4 ms·
The finders new situation is kinda lame; the IRS taxes you on the FMV of the found property which usually means that you're essentially forced to sell a bit to
by dannyphantom 3y ago
The finders new situation is kinda lame; the IRS taxes you on the FMV of the found property which usually means that you're essentially forced to sell a bit to cover the taxes.
> Found property. 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
P. 73 [https://www.irs.gov/pub/irs-pdf/p17.pdf https://www.irs.gov/pub/irs-pdf/p17.pdf]
As someone who loves to just collect coins I'd be really sad to depart with any.
- bell-cot 3y ago> "Found property. If you find and keep property that doesn’t belong to you ..." Is it "Found property"? The (unnamed) current owner didn't find the gold coins floating down the river, nor sitting by the side of the road - they were buried on land that he owned. IANAL - but I suspect that there are very clear laws about stuff that you leave behind when you sell a piece of property. If only because the alternative would be a legal nightmare.