You Found The Treasure Cache - Now What?

[GaBnn3]

In case this is real, let me point out that a buyer is required to give an IRS 1099 to sellers of, I forget exactly, about 30 oz. Selling a lesser amount keeps you under the radar. If you wanted to pay taxes to ease your conscience sell individually on eBay and report the income as internet sales. I don't believe that a gov't entity has the right to own land to the exclusion of a citizen finding and keeping something that is abandoned no matter who or what says otherwise. So, the decision is a moral one not legal.

 

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[Terry Soloman]

You were detecting in the woods behind a well known organized crime member's home, in a wealthy suburb of New York City, when you got a sweet signal and started digging. This is what you found - Lots of One-ounce gold coins. Now what do you do?

Wow, two-years ago I asked what YOU would do if you found over a $1-million in gold Krugerrand coins. Obviously you were not seen recovering the gold (or you would be dead by now), so you now have the find of all finds sitting in a box under your bed.

You have managed to trade some of it for a car, new rifle, a very nice 36-foot motor home, a couple of trips with out attracting Uncle Sam's attention, but you still have hundreds of coins under your bed. What would YOU do with the balance of YOUR gold coins?

 

[Oregon Viking]

Wow, two-years ago I asked what YOU would do if you found over a $1-million in gold Krugerrand coins. Obviously you were not seen recovering the gold (or you would be dead by now), so you now have the find of all finds sitting in a box under your bed.

You have managed to trade some of it for a car, new rifle, a very nice 36-foot motor home, a couple of trips with out attracting Uncle Sam's attention, but you still have hundreds of coins under your bed. What would YOU do with the balance of YOUR gold coins?

I know a guy.
He is giving me cash for the gold quietly.

 

[Honest Samuel]

I dont sell much but when l do l sell to private collector friends. Cash.

That means you do not pay federal income taxes, if true, off to jail you will go.

 

[geezerdb]

So what would you do? You are hiking in the mountains, or hunting or fishing in a remote area. You stumble across an old plane wreck, you look it over and see bones inside what is left of the plane's cabin. You also see a couple of suitcases, and a briefcase. Curious, you open one of the suitcases and it contains packages of white powder. Your heart begins to beat a little faster, you are stunned and know you are looking at a sizeable drug shipment. Now you reach for the brief case and open it to discover it full of packs of $100 bills. You do some quick sloppy math and figure you must have at least a half a million dollars. Ok, so what do you do now? The plane has been there for quite some time, and no one knows you have found it. Do you quickly report it to the authorities, and watch them seize the drugs and the cash, and solve an old (perhaps unreported) plane crash? Do you take the cash and quietly and slowly spend it as to not bring attention to yourself? If you report it to the IRS, then you have to tell the whole story, and then you won't have to pay taxes because the feds and the local authorities will take it all anyway! So what do you do? Hmmmm . . . . . .

 

[Ryano]

Take some of the cash, leaving no fingerprints on the cash briefcase, report my discovery to the authorities via anonymous call from a pay phone or gas station counter phone. Keep my lips sealed and move out of town forever !

 

[Sandog]

Roll over, go back to sleep, keep dreaming.

 

[Terry Soloman]

Money? What money?

 

[dsdigger]

Well Terry, let's see, car, motorhome, rifle and trip and if it is above you means and no one is questioning it, count yourself lucky. As far as what is left, one watch the rest of the family since they are going to be wondering how you came about affording all the fun stuff you could not before. The more that know the more likely to be caught and the more you spread around the more likely the trail will point back to you. Looks like a time to see if you and a somewhat less conspicuous boat can't make it somewhere to deposit into an unknown account that doesn't report to Uncle Sam. Otherwise, a little here, wait a few months, go a ways away and a little there and do that over many years and hide it and not in a bank either. Guess that would have to be give it to me and let me try and I'll let you know when I am done.

 

[mextallion]

I woul keep it to myself put the in a safe at home. Learn how to make gold rings n sell the in swapmeets in Calif. All cash sales.

 

[Honest Samuel]

Members who do not pay income taxes on any income is wrong and off to jail they may go.

 

[Terry Soloman]

Members who do not pay income taxes on any income is wrong and off to jail they may go.

You are "Honest" Sam, and I respect that. My "Uncle Sam," well, not so much. Like ex-wife #2, what they don't know won't hurt me!

 

[Msbeepbeep]

Probably report it as income from a hobby or self employed side job, pay the taxes, & not have to look over my shoulder.

 

[dog the treasure hunter]

Take some of the cash, leaving no fingerprints on the cash briefcase, report my discovery to the authorities via anonymous call from a pay phone or gas station counter phone. Keep my lips sealed and move out of town forever !

Finding a pay phone would be tough. And if you do, dont use it. People would be looking at you like some kind of alien using some kind of weird cryptic devices,someone from the twilight zone.

 

[WaterScoop]

What gold coins?<grin>

 

[63bkpkr]

Terry, you tease you! An interesting question to pose though to the general TNET public. In 1996 I started my own company, one of the things I promised myself was that I would never do anything wrong, dishonest. What a blessing I gave to myself as I have held true to that promise till this day and will hopefully still be holding onto it the day I die. I've never been concerned about anyone following me as I was never umm, holding anything back.

While out coin shooting in town, I would offer to cut lawns and such for permission to detect the property. I would do the work after detecting, it always paid off whether I found anything there or not. The payoff is inside of me!.................Merry Christmas & Happy New Year!............63bkpkr

 

[Kace]

Take some of the cash, leaving no fingerprints on the cash briefcase, report my discovery to the authorities via anonymous call from a pay phone or gas station counter phone. Keep my lips sealed and move out of town forever !

Are there still Pay Phones? I hadn't thought about it til I just read your comment..HA! I need to pay attention and look for them! Thanks for saying that.

I heard a lot of gold coinage was found missing in Connecticut... Not sure what town...It had been buried and discovered missing by the owners..it's been a while ago it happened but according to the reports there is an ongoing investigation, most circumstantial but they are putting a case together based on the guys close family and acquaintances reporting that he studies coin auctions, buyers and talks about treasures and taxes all of the time. I do remember hearing that all computer and phone usage was being monitored and vehicles tracked.

 

[Louie D]

If they were Krugies I'd just keep my mouth shut and liquidate 1 or 2 at a time at a pawn shop.

 

[Dardariel]

Now...what about those really LARGE caches? The ones in the "higher weight class"?

 

[Jeff H]

What's wrong with you guys? If you were smart you would give it all to the first Filipino treasure hunter that promises to triple your investment. Of course it would have to be a TreasureNet affiliated Filipino treasure hunter just to be safe. You can't trust the ones on the other forums.