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Thread: What not to do: If you find gold treasure. And what to do. Comments…..

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    Default What not to do: If you find gold treasure. And what to do. Comments…..

    Quietly, Sell it on the black market or brag to the media SO THAT the media makes money on your story or sell your story to the media- in order to pay your taxes on your Gold Treasure?


    Tax collector is coming for ‘greatest buried treasure ever unearthed’
    February 27, 2014, 6:31 PM
    SHARE:MORE EmailPrint

    Reuters
    The “greatest buried treasure ever unearthed in the United States” is about to be hit by the tax collector.

    According to Kathleen Pender, a columnist at the San Francisco Chronicle, the couple who found in cans buried on their property more than 1,400 rare gold coins worth more than $10 million will probably owe close to half of that sum in federal and state income tax, whether or not they sell the coins.

    She quoted a 2013 tax guide in which the IRS stated: “If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is in your undisputed possession.”

    That means the couple, who found the gold-coin treasure on their own property, may owe tax on the estimated value of the coins by this April 15, Pender quoted Leo Martinez, law professor at UC Hastings College of the Law, as saying in her article. The couple apparently found the coins in February of 2013.

    Most of the money will be subject to the top federal tax rate of 39.6%, which starts at $450,000 in joint taxable income, the article said. In California, where the coins were found, the top state rate on joint income over roughly $1 million is 13.3%, and taxpayers generally get a federal deduction for state income tax paid, which reduces their effective federal rate.

    That puts the total amount going to state and federal tax at about 47%, the article said.

    –Myra Saefong

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    People have to be idiots to report finds like this, either the government will want to claim the coins or tax the **** out of your find, same difference.

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Unless the gold is in artwork where you'd HAVE to report it to establish legal claim...no reportage.

    The ideal situation would have been to STFU and slowly sell as needed. Gawd, I'd have liked to be in that spot...all my worries gone...just sell a coin a month.

    The trouble here is it's becoming harder and harder, in some places, to sell coins. Unless you're doing a back-alley deal (actually in a well-lighted, camera-equipped public place like a bank lobby) - as I have done - you have to produce ID and frequently get paid by check.

    Paper trail. No visible means of support. All the IRS red flags go up.

    So, I don't know but maybe they figured they had to. But to have HALF of it taken from them...tough.

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    federal tax rate of 39.6%, which starts at $450,000 in joint taxable income

    Obombus needs to take another vacation, this will help pay for it.
    - If everything seems to be going well, you have obviously overlooked something.

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    QWAK,The other side of the coin (so to speak) is most people of humble means are totaly clueless when or if a large amount of wealth comes to them.

    Overwelmed both with hapyness and fear as to what to do?

    Any one they tell including lawyers is going to want a piece of that pie!

    There is also some real danger in that if the wrong people hear of the find robery and murder are SOP -- some would kill for a $20.00 crack rock!

    Wealth especialy new found wealth has problems and dangers that most people do not comprehend because all there life they lived minimaly so were unlikely targets of predators.

    It is easy to just say "Keep your mouth shut" but very hard to do.

    Could "YOU" realy tell no one?

    the DUCK
    "ALL is ONE" What we DO to and FOR others we DO "TO and FOR" our selves ultimitly!

    People SELDOM look for TRUTH! What they look for is CONFERMATION that what they have chosen to believe IS TRUTH! This is why people will believe almost ANY THING and also WHY the WORLD is SO MESSED UP!

    IT is never realy OVER -- things just CHANGE!

    You can QUOTE me on ALL! It IS what I believe to be TRUE!

    I AM, the DUCK

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    I think the question to ask the couple is, would you do it the same way you did knowing what you know now. If that ever happened to me, I would have done it differently.

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    They might be people who have bought into the idea that paying taxes is "patriotic"...

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Quote Originally Posted by Thecrensh View Post
    They might be people who have bought into the idea that paying taxes is "patriotic"...
    It is California after all......
    The only bear market in history in which demand is rising and prices falling.

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    They are only worth $27,000 or so until you sell one for more than face value.

    Personally, I pay the tax on that, and move the hell out of the country with my collection.
    "Fiat money is the child of the arrogance of human intellect, which has sought to invalidate the laws of human nature which have regarded the precious metals as money for thousands of years, and sought to substitute an intellectual construct for the real thing. Now we are going to pay for that arrogance." Hugo Salinas Price

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Quote Originally Posted by Ahillock View Post
    It is California after all......
    Thomas Jefferson obviously did not live in California. He felt a man should pay as little taxes as he could manage. Presumably legally.

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Quote Originally Posted by JustPassinThru View Post

    The ideal situation would have been to STFU and slowly sell as needed. Gawd, I'd have liked to be in that spot...all my worries gone...just sell a coin a month.

    The trouble here is it's becoming harder and harder, in some places, to sell coins. Unless you're doing a back-alley deal (actually in a well-lighted, camera-equipped public place like a bank lobby) - as I have done - you have to produce ID and frequently get paid by check.
    Not really that hard to sell. Use craigslist, develop a network, there's folks out there who would love to purchase gold (even more so silver) anonymously in small amounts, meet in public places like coffee houses. It's do-able. Vary your ad on craigslist every month until you develop a network of buyers, and vary them monthly...

    What's interesting is noting all the lawyers (even on this forum, specially on this forum) trying to figure out ways to steal it, LOL...

    "It is easier to disintegrate an atom than a prejudice."
    -Albert Einstein



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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Quote Originally Posted by arminius View Post
    Not really that hard to sell. Use craigslist, develop a network, there's folks out there who would love to purchase gold (even more so silver) anonymously in small amounts, meet in public places like coffee houses. It's do-able. Vary your ad on craigslist every month until you develop a network of buyers, and vary them monthly...

