 hours. rook

Truck driver? Nah, motherfucker. I'm a janitor. I just bought this truck straight cash. Me and my family? We set for life! I'm rich, bitch!