Treasure Trove on public land

[au-artifax]

I didn't redirect the thread at all, as I explained in detail. Sorry I wasn't as concise as you, but then I thought being concise meant being accurate and brief, which you were neither. As far as info on Sue, the information I gave is ALL from the diggers of Sue, in their own words, all of them. You know, it really p's me off talking to an ego instead of an intellect. You haven't heard a single word have you?!

But hey, (wink wink), I get it! It'll be between you and me, some of what I said contradicts some piece(s) of your expert advice given on your videos. Don't worry, I won't say a thing. Mumms the word.

Just curious about one thing... What exactly is this, (your thread?) about then.... considering you caught me red handed re directing it. Tell me (us), please. You're the author, right? C'mon... you must be... nuh..uh.. Nuh..whuh?!? ....Gaaassspppp... Your nooottt!?!?

But the...
But whaa
But uh....

My hands are in the air.....I surrender!

 

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[ROBERTABREU]

I AM A GREEN HORN KINDA I HAD A METAL DETECTOR IN THE 70'S FOUND A SHOE BOX FULL OF COINS AT A 4 H FAIR GROUND IN MASSACHUSETTS.
I HAD IT FOR SEVERAL YEARS AND WHEN SILVER WENT WAY UP I SOLD IT.
LETS FACE IT GOVERNMENTS TODAY CAN NOT BE TRUSTED THEY STEAL EVERYTHING THEY CAN GET AWAY WITH. GREED IS A TERRIBLE THING AND THEY ARE ONLY HUMAN.
WHAT CAN WE EXPECT BUT FOR THEM TO TAKE IT AWAY AND TELL US WE CAN GET IT BACK SOMEDAY, THEN LIKE SOMEONE SAID IT GETS LOST OR MISLAID......

 

[au-artifax]

I AM A GREEN HORN KINDA I HAD A METAL DETECTOR IN THE 70'S FOUND A SHOE BOX FULL OF COINS AT A 4 H FAIR GROUND IN MASSACHUSETTS.
I HAD IT FOR SEVERAL YEARS AND WHEN SILVER WENT WAY UP I SOLD IT.
LETS FACE IT GOVERNMENTS TODAY CAN NOT BE TRUSTED THEY STEAL EVERYTHING THEY CAN GET AWAY WITH. GREED IS A TERRIBLE THING AND THEY ARE ONLY HUMAN.
WHAT CAN WE EXPECT BUT FOR THEM TO TAKE IT AWAY AND TELL US WE CAN GET IT BACK SOMEDAY, THEN LIKE SOMEONE SAID IT GETS LOST OR MISLAID......

Too sad and too true. Both states and feds have even proclaimed "eminent domain" on private parcels of land to get hold of important artifacts (important to them). Just recently it was proclaimed that a person after locating an additional part of The Declaration Of Independence in his back yard would profit heavily from it. I laughed, knowing that, as has happened in the past, a government entity would immediately step in and claim "eminent domain" on where it was found. It is their way to get around the "I found it in my back yard" story. In the end, after spending all their wealth trying to fight it, all a land owner would be left with is the fair market value of their land and it's structures.... LESS all the remaining court and legal fees from fighting the case in the first case. After a few years of it dragging out through the court system the government would make out; the attorneys would make out; and the landowner would be left without a cent. In such a case the best thing would be to negotiate right from the get-go..... or if it is an item that can realize some profit while flying under the radar, keep it a secret. But an important item that is not just a commodity like precious metal, that relies on documented providence for its value, that can't be hidden. Depends on what you've found actually. If you found gold, it is a commodity and can be kept relatively secret. If you found something like Abe Lincolns diaries, they can only be proved real by bringing it public.

It's funny that it is no secret I would love to find something left behind by Captain Kidd; all along knowing if it went public that immediately Great Britain would claim it, any insurance entities old enough would claim it, entities from the middle East and India would claim it, and sometime, after the end of the world, a decision will be made on who it belongs to. But still I keep looking... Lol. Flip a coin.... Heads = fame... Tails = make it a commodity and get rich in secret.

Yeah, government can be thought of synonymous with "greed" when it comes to treasure and antiquity's.

 

[tamrock]

Stick to rule No.1 there "Angle Eyes" and you won't end up like Tuco.

 

[au-artifax]

Stick to rule No.1 there "Angle Eyes" and you won't end up like Tuco.

I don't get it Tam.

 

[maipenrai]

If you found something left behind by Captain Kidd, SPAIN would claim it!

 

[au-artifax]

If you found something left behind by Captain Kidd, SPAIN would claim it!

Thanks Jason.

Mai, why do you think Spain would try to claim it? Was one of the ships Kidd had taken under Spanish colours or ownership? There are plenty of missing pieces, so let me know please. Thanks.

Maybe you are making a statement about Spain's tendency to think most things lost underwater are theirs? If so... I hear ya!

 

[DanWho]

At the time of sale you would have a taxable event, at tax time you would have to make a decision.

Options:
1. Mumms the word, if you are sure enough that you are not worried about the government discovering the sale, then make sure not to mention it to your tax preparer. He can give lots of advice on hypothetical occurrences though.
2. If you are a professional treasure hunter even for just that year then you can claim expenses incured that year concerning treasure hunting ie... mileage, hotels, food, equipment and etc
3. Treat the find and sale as hobby income, as hobby income you can claim expenses up to the sale price of the item, you can not claim expenses beyond the sales value to lower your AGI (adjusted gross income)

The next options are a little fuzzy to me because I have not studied the tax laws in this direction because I or none of my clients have had this happen to them YET.

4. If you held the property long enough you may be able to claim only long term capitol gains and be taxed on that portion of the sale, but my understanding is that this is for investment purposes, but there is almost always a loop hole to climb threw if you really want to.
5. Barter the item for something you want, you still have to claim the barter as income above your basis in the item, but there can be a lot of sloppiness used in the valuation of the barter income.

This one is on some shaky ground.

6. Go to a bank and get a loan on the item, leave the item as collateral for the loan, and then not repay the loan and allow the bank to take the collateral.
This one could still get you lots of attention from people you don't want and they may be able to say it was a discounted sale rather than a loan due to intent. There is some risk involved with this, knowing how some criminals work, this might open you to charges of money laundering or other such charges if they are eager to get their names and pictures in the papers.

I have always recommended to my clients to follow the rule of KISS. The more complicated or convoluted something is the more you are asking someone to look closer just to see if there is a way to take advantage of any mistakes made. Just how you apply the rule of KISS is up to you.
Also remember that if more than one person knows a secret, then it is no longer a secret. Diary entries, blog entries, a quick note to mom, a vindictive ex is the taxmans best friend, a video anywhere or even a photo is more than enough proof to get hung by.

This is not legal advice, I am not a lawyer. I am just a tax preparer. Any lawyer could probably shoot more holes than you could count into everything I've said.

 

[Willee]

We all have heard and read about long lost treasure that has never been found ... or has it ... .

Silence is golden!

 

[Tnmountains]

Closed this thread was started 3 years ago,