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

[Tom_in_CA]

I guess I better not tell them then!

For a mere $100 (I accept paypal), I can be persuaded not to link the IRS to this thread. And draw their attention to this post of yours. Extortion at its finest, eh ?

 

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[Honest Samuel]

Go write a book on this subject.

 

[Johnnybravo300]

 

[Honest Samuel]

Now, that is real money that all of would enjoy finding.

 

[Jason in Enid]

Wow, what a visual!

 

[Swaveab]

Sorry guys as that stack of cash does not represent $20 trillion. What you see there is $1 million and that's a far cry from $20 trillion by a factor of 20,000,000x.

 

[Johnnybravo300]

It's a short video. Push on the button.

 

[Honest Samuel]

OR do the 'right' thing and keep your mouth shut and if you decide to sell, do it a little at a time. Do NOT call the news station to brag about your finds.
As far as the Govt knows, this has been in your family for generations. Why give them 28% ?

Instead, why not go to jail for not paying income taxes. Be happy that you do not live in a state like Connecticut that have state income taxes.

 

[Honest Samuel]

Sorry guys as that stack of cash does not represent $20 trillion. What you see there is $1 million and that's a far cry from $20 trillion by a factor of 20,000,000x.

I still be happen if I found it. Pay income taxes of course.

 

[Johnnybravo300]

I hardly so much as pick up a dime before I run to the post office so I can mail them 3 cents. I take it very very serious. Clad is much easier to pay taxes on since it's worthless.
I wouldn't even bother digging gold or silver anymore, way too much taxes on that junk. I just toss it back or mail the entire gold or silver coin to the irs to keep the black choppers away, but hey it makes me feel good!

 

[Johnnybravo300]

Sorry the rum took control. It gave me the blah blah.

 

[Honest Samuel]

Get the help that you badly need.

 

[Johnnybravo300]

I'm cured. It's a miracle.

 

[Honest Samuel]

God bless Johnny.

 

[Jason in Enid]

I'm cured. It's a miracle.

Hallelujah, its a miracle! Lets celebrate!

 

[Honest Samuel]

I drink to it.

 

[Old Bookaroo]

There is a great deal of misinformation on this thread. KvonM covered the income tax topic in his classic Treasure Hunter's Manuals. He was the first treasure writer to do that - and what he wrote is still true.

Here's an excellent summary:

https://en.wikipedia.org/wiki/Cesarini_v._United_States

Federal income taxes are due on what you find. It's ordinary income - capital gains have nothing to do with it. Unless you are in the full-time occupation of treasure hunting, it's "hobby income" so you can't deduct your expenses.

That's the law. Whether people follow the law or not is up to them. Leaving out the crackpot sovereign citizen stuff, if you don't pay your taxes you are building on a foundation of sand. You will continue to work hard - but one day somebody can step in and take everything away from you.

Can more than one person keep a secret? Of course. As long as all the other folks are dead.

Good luck to all,

The Old Bookaroo

 

[Honest Samuel]

# 137 agree with me. Pay your state and federal income taxes on any income, legal or illegal, or off to jail you will go.

 

[Johnnybravo300]

Pay your taxes or else! Those black choppers circling aren't looking for lost kittens! Good to see ya ole book!

 

[Honest Samuel]

Karl was outrage about paying federal income taxes, but, he did.