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(Fox News)   According to IRS rules the CA couple who found $10 million in buried treasure on their property may end up paying almost half of it in taxes this year, meaning they'll only be FIVE million dollars richer. My tiny violin, let me play it for you   (foxnews.com) divider line 217
    More: Followup, IRS  
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3979 clicks; posted to Main » on 28 Feb 2014 at 12:08 PM (6 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-02-28 09:24:36 AM
They should have said it came from investments.  Then they'd pay almost nothing on it.

/all hail job creators!
 
2014-02-28 09:27:57 AM
I'm surprised the government doesn't find some way to snatch the whole thing away from someone who makes a find like this, even on their own property.

Along the lines of  "you didn't earn this wealth... those gold coins are historical antiquities... they belong to all the people... gimme."
 
2014-02-28 09:37:37 AM

the_rev: I'm surprised...blah, blah, blah...


Of course you are. Of course you are.
 
2014-02-28 09:38:26 AM

the_rev: I'm surprised the government doesn't find some way to snatch the whole thing away from someone who makes a find like this, even on their own property.

Along the lines of  "you didn't earn this wealth... those gold coins are historical antiquities... they belong to all the people... gimme."


That's England's take on such things, lost property can become the rightful property of the finder, but intentionally buried hordes of treasure are automatically owned by The Crown, although the finder does get a set reward based on the fair market value of the find, but the British Museum automatically gets ownership of the actual objects.   Which, given the likely archaeological significance of buried treasure hordes in England makes some sense
 
2014-02-28 09:43:47 AM

enry: They should have said it came from investments. Then they'd pay almost nothing on it.


Zing!
 
2014-02-28 09:47:43 AM

Gecko Gingrich: the_rev: I'm surprised...blah, blah, blah...

Of course you are. Of course you are.


Yes. Yes, I am. This concerns you?
 
2014-02-28 09:50:38 AM
After they invested all that ingenuity and industry into creating that value. Way to disincentivize success, government.
 
2014-02-28 09:53:10 AM
Should have kept their mouths shut, and dribbled them out as needed, one by one, on a cash-only basis.   Walk into a numismatist shop and say you found it while metal-detecting or something.  Take a discount on the market value in cash, and just walk away.
 
2014-02-28 09:55:01 AM

the_rev: I'm surprised the government doesn't find some way to snatch the whole thing away from someone who makes a find like this, even on their own property.

Along the lines of  "you didn't earn this wealth... those gold coins are historical antiquities... they belong to all the people... gimme."


Florida is famous for that vis a vis the Atocha and Mel Fisher.
 
2014-02-28 09:56:50 AM

enry: They should have said it came from investments.  Then they'd pay almost nothing on it.

/all hail job creators!


They should have said they prayed to Annoyia and Offler for it.  Then they could be postmaster general.
 
2014-02-28 10:01:12 AM

Marcus Aurelius: Florida is famous for that vis a vis the Atocha and Mel Fisher.


Well, the wreck was not found on Mr. Fisher's property, Florida only wanted 25%, and eventually they were told they're getting 0%, but otherwise, just like it!
 
vpb [TotalFark]
2014-02-28 10:22:51 AM

the_rev: I'm surprised the government doesn't find some way to snatch the whole thing away from someone who makes a find like this, even on their own property.

Along the lines of  "you didn't earn this wealth... those gold coins are historical antiquities... they belong to all the people... gimme."


After all the hard work they put in making those coins by the sweat of their brow.
 
2014-02-28 10:24:28 AM
They really need to go with the 'Finders keepers, losers weepers' defense.
 
2014-02-28 10:34:36 AM

Gecko Gingrich: Florida only wanted 25%


Well I guess that changes everything then.
 
2014-02-28 10:36:46 AM

Marcus Aurelius: Gecko Gingrich: Florida only wanted 25%

Well I guess that changes everything then.


Well taken in the context of the nothing that the Supreme Court said they could have yes it rather does change everything.
 
2014-02-28 10:40:27 AM

Marcus Aurelius: Well I guess that changes everything then.


I'm surprised the government doesn't find some way to snatch the whole thing...

Florida is famous for that...

Florida only wanted 25%...


I've gone ahead and highlighted the parts that seems to have tripped you up. You also (conveniently) ignored the pat where the Atocha was not on Mr. Fisher's property.
 
2014-02-28 10:41:15 AM

Gecko Gingrich: the pat where


Who am I? Matt Damon?

