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Tax man comes for couple’s gold-coin find

February 28, 2014 in Antique Coins, Coins, Gold, Gold Coins, Gold Eagles, News, Numismatica, Numismatics, Rare Coins, Treasure, USA Coins

The people who unearthed the stash on their property could owe nearly half of the $10 million value in federal and state taxes.

By MSN Money Partner. By Myra Saefong, MarketWatch (http://money.msn.com)
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 (pictured) 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.”

Full article at the source>

 

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