COIN HOARD FOUND

LC

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It sure isn't Andy LOL .
 

2find4me

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And they found this without being arrested for looting?[:D]
 

reach44

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That's something I'd pick up and never tell anyone about. The good ol' US government wouldn't see any of that money. The way I see it, they cant handle the money they have so why do they get to take the money I earn at a job and then take money from what things I find?
 

David Fertig

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The San Francisco Chronicle noted that a U.S. District Court in Ohio ruled in 1969 that a “treasure trove” is a taxable event and can be applied to the year the so-called treasure is discovered.Further, in its 2013 tax guide, the Internal Revenue Service states, “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 not-yet-identified California couple found 1,427 rare, mint-condition gold coins buried in their backyard last February. This means they will have to pay a tax on the estimated value of the coins by April or else suffer a penalty and additional interest charges, Leo Martinez, a law professor at the University of California Hastings College of the Law told the Chronicle.Additionally, he said, most of the couple’s cash will be “subject to the top federal tax rate of 39.6 percent, which starts at $450,000 in joint taxable income.”The top taxable rate on joint income of $1 million or more in the state of California is 13.3 percent.Now, it’s worth noting that taxpayers are normally granted a federal deduction for state income tax paid, reducing their effective federal rate.Still, even with the deduction, the taxable amount the California couple is looking at for both state and federal clocks in at about 47 percent.The couple has until April 15 to pay the taxes owed on their discovery.
 

bottlecrazy

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Back on point . . . [8|] If you've never read "Ship of gold in the Deep Blue Sea," the story of the discovery and recovery of the cargo of the SS Central America, then you're missing a great story. Many fantastic Gold Rush-era coins recovered from that wreck.
 

cowseatmaize

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The couple has until April 15 to pay the taxes owed on their discovery.
I guess they better sell it quick or have $5 million laying around already. Maybe the did already.That's why people do or should wait and get good financial information if the win a lottery. This is something I missed. I'm gonna check that story out, sounds interesting.The gold coins dating from 1847 to 1894 were stashed in eight cans along a trail the couple had walked for years
Treasure hunting enthusiasts believe the coins may be have been stashed away by Walter Dimmick in 1901
He worked at the San Francisco Mint and was imprisoned after $30,000 worth of gold coins went missing[ul][*]FROM[/ul]
 

Plumbata

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Amazing discovery. If I stumbled upon that, I'd probably not be able to restrain myself and would have to share *part* of the discovery. A half-truth of revealing the discovery of "one" can full of gold coins would satisfy the urge to share my jubilance and the good fortune of finding such a treasure, while both protecting the bulk of the hoard and justifying the strange influx of fresh gold into the marketplace.
L C said:
I have never understood why the government has the right to take half . I can understand having to pay a tax but not half . Then too , what do I know ..............

Why? Because Progressives/Liberals a century ago decided that they knew better than the individual, and felt that the subversion of the constitution was their authoritative right in order to monitor and regulate our lives in-line with their maximum government, minimal freedom ideology.
 

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