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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 l
by 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 agoSorry I certainly cannot actually defend a position. I have no expertise in tax law. Hopefully someone with the appropriate knowledge can enlighten us