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News Link • TAXES: Federal

Disgusting: Couple's gold discovery will be taxed at top federal rate

• Daily
 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.
Read the rest and weep:
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.

3 Comments in Response to

Comment by Stupid Amerkin
Entered on:

How much more blatant can legalized robbery be?

Comment by Howard Pearlman
Entered on:

In a way they deserve this, as they informed on themselves.

BTW, I don't agree with the govt's rationale about "found money."  It was part of the property they bought when they bought their house.  If they were smart (no indication of that yet) they'd get a lawyer to argue that point and anything else they can think of.

The selling of these coins will probably depress the MS64  20 dollar gold coin Market for awhile.  How the IRS can determine value without a market sale is an amazing act of magic isn't it?

Finally, I would love to know the story behind these coins.  My best guess is they were taken from a bank in the late 1800s (due to their near perfect condition - banks held these as collateral for the paper currency they would issue) and the thieves met an untimely demise, but who really knows?

Comment by Ken Sutter
Entered on:

 In the meantime the IRS dare not tax the Federal Reserve. Oh, I forgot, the IRS IS the collection agency for the Federal Reserve. Hmmmm, the bankers get away with Billions. You and me? Not so much...

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