/part
 
2014-02-28 11:59:05 AM
You mean they're selling them?

Why not just keep them to barter in the coming Obamapocolypse.
 
2014-02-28 12:07:24 PM

the_rev: I'm surprised the government doesn't find some way to snatch the whole thing away from someone who makes a find like this, even on their own property.

Along the lines of  "you didn't earn this wealth... those gold coins are historical antiquities... they belong to all the people... gimme."


Your brain is broken. Just thought that you should know. Stop listening to Fox News and AM radio.
 
2014-02-28 12:09:41 PM

Gecko Gingrich: Marcus Aurelius: Well I guess that changes everything then.

I'm surprised the government doesn't find some way to snatch the whole thing...

Florida is famous for that...

Florida only wanted 25%...


I've gone ahead and highlighted the parts that seems to have tripped you up. You also (conveniently) ignored the pat where the Atocha was not on Mr. Fisher's property.


I'm not the one tripping here.
 
2014-02-28 12:11:52 PM
Gonna be a herpy derpy thread. Buckle in.
 
2014-02-28 12:12:12 PM

dittybopper: Should have kept their mouths shut, and dribbled them out as needed, one by one, on a cash-only basis.   Walk into a numismatist shop and say you found it while metal-detecting or something.  Take a discount on the market value in cash, and just walk away.


How many times could they have done that at the same shop before people started getting suspicious?  Or even at a few different nearby shops, if any.  Those folks talk to each other, after all.
 
2014-02-28 12:13:13 PM
Wait, you have to pay taxes on income now?  Who knew.  Next you'll tell me you have to pay taxes if you win the lottery.
 
2014-02-28 12:13:27 PM

dittybopper: Should have kept their mouths shut, and dribbled them out as needed, one by one, on a cash-only basis.   Walk into a numismatist shop and say you found it while metal-detecting or something.  Take a discount on the market value in cash, and just walk away.


Perhaps they really found $20 million worth.
 
2014-02-28 12:13:35 PM
Keep your damn mouths shut and sell one at a time over several years.
 
2014-02-28 12:14:17 PM

Magorn: That's England's take on such things, lost property can become the rightful property of the finder, but intentionally buried hordes of treasure are automatically owned by The Crown, although the finder does get a set reward based on the fair market value of the find, but the British Museum automatically gets ownership of the actual objects.   Which, given the likely archaeological significance of buried treasure hordes in England makes some sense


Roald Dahl wrote an excellent non-fiction story about exactly that--The Mildenhall Treasure.  Very interesting.
 
2014-02-28 12:14:31 PM
all income should be treated equally.
 
2014-02-28 12:14:51 PM

Lando Lincoln: the_rev: I'm surprised the government doesn't find some way to snatch the whole thing away from someone who makes a find like this, even on their own property.

Along the lines of  "you didn't earn this wealth... those gold coins are historical antiquities... they belong to all the people... gimme."

Your brain is broken. Just thought that you should know. Stop listening to Fox News and AM radio.


I don't know why they even told anyone
 
2014-02-28 12:14:53 PM
Simply let Obama come along claiming "You didn't bury that on your own, it belongs to the people, erm, the state."
 
2014-02-28 12:15:22 PM

the_rev: I'm surprised the government doesn't find some way to snatch the whole thing away from someone who makes a find like this, even on their own property.

Along the lines of  "you didn't earn this wealth... those gold coins are historical antiquities... they belong to all the people... THEY BELONG IN A MUSEUM!!!... gimme."

 
2014-02-28 12:15:28 PM
wwwimage.cbsnews.com
 
2014-02-28 12:15:32 PM
So what I gather here is that this Kagin fellow is a dickhead who publicized their find on their own property and caused them to lose half its value.  Is that correct?  Or did it get publicized another way?
 
2014-02-28 12:15:54 PM
The husband should've given the coins to his wife while tarring the roof... or something.

/saw it in a movie once.
 
2014-02-28 12:16:11 PM
I wonder why they couldn't claim the face value since it is denominated currency.  If they sell it for collectable value later, I could see the IRS taking a portion of the increased value, but not until they realize the gains.  If I was their attorney I would be researching and (if feasible) fighting an angle along those lines as hard as I could.
 
2014-02-28 12:16:12 PM
Seems logical, but from what I read they may have to pay the taxes based on the valuation regardless of how much they actually sell them for.
 
