Sell Gold Boca
A couple finds $10 million worth in gold coins while walking their dog. The story seems too good to be true, but it’s true. They were walking their dog in the back yard when they stumbled upon a bucket that was buried with $10 million in gold coins. A lot of the coins have been untouched since they were put there and fetch way more than just the value of the coin. I’m sure they will end up going somewhere to sell gold Boca.
The craziest part about the story isn’t the fact that they found $10 million. It is the fact that they are now required to pay almost half of that value back in taxes. They still have to pay it even if they don’t sell the coins! In 1969, the US district court in Ohio ruled that a “treasure trove” is a taxable event and can be applied to the year that it was discovered. Furthermore, in the 2013 version of the IRS tax code it 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.”
But the couple does have some recourse. According to Arthur Dellinger, a CPA with Cooper, Moss, Resnick, Klein & Co., they couple can claim the treasure is a capital gain because when they bought the property the coins were part of the purchase. But it is unlikely that the argument will succeed.
I can’t imagine stumbling across $10 million in coins and then being required to pay almost half back in taxes. But I guess it’s hard to complain about getting a free $5 million.
by, Seth Marcus at Boca Raton Pawn
Related articles
