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Do you need to pay capital gains tax on such winnings (or may be some other tax). How will one declare the source.

csunbird 6y ago
I assume that the procedure would be the like as you had discovered oil or gold mine in your property.
kristopolous 6y ago
IANAL and certainly not a tax lawyer but I believe this one is easy. In the US, the treasure trove case https://en.m.wikipedia.org/wiki/Cesarini_v._United_States https://en.m.wikipedia.org/wiki/Cesarini_v._United_States ... This also covers found precious metal on property and I'd imagine when these precious goods arrived isn't important, only when you found them. Here's an example of it in action; arguably a pretty similar case to a precious metal falling out of the sky: https://www.forbes.com/sites/robertwood/2014/02/26/couple-finds-10-million-in-gold-coins-taxes-take-half/?sh=4369363948f9 https://www.forbes.com/sites/robertwood/2014/02/26/couple-fi.... Apparently the numismatists of the world have a name for this stash if you're interested: https://en.m.wikipedia.org/wiki/Saddle_Ridge_Hoard https://en.m.wikipedia.org/wiki/Saddle_Ridge_Hoard
- dmurray 6y ago
  I don't think this is right. Treasure trove covers finding money on your property. Refined precious metals (gold and silver particularly) are historically and legally treated as money for many purposes. But a gold mine isn't. This seems to me more like discovering a gold mine. You can't buy things with your meteorite, or divide it indefinitely into smaller pieces that keep their value pro rata. Even if it was filled with platinum ore, you'd need to smelt and refine it. The tax treatment of treasure trove in the US is different from the treatment of discovering gold or oil: in brief, you owe taxes when you find it, instead of when you sell it or its products. Edit: another legal question, what if you don't own the mineral rights under your own home?
  - kristopolous 6y ago
    Sorry I certainly cannot actually defend a position. I have no expertise in tax law. Hopefully someone with the appropriate knowledge can enlighten us
analog31 6y ago
Yes, 4.5 billion years qualifies as a long term capital gain.
dahart 6y ago
In Indonesia (where the man who found the meteorite lives), “Capital gains are considered ordinary income and are taxed at the standard corporate income tax rate.“ according to https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-indonesiahighlights-2019.pdf https://www2.deloitte.com/content/dam/Deloitte/global/Docume...

I assume that the procedure would be the like as you had discovered oil or gold mine in your property.

IANAL and certainly not a tax lawyer but I believe this one is easy. In the US, the treasure trove case https://en.m.wikipedia.org/wiki/Cesarini_v._United_States https://en.m.wikipedia.org/wiki/Cesarini_v._United_States ... This also covers found precious metal on property and I'd imagine when these precious goods arrived isn't important, only when you found them. Here's an example of it in action; arguably a pretty similar case to a precious metal falling out of the sky: https://www.forbes.com/sites/robertwood/2014/02/26/couple-finds-10-million-in-gold-coins-taxes-take-half/?sh=4369363948f9 https://www.forbes.com/sites/robertwood/2014/02/26/couple-fi.... Apparently the numismatists of the world have a name for this stash if you're interested: https://en.m.wikipedia.org/wiki/Saddle_Ridge_Hoard https://en.m.wikipedia.org/wiki/Saddle_Ridge_Hoard

dmurray 6y ago
I don't think this is right. Treasure trove covers finding money on your property. Refined precious metals (gold and silver particularly) are historically and legally treated as money for many purposes. But a gold mine isn't. This seems to me more like discovering a gold mine. You can't buy things with your meteorite, or divide it indefinitely into smaller pieces that keep their value pro rata. Even if it was filled with platinum ore, you'd need to smelt and refine it. The tax treatment of treasure trove in the US is different from the treatment of discovering gold or oil: in brief, you owe taxes when you find it, instead of when you sell it or its products. Edit: another legal question, what if you don't own the mineral rights under your own home?
- kristopolous 6y ago
  Sorry I certainly cannot actually defend a position. I have no expertise in tax law. Hopefully someone with the appropriate knowledge can enlighten us

analog31 6y ago

Yes, 4.5 billion years qualifies as a long term capital gain.

dahart 6y ago

In Indonesia (where the man who found the meteorite lives), “Capital gains are considered ordinary income and are taxed at the standard corporate income tax rate.“ according to https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-indonesiahighlights-2019.pdf https://www2.deloitte.com/content/dam/Deloitte/global/Docume...