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Most times you blunder when you talk about your treasure

Posted by on February 28, 2014

http://blogs.marketwatch.com/themargin/2014/02/27/tax-collector-is-coming-for-greatest-buried-treasure-ever-unearthed/

“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 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.”…

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