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

[GB1]

Like our Uncle Sam.

exactly why i wouldn't tell anybody i hardly tell my cousins or pawpaw if i find a coin on are property

 

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[PullTabSlayer]

The original poster has never posted again so I assume she took the money and run

 

[SeabeeRon]

Is this a hypothetical situation or is there more to your first post here?!?

The OP of this thread appears to be a one hit wonder.

Above are my first two posts to this thread.

 

[Red James Cash]

The original poster has never posted again so I assume she took the money and run

Or number 2....Looking and waiting for somebody to run their mouths about an object,cache,etc,that they found that was worth a lot so the op(maybe a irs agent)could turn them in for the reward.A percentage of what the person owes is given to a snitch.

 

[Tom_in_CA]

Above are my first two posts to this thread.

ahhh, but you're no fun seabee ron If it wasn't for person's beating dead horse's like us, then ........ what would forums come to ?? haha

 

[Honest Samuel]

Tom is always good for a good laugh.

 

[smokeythecat]

Hey, did anybody check to see the original poster never posted anything again, here, anywhere?

 

[Treasure_Hunter]

Hey, did anybody check to see the original poster never posted anything again, here, anywhere?

Doesn't really matter since many members travel.

 

[smokeythecat]

You're right, doesn't really matter, but dialog is fun.

 

[Johnnybravo300]

The reward for snitching may be the equivalent of an irs treasure.
I'm in the wrong line of work!

 

[mtcowboy81]

So I guess my biggest question would be if you have been searching for a certain treasure for 5 years and have all receipts of fuel purchases, books on the subject, batteries for your detector, and any other expenditures can you claim that against your tax bill? Or would you just be able to claim what you spent in the year you paid the taxes? I know for lottery wins or gambling wins you can claim a deduction for money spent on losing tickets or losing bets for that year.

 

[Johnnybravo300]

Are you registered with Colorado as a treasure hunting business or are you just a guy that hunts for treasure? Expense deductions for operating costs are usually limited to business deductions. If you aren't an actual business that hunts treasure then it's a hobby.

I could be wrong too.

 

[Johnnybravo300]

If you do own a business and it's not treasure related, slap a sticker on your detector or truck for "advertising" and your business can sponsor your hunts. It's all a write off as advertising technically. I did that to travel around and race dirt bikes for years. My business sponsored me and paid for it all tax free.
I was a sub chapter s Corp so your situation might be different.

 

[mtcowboy81]

Sorry I left part of the hypothetical info out. If you find something of value then can you deduct any expenses in finding it from the taxable amount?

 

[Madmox]

I’ll just leave this here so you can get some idea what to expect. http://www.triplicate.com/csp/mediapool/sites/Triplicate/News/story.csp?cid=4397297&sid=923&fid=151

 

[Overseas]

Sorry I left part of the hypothetical info out. If you find something of value then can you deduct any expenses in finding it from the taxable amount?

How I would do it is form a business for a few dollars, so that I could buy a new car...write off the gas expenses for the car, detector, special clothing & tools. Once the business is formed as a corporation I would carry forward my "losses" from year to year until I made the big find. Again, that is how I would do it.

 

[Johnnybravo300]

Only if you own a business and can claim the expenses as operating costs for that specific year as far as I know. Previous years expenses would be claimed on previous year's taxes. You can't save up years of expenses and cash them in at once, they don't do that or at least I haven't heard of it before.
Be careful how you do this because if you play their game you agree to the consequences and false info makes you a criminal when you sign your name. That's how they get people, self incrimination.
Maybe there's a tax attorney that can answer this on tnet haha. I'm no expert on the details these days. I gave up that madness over ten years ago so things could have changed in that arena.

 

[Honest Samuel]

As far as taxes, contact the IRS or a good tax attorney. Good hunting and good luck.

 

[Ammoman]

From what i understand, and i understand very little, you can write off the business expenses but you have to show a profit after a specified amount of time.

 

[Honest Samuel]

Always pay your state and federal income taxes.