A Father and Son Discover Viking Treasure Worth £1 Million And Their Lives Are Never the Same

[jimther]

The below story link from a Google Alert I have set up for "Treasure" + "Found"

Father And Son Discover A Viking Treasure Worth £1 Million - Idolator

 

[Tom_in_CA]

thanx for posting !

 

[Digging Prayers]

Very cool.
Thank you.

 

[Tajue17]

Whats the deal in the US with finding a big stash, is there a situation where you Have to declare it?

 

[GroundSweeper]

Whats the deal in the US with finding a big stash, is there a situation where you Have to declare it?

IRS coming for you if you make a big deal out of it

Massive Tax Bill For NorCal Couple Who Found Buried Treasure: SFist

The NorCal folks who found buried treasure need to come up with nearly $5 million for their April tax bill.

sfist.com

 

[GroundSweeper]

Pretty cool story and finds.

 

[Diga]

IRS coming for you if you make a big deal out of it

Massive Tax Bill For NorCal Couple Who Found Buried Treasure: SFist

The NorCal folks who found buried treasure need to come up with nearly $5 million for their April tax bill.

sfist.com

From the link:

Add up the federal tax rate of 39.6 percent and the California rate of 13.3 percent, and you'll see that "John and Mary" probably need to come up with about 47% of the coins' estimated value for the taxmen by April 15.

Uhh..that adds up to 52.9

Either way, that amount of tax is robbery.

 

[SeabeeRon]

From the link:



Uhh..that adds up to 52.9

Either way, that amount of tax is robbery.

The Saddle Ridge Hoard was an awesome find! Not sure what I’d do if I found something like that on my own private property?!?

 

[hoser]

Basically, it boils down to; what THEY don't know, won't harm YOU. Remember the old WWII saying, Loose lips sink ships. But that's here in the states. Different laws in the UK.

 

[bottlecap4u]

spectacular!!!

 

[FreeBirdTim]

The sleazy thing the IRS does is to tax you for your treasure find even if you don't ever intend on selling it. They'll tell you what the fair value is and then expect you to pay taxes on that amount. That forces most people to sell around half of their find just to cover taxes. It's no wonder so many detectorists keep their major finds a secret...

 

[Rock Jock]

It amounts to a selective, windfall "wealth tax" on a windfall discovery that hasn't been realized by liquidating into currency or account credits. Unrealized wealth tax, where have I heard that before?

 

[maxxkatt]

The below story link from a Google Alert I have set up for "Treasure" + "Found"

Father And Son Discover A Viking Treasure Worth £1 Million - Idolator

The link points to what sure looks like click bait.

 

[yandosan]

The sleazy thing the IRS does is to tax you for your treasure find even if you don't ever intend on selling it. They'll tell you what the fair value is and then expect you to pay taxes on that amount. That forces most people to sell around half of their find just to cover taxes. It's no wonder so many detectorists keep their major finds a secret...

Where do you have to report it? Many people would presumably not say a word if the IRS is going to be that greedy.