I didn't see this posted anywhere... major coin hoard found

Ricki7 said:

Are finds taxed in either system, I can't imagine getting a fair shake in NY . Like Tom said the Less the Archies know the better. NY claims to own any gold in the ground.
HH

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[URL=http://www.foxnews.com/us/2014/02/27/california-couple-in-10m-gold-find-to-owe-govt-about-half-report-says/]Fox in this news article[/URL]- said:

One couple's gold find could mean a jackpot for the IRS.

The Northern California couple that found $10 million worth of rare, mint-condition gold coins
buried in the shadow of an old tree on their property will likely owe about half the find's
value whether they sell the gold or not.

The San Francisco Chronicle reports that the find is a taxable event under a 1969 federal court
ruling that held a "treasure trove" is taxable the year it was discovered.

"If you find and keep property that does not belong to you that has been lost or abandoned
(treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed
possession,” the report said, citing the IRS tax guide.

The report says after all is said and done, about 47 percent will go to state and federal tax, or the
top tax rate.

An accountant told the paper that the couple can try to fight the tax and claim it was there when
they bought the property.

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