1. 'ole yellers statement lays a big 'ole goose egg, more of the same, chatter, chatter continues to discredit the .fed
    Dismiss Notice
  2. Good Fed day, Gold is moving up going into the release, up 3.5 to 1324, while Silver is up 11 to 18.60. Crude is pulling back and down 28 to 47.05 while the USD awaits news and down 11 to 94.62
    Dismiss Notice
  3. Week of 8/27/16 Closing prices & Chg Over Last Wk---- Gold $1322.60 DOWN 19.60-- Silver $18.65 DOWN 66-- Oil $47.64 DOWN 1.47--- USD $95.54 up 106 tics-- Based on near term futures contract--- At JMB Current price AGE $1392.14(1), SAE $21.84 (20)
  4. Added Heartland Precious Metals out of OK and LA to the map, Added Texas Precious Metals, and Added Provident Metals.

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

Discussion in 'Gold Silver (All things Metal)' started by Ag lining, Feb 28, 2014.



  1. Ag lining

    Ag lining Gold Member Gold Chaser

    Joined:
    Feb 17, 2013
    Messages:
    1,251
    Likes Received:
    545
    Trophy Points:
    0
    Occupation:
    The chains of habit are often to light to feel, un
    Location:
    You have no soul. You are a soul. You have a body.
    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
     
    Eyebone likes this.
  2. southfork

    southfork Mother Lode Found Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    11,365
    Likes Received:
    8,050
    Trophy Points:
    113
    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.
     
    Eyebone, Thecrensh and Meetzos like this.
  3. JustPassinThru

    JustPassinThru Gold Member Gold Chaser

    Joined:
    Dec 13, 2011
    Messages:
    2,736
    Likes Received:
    1,542
    Trophy Points:
    0
    Location:
    a better place
    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.
     
    Eyebone, Silver Art and Thecrensh like this.
  4. Meetzos

    Meetzos Gold Member Gold Chaser

    Joined:
    Apr 3, 2010
    Messages:
    1,959
    Likes Received:
    1,002
    Trophy Points:
    0
    Occupation:
    Retired

    Obombus needs to take another vacation, this will help pay for it.
     
  5. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    13,777
    Likes Received:
    6,809
    Trophy Points:
    113
    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. :hmmmm2::s13::questionmark::dontknow:

    Overwelmed both with hapyness and fear as to what to do? :551::afraid::dontknow:

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

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

    Wealth especialy new found wealth has problems and dangers that most people do not comprehend:36_1_30::452: because all there life they lived minimaly so were unlikely targets of predators.:damnmate:

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

    Could "YOU":chat: realy tell no one?:questionmark::questionmark::questionmark:

    the DUCK :15_1_70v:
     
  6. gtopillado

    gtopillado Seeker Seeker

    Joined:
    Dec 13, 2011
    Messages:
    170
    Likes Received:
    54
    Trophy Points:
    0
    Occupation:
    Sales
    Location:
    SF Bay Area
    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.
     
    Thecrensh likes this.
  7. Thecrensh

    Thecrensh Gold Member Gold Chaser

    Joined:
    Jun 26, 2013
    Messages:
    2,124
    Likes Received:
    1,798
    Trophy Points:
    113
    They might be people who have bought into the idea that paying taxes is "patriotic"...
     
  8. Ahillock

    Ahillock A nobody Mother Lode

    Joined:
    Apr 30, 2013
    Messages:
    12,478
    Likes Received:
    12,044
    Trophy Points:
    113
    Location:
    GIM2 server bay #5
    It is California after all......
     
    Thecrensh likes this.
  9. TnAndy

    TnAndy retired guy Midas Member

    Joined:
    Mar 29, 2010
    Messages:
    2,421
    Likes Received:
    3,677
    Trophy Points:
    0
    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.
     
    Goldhedge likes this.
  10. Ag lining

    Ag lining Gold Member Gold Chaser

    Joined:
    Feb 17, 2013
    Messages:
    1,251
    Likes Received:
    545
    Trophy Points:
    0
    Occupation:
    The chains of habit are often to light to feel, un
    Location:
    You have no soul. You are a soul. You have a body.
    Thomas Jefferson obviously did not live in California. He felt a man should pay as little taxes as he could manage. Presumably legally.
     
