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> exact tax implications From https://www.irs.gov/publications/p17/ch12.html https://www.irs.gov/publications/p17/ch12.html: > If you find and keep property t
by omegaham 10y ago
> exact tax implications
From https://www.irs.gov/publications/p17/ch12.html https://www.irs.gov/publications/p17/ch12.html:
> If you find and keep property that doesn’t belong to you that has been lost or abandoned (treasure trove), it’s taxable to you at its fair market value in the first year it’s your undisputed possession.
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This means that it's just counted as regular income. If you find a few million dollars, that puts you into a pretty damn high tax bracket.
I'd probably just declare it and take the 40% haircut. I got a couple thousand dollars from renting my guest room to a woman who was divorcing her husband, and I've barely touched it. It just sits in a shoebox. Cash is such a pain in the ass to deal with.