    What's interesting is noting all the lawyers (even on this forum, specially on this forum) trying to figure out ways to steal it, LOL...
    QWAK,arminius,You are talking BIG BUCKS for collector coins one could be as high as a million you aint selling coins of that high quality on craigs list!

    Most of the value is in the story of the coin that can be documented and traced!

    the DUCK
    "ALL is ONE" What we DO to and FOR others we DO "TO and FOR" our selves ultimitly!

    People SELDOM look for TRUTH! What they look for is CONFERMATION that what they have chosen to believe IS TRUTH! This is why people will believe almost ANY THING and also WHY the WORLD is SO MESSED UP!

    IT is never realy OVER -- things just CHANGE!

    You can QUOTE me on ALL! It IS what I believe to be TRUE!

    I AM, the DUCK

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Nope guys these people did it right, start a bunch of hoopla a get Max price, and then bail lump sum. Trying to do this any other way would be penny wise and pound foolish guys.
    You better keep on truckin...or a bus is gonna run over your ass...

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Quote Originally Posted by latemetal View Post
    Nope guys these people did it right, start a bunch of hoopla a get Max price, and then bail lump sum. Trying to do this any other way would be penny wise and pound foolish guys.
    You are correct, and If you find 1 million dollars, you should pay tax on it.

    Congress, Senators, and the Presidents deserve half of your good luck(47%).

    And then when you spend your half, they deserve another 9% of that in local, state, and federal tax. And then another 10% luxury tax added on top of that.

    I am glad we are not France or some highly taxed country.

    Did I forget anything?

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    let's not feel so sorry for these people,

    someone was guiding them to get 'max' value,

    they sent everything off for grading which is a big red flag,

    trying to get up to 1M per round,

    etc.

    they are getting the door number they chose 'cause they were uber greedy imo,

    now they want to cry about the big bad govt taking their cut, we all know the govt takes their cut daily, nothing new here,

    so in the end, they don't have too much to worry about, as it was about a 10M find, and they will have about 6M of it????

    Cali may be rough, but you can probably get by on 6M
    Last edited by Scorpio; 02-28-2014 at 06:50 PM.

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Quote Originally Posted by TnAndy View Post
    They are only worth $27,000 or so until you sell one for more than face value.

    Personally, I pay the tax on that, and move the hell out of the country with my collection.
    I hope they are smart enough to figure this out. It is, after all, real money and worth face value....


    It's only worth $10 million in FIAT...
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    "Money is the future idea of value." Armstrong

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    The couple may have some legal problems in the not-too-distant future:

    EXCLUSIVE: Couple who found $10m hoard of gold coins while walking dog could have broken law by not telling the police

    Read more: http://www.dailymail.co.uk/news/arti...#ixzz2ueunEmIQ


    Click image for larger version. 

Name:	loose-lips-sink-ships.jpg 
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ID:	57579
    Always Take Things For What They're Worth & DYODD

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    OK, So they have 5 Million in tax free gold that they paid ZERO for.

    They should trade 40% for Silver!




    I wish I had to pay 5 mil in taxes on some treasure I found.

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Put an ad on craigslist saying you have one to sell.

    Every person that responds gets to buy your one coin.

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Ok, lets say you find fifty gold coins and you fail to have them assessed by a qualified person, for whatever reason.

    But You do the math... 50 coins X $1400= 70,000. And you claim taxes based on their "value". Years latter, your children, who you gave them to sell them on Ebay or Amazon or trade them for God knows what.

    And at that time they find that they are worth a lot more than originally determined. Wouldn't that be fortunate?

    Through no fault of yours- taxes were delayed and spread out over time. My point is… sometimes ignorance, laziness and incompetence are good things, no?

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Quote Originally Posted by Ag lining View Post
    You are correct, and If you find 1 million dollars, you should pay tax on it.

    Congress, Senators, and the Presidents deserve half of your good luck(47%).

    And then when you spend your half, they deserve another 9% of that in local, state, and federal tax. And then another 10% luxury tax added on top of that.

    I am glad we are not France or some highly taxed country.

    Did I forget anything?
    Oh, I did forget something. PayPal wants 3% and Ebay wants 10%. And then, Don't you have to pay sales tax or profit tax on your sales at that point in time?

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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Quote Originally Posted by Thecrensh View Post
    They might be people who have bought into the idea that paying taxes is "patriotic"...
    Quote Originally Posted by Ahillock View Post
    It is California after all......
    If you don't pay your taxes it's like stealing from the government:


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    Default Re: What not to do: If you find gold treasure. And what to do. Comments…..

    Quote Originally Posted by TnAndy View Post
    They are only worth $27,000 or so until you sell one for more than face value.


    In a similar scenario of what is value and what is taxed...

    Art’s Sale Value? Zero. The Tax Bill? $29 Million.

    Because the work, a sculptural combine, includes a stuffed bald eagle, a bird under federal protection, the heirs would be committing a felony if they ever tried to sell it. So their appraisers have valued the work at zero.

    But the Internal Revenue Service takes a different view. It has appraised “Canyon” at $65 million and is demanding that the owners pay $29.2 million in taxes.

    “It’s hard for me to see how this could be valued this way because it’s illegal to sell it,” said Patti S. Spencer, a lawyer who specializes in trusts and estates but has no role in the case.

    Full article here...

    http://www.nytimes.com/2012/07/22/ar...anted=all&_r=0

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