What are the federal laws in USA regarding finding a buried coin cache?

[b3y0nd3r]

Right way to do it: Make sure you have a concrete airtight notarized legal agreement with the land owner about the 50/50 split. You may also want to have a non-disclosure agreement where he and yourself are legally not allowed to disclose each others identity.

As for the tax issue, If you decide to pay your fair share of taxes, then make sure everything is documented from day one. That means having a notary or some other legalized body to account for EVERY dollar. Make sure you have a rock solid paper trail otherwise, an audit and an investigation from the IRS will be initiated.

The other option if you wish not to pay your fair share, well, use your imagination.

 

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[Johnnybravo300]

Don't involve the irs whatsoever or any tax attorney and fair share is crazy talk.
Keep the trap shut and make it easy on yourself. No point in giving what you've produced to those that produce nothing.

 

[Red James Cash]

I guess people ultimately pick which laws to obey.

Why not,the gooberment does LMAO.

 

[Honest Samuel]

You all know my opinion, pay your state and federal income taxes, or you may end up in jail.

 

[Johnnybravo300]

Actually you have to break a law to go to jail and there is no law forcing you to pay. You can be prosecuted for lying on your tax forms knowingly but it rarely happens. Most people get scared and pay before it gets to that point because they realize they already incriminated themselves.
There are literally thousands who refuse to file or pay and none go to jail. Many are government workers and it would surprise most people.
Not something I would recommend on the other hand. It's a hassle to say the least but worth it to those that partake.

 

[Honest Samuel]

Don't involve the irs whatsoever or any tax attorney and fair share is crazy talk.
Keep the trap shut and make it easy on yourself. No point in giving what you've produced to those that produce nothing.

Off to jail you may go for not paying taxes on treasures that you recover.

 

[Tom_in_CA]

Off to jail you may go for not paying taxes on treasures that you recover.

Samuel, I'm assuming you're a metal detector enthusiast. By virtue of the fact you're on T'net forum. As such, I assume you find stuff when you go out detecting . Even if only clad. Right ? Ok, I'll bite: Do you declare the values on your income taxes ?

 

[Johnnybravo300]

That blaze article tells it all. The willingness for people to bend over and take it astounds me haha. And I thought I had a big mouth!

 

[G.A.P.metal]

With due respect to # 46, I total disagree. We live and work with contracts. Oral contracts involve treasures, are not any good. If treasure hunters do not have written contracts with land owners, they can take all the treasures with guns, and there is nothing the treasure hunters can do. With written contracts, the land owners cannot take all the treasures illegal. Also, the contracts states how the treasures is divided and how it is sold. Most coin dealers are crooks and do not give even fifty percent of what the treasures are worth. The best way of selling coins treasures is through a coin auction house, like Stack Bowers in New York City. I do not work for them. If you sell your coins treasures through a coins auction house, they charge a small commission, and then you both receives checks for what your contracts are with the land owner. A metal detector dealer in Connecticut demands all the time on written contracts, and I agree with him. I am researching a buried treasure in Connecticut that is worth millions of dollars, and I do not know the land owner and they do not know me, and I would never have oral contract, just a written contract. I always pay federal and state income taxes, from selling buried treasures and working jobs. I sleep good at night. Good hunting and good luck.

You come to my house and try to get me to sign anything i`ll throw you off ....so how does your plan work then?

 

[Johnnybravo300]

I'm sure that couple felt like they were doing the right thing. It's been programmed into most people to fear the govt their entire lives and we all hear it when we're young.
I'm sure they are getting some very threatening letters disly haha. That's usually the first step. They can't send you any corrsepondence without a threat of fines or imprisonment.

 

[GB1]

i wouldn't tell anyone about all of sudden i would have relatives i don't know lining up for there share

 

[Honest Samuel]

I am writing about buried treasures on paying state and federal income taxes. IRS is not interesting in coins shooting finds unless it is a lot of money.

 

[Peyton Manning]

up to a certain dollar amount it is considered a hobby and not taxable

 

[Tom_in_CA]

I am writing about buried treasures on paying state and federal income taxes. IRS is not interesting in coins shooting finds unless it is a lot of money.

up to a certain dollar amount it is considered a hobby and not taxable

This topic has come up before. All income is taxable. You can offset it by amount of expenses, by listing both income and expenses, if you want. But don't think that income, from any source, and any amount, isn't taxable.

 

[Treasure_Hunter]

Post deleted, no politics in this thread.

 

[Honest Samuel]

That is correct, Tom. IRS want state and federal income taxes on all income, legal and illegal including finding buried and sunken treasures. That include prostitutes, pimps, drug dealers, and all other illegal business. Of course they are not going to pay taxes and many of them go to jail because of it. That is how they got my uncle Al. Stop your crying if you do not live in a state like Connecticut where there are also state income taxes.

 

[Honest Samuel]

i wouldn't tell anyone about all of sudden i would have relatives i don't know lining up for there share

Like our Uncle Sam.

 

[Johnnybravo300]

Yeah like the lottery winners always say, they never knew they had so many friends and family! Haha
Once you got something everyone wants a slice!

 

[Johnnybravo300]

Theres so much wrong with the article that makes it more confusing. It just makes you think about these things.
The Constitution states that we are only to use gold and silver coinage as money, so really they only found legal money with basic face value.
I doubt there's any law that would support the forced exchanging of legal minted gold coins into fiat because the irs says so. That's laughable at best and any judge would know that.
Seems like many ins and out with this that they could persue. Interesting.

 

[Tom_in_CA]

That is correct, Tom. IRS want state and federal income taxes on all income, legal and illegal.... of them go to jail because of it.....

But I'll bet you dollars to donuts that you will not find a single case of "jail", for an md'r who didn't report his clad totals. Does that make it any less illegal ? No. It just goes to show that we all know the intent and spirit of the law.