  11. arminius

    arminius Gold Member Gold Chaser

    Joined:
    Jun 6, 2011
    Messages:
    2,021
    Likes Received:
    2,130
    Trophy Points:
    113
    Occupation:
    420 healer
    Location:
    right here right now
    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...
     
    Thecrensh likes this.
  12. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    13,777
    Likes Received:
    6,809
    Trophy Points:
    113
    QWAK,arminius,You are talking BIG BUCKS for collector coins one could be as high as a million :yes::36_1_25::23_30_104: you aint selling coins of that high quality on craigs list!:thumbs_down:

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

    the DUCK :s9:
     
    Silver Art likes this.
  13. latemetal

    latemetal Gold Member Gold Chaser

    Joined:
    Apr 1, 2010
    Messages:
    3,551
    Likes Received:
    1,553
    Trophy Points:
    113
    Nope guys these people did it right, start a bunch of hoopla a get Max price, and then bail lump sum.:s9: Trying to do this any other way would be penny wise and pound foolish guys.:scorpio:
     
  14. Ag lining

    Ag lining Gold Member Gold Chaser

    Joined:
    Feb 17, 2013
    Messages:
    1,251
    Likes Received:
    545
    Trophy Points:
    0
    Occupation:
    The chains of habit are often to light to feel, un
    Location:
    You have no soul. You are a soul. You have a body.
    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?
     
  15. Scorpio

    Scorpio Alpha Centauri Bound Founding Member Board Elder Site Mgr Site Supporter

    Joined:
    Mar 25, 2010
    Messages:
    19,310
    Likes Received:
    19,109
    Trophy Points:
    113
    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: Feb 28, 2014
  16. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

    Joined:
    Mar 28, 2010
    Messages:
    23,988
    Likes Received:
    24,259
    Trophy Points:
    113
    Occupation:
    Tech
    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...
     
  17. searcher

    searcher Site Supporter Site Supporter Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    78,559
    Likes Received:
    30,581
    Trophy Points:
    113
  18. Some_Math_Guy

    Some_Math_Guy Banned

    Joined:
    May 6, 2013
    Messages:
    153
    Likes Received:
    36
    Trophy Points:
    0
    OK, So they have 5 Million in tax free gold that they paid ZERO for.:36_2_36:

    They should trade 40% for Silver! :bear_thumb::woohoo::36_1_11:




    :love30: I wish I had to pay 5 mil in taxes on some treasure I found.:love30:
     
    latemetal likes this.
  19. AG Stacker

    AG Stacker Silver Member Silver Miner

    Joined:
    Mar 1, 2011
    Messages:
    560
    Likes Received:
    503
    Trophy Points:
    93
    Put an ad on craigslist saying you have one to sell.

    Every person that responds gets to buy your one coin.
     
  20. Ag lining

    Ag lining Gold Member Gold Chaser

    Joined:
    Feb 17, 2013
    Messages:
    1,251
    Likes Received:
    545
    Trophy Points:
    0
    Occupation:
    The chains of habit are often to light to feel, un
    Location:
    You have no soul. You are a soul. You have a body.
    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?
     
  21. Ag lining

    Ag lining Gold Member Gold Chaser

    Joined:
    Feb 17, 2013
    Messages:
    1,251
    Likes Received:
    545
    Trophy Points:
    0
    Occupation:
    The chains of habit are often to light to feel, un
    Location:
    You have no soul. You are a soul. You have a body.
    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?
     
  22. Publico

    Publico Banned

    Joined:
    May 20, 2012
    Messages:
    1,683
    Likes Received:
    1,349
    Trophy Points:
    0
    Location:
    Some place
    If you don't pay your taxes it's like stealing from the government:

     
    Last edited by a moderator: Dec 26, 2015
  23. hammerhead

    hammerhead Not just a screen name Gold Chaser

    Joined:
    Feb 22, 2012
    Messages:
    1,955
    Likes Received:
    1,001
    Trophy Points:
    0
    Occupation:
    Home Improvement Contractor
    Location:
    USSA
    PHP:


    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/a...ring-a-stuffed-eagle.html?pagewanted=all&_r=0
     

Share This Page