NorCal Couple Finds $10M In Gold Coins;

[CrusaderFrank]

How much do they owe the IRS

Sent from my Chinese Supercomputer made from XBox parts Bush sent to China

 

[rightwinger]

How much do they owe the IRS

Sent from my Chinese Supercomputer made from XBox parts Bush sent to China

I would guess $3 million

 

[HelenaHandbag]

Just think how far that money would go if it were in the hands of government.
All the infrastructure programs and investment in R&D and education.

Science! You forgot science!

 

[Luddly Neddite]

Just think how far that money would go if it were in the hands of government.
All the infrastructure programs and investment in R&D and education.

Science! You forgot science!

Or we could let the rightful owners keep their money and cut our bloated military even more.

 

[Rozman]

Well as a republican I'm accused of being anti science....
So there you go...
I'm just being me...

 

[HelenaHandbag]

DON'T TELL ANYONE!

Filed under: DUUHHHH!

 

[Mad_Cabbie]

Care to elaborate?

 

[dannyboys]

The local chapter of 'Lib-Losers-R-Us' is having a thousand little plastic 'gold-like' coins made up. They will be hiding them on each of the property owners lawns in the couples area......and with a carefully worded audio tape (for those who can't read too good) describing where to find their own 'buried treasure'.
Then no one will be any 'luckier' than anyone else.

 

[iamwhatiseem]

Pending lawsuits from previous landowner's decedents in 5,4,3,2.....

 

[rightwinger]

Since this is turning into a partisan hate thread

Th one percent is currently making plans to lay claim to all the gold. It is their right after all

 

[Desperado]

people never learn.... Just keep quiet.

California couple in $10M gold find may owe gov’t about half, report says

The San Francisco Chronicle reports that the find is a taxable event under a 1969 federal court ruling that held a "treasure trove" is taxable the year it was discovered.

"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 your undisputed possession,” the report said, citing the IRS tax guide.

The report says after all is said and done, about 47 percent will go to state and federal tax, or the top tax rate.

California couple in $10M gold find may owe gov?t about half, report says | Fox News

 

[Desperado]

Since this is turning into a partisan hate thread

Th one percent is currently making plans to lay claim to all the gold. It is their right after all

Not all the gold only 47% of it.

 

[rightwinger]

people never learn.... Just keep quiet.

California couple in $10M gold find may owe gov’t about half, report says

The San Francisco Chronicle reports that the find is a taxable event under a 1969 federal court ruling that held a "treasure trove" is taxable the year it was discovered.

"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 your undisputed possession,” the report said, citing the IRS tax guide.

The report says after all is said and done, about 47 percent will go to state and federal tax, or the top tax rate.

California couple in $10M gold find may owe gov?t about half, report says | Fox News

It is hard to discretely spend $10 million in gold

The couple is no different than anyone else. They owe the taxes on their windfall, much like a lottery winner who won $10 million

 

[Delta4Embassy]

May Be Greatest Buried Treasure Ever Found In U.S.

Wow! How many of their neighbors are now going to rush out and dig up every inch of their property?

And, how can they keep them? Will the government claim them? Read more with videos @ NorCal Couple Finds $10M In Gold Coins; May Be Greatest Buried Treasure Ever Found In U.S. « CBS San Francisco

TIBURON (CBS SF) – A couple has made the buried treasure find of a lifetime – gold coins worth millions of dollars – on their property in Northern California.

A cache of more than 1,400 rare U.S. gold coins, stored in decaying metal cans and buried near an old tree on the property, was discovered as the couple were taking their dog on a daily walk.

Find a few bucks, then congratulations. But finding millions someone obviously buried I'd try to find out who it belongs to and return it. Rather be thanked and possibly rewarded with my honor intact than basicly steal something because it's on my property.

 

[dannyboys]

Sell the coins to private collectors. Any one ask where you got the money for your new car tell them it's none of their ******* business. If Obama's thieves show up tell them you saved the money in a coffee tin. Then tell them to get the **** off out of your new house. If they hassle you get a good lawyer who will then tell the thieves to go **** them selves.

 

[rightwinger]

May Be Greatest Buried Treasure Ever Found In U.S.

Wow! How many of their neighbors are now going to rush out and dig up every inch of their property?