2014-02-28 12:16:22 PM

Mad Scientist: dittybopper: Should have kept their mouths shut, and dribbled them out as needed, one by one, on a cash-only basis.   Walk into a numismatist shop and say you found it while metal-detecting or something.  Take a discount on the market value in cash, and just walk away.

How many times could they have done that at the same shop before people started getting suspicious?  Or even at a few different nearby shops, if any.  Those folks talk to each other, after all.


So yes, they could either  have $10 million which they could never spend on anything big or flashy and live constantly looking over their shoulder for the long arm of the law, or have $5 million free and clear to enjoy any way they see fit.   I know which one I'd choose
 
2014-02-28 12:16:35 PM
If they get a good enough tax attorney, they can probably find ways around paying the full taxes, just like all other rich people do.
 
2014-02-28 12:16:47 PM

Monophtalmos: Simply let Obama come along claiming "You didn't bury that on your own, it belongs to the people, erm, the state."


Actually, it would have been FDR with the Gold Surrender Act of 1933.
 
2014-02-28 12:16:54 PM
"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.


Well, that is a crap law...
 
2014-02-28 12:16:57 PM
The article says the face value of the coins is $27,000. The $10 mil amount is speculation as to what they could be worth if they are sold at auction or however to collectors. So, how do they decide how much to tax it until it's sold? Why can't they argue that they found $27,000, pay tax on that amount and they pay the rest as they sell them?
 
2014-02-28 12:17:12 PM
"Whoa, I just found a lot of gold."

"We should tell as many people as possible.  I'll call the media"

"Good thinking."
 
2014-02-28 12:17:14 PM

coeyagi: the_rev: I'm surprised the government doesn't find some way to snatch the whole thing away from someone who makes a find like this, even on their own property.

Along the lines of  "you didn't earn this wealth... those gold coins are historical antiquities... they belong to all the people... gimme."

Would you have the same level of surprise if Mitt Romney was president?  Curious! Questions!


Yes, yes I would. My comment had absolutely nothing, *nothing* to do with who is the current president.
 
2014-02-28 12:17:18 PM

dittybopper: Should have kept their mouths shut, and dribbled them out as needed, one by one, on a cash-only basis.   Walk into a numismatist shop and say you found it while metal-detecting or something.  Take a discount on the market value in cash, and just walk away.


Some people like to do things honestly. Those people are duly punished.
 
2014-02-28 12:18:26 PM
That is what they get for the running their mouth tax. The stupidity. It burns.
 
2014-02-28 12:18:28 PM
I think the law is stupid but I'm not really surprised.

But whatever, as a metal detector hobbyist, seeing all those GOLD COINS buried in rusty canisters gives me a chubby of epic proportions!!!!!!

/please hurry spring, ready to do some hunting
//suck to live in Oklahoma, where there isn't much earlier than 1900 buried in the ground (besides dead indians, but my detector doesn't pick up those)
 
2014-02-28 12:18:40 PM
That would, I suppose, depend on if they actually sold the items for $10m.  Just having them based on their supposed value is not the same thing as income.

But it still make me wonder why they shot their mouths off about it anyway.
 
2014-02-28 12:18:53 PM

the_rev: "you didn't earn this wealth... those gold coins are historical antiquities... they belong to all the people... gimme."


commandpluszed.files.wordpress.com
 
2014-02-28 12:19:38 PM

Cincinnati Kid: The article says the face value of the coins is $27,000. The $10 mil amount is speculation as to what they could be worth if they are sold at auction or however to collectors. So, how do they decide how much to tax it until it's sold? Why can't they argue that they found $27,000, pay tax on that amount and they pay the rest as they sell them?


profit is profit.  Technically, you could sell a 10 dollar bill for 20 dollars to some retard.  The IRS still wants its cut.
 
2014-02-28 12:19:56 PM
I am Andrew Ryan, and I'm here to ask you a question. Is a man not entitled to the sweat of his brow? 'No!' says the man in Washington, 'It belongs to the poor.' 'No!' says the man in the Vatican, 'It belongs to God.' 'No!' says the man in Moscow, 'It belongs to everyone.' I rejected those answers; instead, I chose something different. I chose the impossible. I chose... Rapture, a city where the artist would not fear the censor, where the scientist would not be bound by petty morality, Where the great would not be constrained by the small! And with the sweat of your brow, Rapture can become your city as well.
 
2014-02-28 12:20:08 PM

enry: They should have said it came from investments.  Then they'd pay almost nothing on it.

/all hail job creators!


They should have kept their mouths shut and sold them in increments, then operated in cash.
 
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