FN Herstal Firearms banner

1 - 20 of 20 Posts

·
Vendor
Joined
·
5,592 Posts
Discussion Starter #1
:th_confused0068: WOW!! They are either very lucky and have a great future or.... The IRS and the California Nazi party will be down to take their share ... which will be all of it.
What a Calif. Couple Found Inside Six Cans Buried in Their Backyard Has Made Them Millionaires | Video | TheBlaze.com
A Northern California couple walking their dog on their property is proving why you shouldn’t be above stooping down to check out an old can if you stumble upon one. What they found is a modern-day bonanza: $10 million in rare, mint-condition gold coins buried in the shadow of an old tree.
Nearly all of the 1,427 coins, dating from 1847 to 1894, are in uncirculated, mint condition, said David Hall, co-founder of Professional Coin Grading Service of Santa Ana, which recently authenticated them. Although the face value of the gold pieces only adds up to about $27,000, some of them are so rare that coin experts say they could fetch nearly $1 million apiece.
 

·
Registered
Joined
·
29 Posts
Great news for them however, that is prime example why you should not advertise your good fortune.

On a "Luck" scale of 1 to 10, I give them a 10.

On an "Idiot" scale of 1 to 10, I give them a 12++++.
 

·
Registered
Joined
·
1,775 Posts
Good for the finder, though they are crazy to talk. Though contact with the coin collecting world would get the word out sooner or later.

Captain Obvious says, "I predict Kalifornia will try to get their hands on those coins."
 

·
Registered
Joined
·
1,423 Posts
When I was reading this yesterday I thought, why am I reading this ? Are these people completely crazy, have they never dealt with IRS or even worst they say it was part of a theft and take it all !
 

·
Vendor
Joined
·
5,592 Posts
Discussion Starter #6 (Edited)
Here we go.... The couple has to PAY 47% of the value THIS YEAR!

A California couple that discovered $10 million worth of gold coins last year will have to pay nearly half that amount in federal and state income tax, regardless of whether they sell the coins.

Interestingly enough, the couple’s newfound tax burden is not exactly unprecedented.

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 isn’t without recourse, Arthur Dellinger, a CPA with Cooper, Moss, Resnick, Klein & Co., told the Chronicle. He said they could argue that the coins are a capital gain because “when they bought the property, it was part of the property and part of the acquisition price,” but said it was unlikely that argument would succeed.

The couple has until April 15 to pay the taxes owed on their discovery.
http://www.theblaze.com/stories/2014/02/28/couple-that-found-10-million-in-gold-coins-will-have-to-hand-over-how-much-in-taxes/
 

·
Premium Member
Joined
·
9,490 Posts
Fortune may smile upon you, but the taxman always grins the biggest.
 
  • Like
Reactions: Ironminer

·
Registered
Joined
·
22,109 Posts
So they should have found it, but kept their mouth's shut. :eek:
 

·
Registered
Joined
·
480 Posts
That is why the rich keep their mouths shut and obtain duel citizenship and move to a tax haven. Then sell a coin or two slowly outside where you live via trusted 3rd parties from your tax haven. The rules are different for the wealthy as they make the law, evade the law or disregard the law.
 

·
Registered
Joined
·
1,423 Posts
When I was reading this yesterday I thought, why am I reading this ? Are these people completely crazy, have they never dealt with IRS or even worst they say it was part of a theft and take it all !
AS I SAID: They have decided the coins were from a 1900s hist from a CA mint, and the idiots get a big THANK YOU PLEASE DRIVE THROUGH, you can't fix stupid ! :th_cry:
 

·
Registered
Joined
·
29 Posts
I'm no expert but if a descendent of the owner of the property during the period the coins were buried (a descendant of the person who may have buried them for safe keeping) stepped up at this point could that person(s) have a legitimate claim to the coins ?
 

·
Registered
Joined
·
1,775 Posts
Uh Oh!

Gold Treasure In ‘Saddle Ridge Hoard’ May Have Been From 1899 SF Mint Heist

Looks like they might not even get to pay taxes and keep the rest.

Gold Treasure In ?Saddle Ridge Hoard? May Have Been From 1899 SF Mint Heist « CBS San Francisco

SAN FRANCISCO (CBS SF) — Gold coins from what may be the greatest buried treasure in U.S. history were possibly from an unsolved heist at the San Francisco Mint.
Last week it was announced that a couple found nearly 1,500 uncirculated gold coins dated from 1847 to 1894 buried in cans on the grounds of their property in the Sierra Foothills. The coins, many of which were in mint condition, are estimated at a value of $10 million. That collection is now being called the “Saddle Ridge Hoard.”
As the San Francisco Chronicle reports, the face value of the coins is $27,000–just $3,000 shy of the total reported stolen from the mint in late 1899.
The coins were in perfect condition, and in chronological order. One of the coins was also missing the words “In God We Trust,” which could indicate the coin was kept in the mint, and out of circulation, but officials have not confirmed that.
 

·
Vendor
Joined
·
5,592 Posts
Discussion Starter #15
:-x I knew the government would try and get it ALL!! Those people who found them are idiots! They should just have kept their mouth shut and sold the coins one at a time over many years. Idiots!!!!
 

·
Registered
Joined
·
5,300 Posts
I'm no expert but if a descendent of the owner of the property during the period the coins were buried (a descendant of the person who may have buried them for safe keeping) stepped up at this point could that person(s) have a legitimate claim to the coins ?
I seriously doubt it. When property is sold everything on the property transfers to the new owner unless specifically negotiated. Such things as mineral rights may be separate. This descendant would have no way to prove the claim. There are no serial numbers on coins that he could have a list of to prove they ever belonged to an ancestor of theirs. I doubt the original possessor of the coins took a selfie while burying them on the property.
 

·
Registered
Joined
·
4,907 Posts
I know the Government is corrupt and will try to seize all but how do they prove there are from that heist? Also they should pay taxes on the $27,000 gold value, As how do you tax the value as to what it may bring at auction? At auction that could be anything.
 
1 - 20 of 20 Posts
Top