And, how can they keep them? Will the government claim them? Read more with videos @ NorCal Couple Finds $10M In Gold Coins; May Be Greatest Buried Treasure Ever Found In U.S. « CBS San Francisco

TIBURON (CBS SF) – A couple has made the buried treasure find of a lifetime – gold coins worth millions of dollars – on their property in Northern California.

A cache of more than 1,400 rare U.S. gold coins, stored in decaying metal cans and buried near an old tree on the property, was discovered as the couple were taking their dog on a daily walk.

Find a few bucks, then congratulations. But finding millions someone obviously buried I'd try to find out who it belongs to and return it. Rather be thanked and possibly rewarded with my honor intact than basicly steal something because it's on my property.

I'm not sure.

I think once you close on a property, it is yours. Not like sunken treasure that is governed by maritime law.

I suspect it was buried in the 30s when the government was confiscating gold

 

[Desperado]

people never learn.... Just keep quiet.

California couple in $10M gold find may owe gov’t about half, report says

The San Francisco Chronicle reports that the find is a taxable event under a 1969 federal court ruling that held a "treasure trove" is taxable the year it was discovered.

"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 your undisputed possession,” the report said, citing the IRS tax guide.

The report says after all is said and done, about 47 percent will go to state and federal tax, or the top tax rate.

California couple in $10M gold find may owe gov?t about half, report says | Fox News

It is hard to discretely spend $10 million in gold

The couple is no different than anyone else. They owe the taxes on their windfall, much like a lottery winner who won $10 million

It maybe hard to discretely spend $10 million in gold but it is not impossible.
Now they owe 47% of their total find no matter if they sell it or not. If they would have kept quiet, they would only pay tax on what they sell.

 

[rightwinger]

Sell the coins to private collectors. Any one ask where you got the money for your new car tell them it's none of their ******* business. If Obama's thieves show up tell them you saved the money in a coffee tin. Then tell them to get the **** off out of your new house. If they hassle you get a good lawyer who will then tell the thieves to go **** them selves.

If you found $10,000 in gold you could probably do that. But $10 million is almost impossible to launder

 

[Wildman]

I'm happy for the couple.
I'm also waiting for the stories to come out that they can't keep it.
I'm sure the government first local then Federal will find a way to take it.
I'm sure there will be some arguments from liberals who say they should not be "allowed" to keep it because it's not "fair" that they found it and no one else in the area had any gold buried on their property.

California couple in $10M gold find may owe gov?t about half, report says | Fox News

California couple in $10M gold find may owe gov’t about half


One couple's gold find could mean a jackpot for the IRS.

The Northern California couple that found $10 million worth of rare, mint-condition gold coins buried in the shadow of an old tree on their property will likely owe about half the find's value whether they sell the gold or not.

The San Francisco Chronicle reports that the find is a taxable event under a 1969 federal court ruling that held a "treasure trove" is taxable the year it was discovered.

when i first read this story i knew this would happen, next come the former land owners who will lay claim to the gold coins.

those people were stupid to go public with their find.., had it been me, an amateur coin collector, i would have kept my mouth SHUT and looked up the values on my own.

i'll bet they are liberals and will not mind the loss of their find actually i hope they do lose it all simply due to their stupidity ....

 

[Delta4Embassy]

May Be Greatest Buried Treasure Ever Found In U.S.

Wow! How many of their neighbors are now going to rush out and dig up every inch of their property?

And, how can they keep them? Will the government claim them? Read more with videos @ NorCal Couple Finds $10M In Gold Coins; May Be Greatest Buried Treasure Ever Found In U.S. « CBS San Francisco

Find a few bucks, then congratulations. But finding millions someone obviously buried I'd try to find out who it belongs to and return it. Rather be thanked and possibly rewarded with my honor intact than basicly steal something because it's on my property.

I'm not sure.

I think once you close on a property, it is yours. Not like sunken treasure that is governed by maritime law.

I suspect it was buried in the 30s when the government was confiscating gold

Insofar as the law is concerned, it's their's. But that's using the letter of the law to defeat the spirit. Thinking about how utterly someone might be devastated loosing the money should ensure doing the right thing. Examples include finding Nazi-stolen property during the Holocaust and the right thing being returning it to family that might still exist. Just because you find something doesn't mean you *should* keep it. Law might allow your doing so, but what about your conscience?