Old $$ found in the backyard (From 1899-1929). Lots of it.

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dxkj

Lifer
Feb 17, 2001
11,772
2
81
Originally posted by: Fern
If, under state law it belongs to them - it's taxable as gross income under section 61 of the Internal Revenue Code.

The taxable amount would be the FMV of the treasure. Its taxable now too. If they later sell it for more than today's FMV, that increase would be taxable when sold.

I'm a tax CPA

Fern


Couldnt they treat the money at face value? IE report that they found X number of bills and coins, which added up to, $8000 or something?


Then they could get taxed on the 8000.... but if they turned around and sold a $1 bill for $10, do they then get to decide that they should be taxed on the 9 now too?


Fvck them all, they are taking my retirement money, giving it to old people, and I wont see it ever again.
 

Rock Hydra

Diamond Member
Dec 13, 2004
6,466
1
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Originally posted by: feralkid
Originally posted by: z0mb13
whoa if the 100000 was in the bank, it would be like one zillion dollars now!!




It isn't $100,000 in cash.
It was around $4000 IIRC.

The cash they found is NOW worth 100 grand.

n/m :confused:
 

Sundog

Lifer
Nov 20, 2000
12,342
1
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Originally posted by: BillyBatson
i wonder who put it there and how long ago! only kids bury money in tin cans but no kid has that much money! lol so it must be from a robbery

Ever talked with people that were alive during or before the great depression? Burying or hiding caches of money, silver or gold was common. People did not trust the banks.
 

Phokus

Lifer
Nov 20, 1999
22,994
779
126
Originally posted by: dxkj
Originally posted by: Fern
If, under state law it belongs to them - it's taxable as gross income under section 61 of the Internal Revenue Code.

The taxable amount would be the FMV of the treasure. Its taxable now too. If they later sell it for more than today's FMV, that increase would be taxable when sold.

I'm a tax CPA

Fern


Couldnt they treat the money at face value? IE report that they found X number of bills and coins, which added up to, $8000 or something?


Then they could get taxed on the 8000.... but if they turned around and sold a $1 bill for $10, do they then get to decide that they should be taxed on the 9 now too?


Fvck them all, they are taking my retirement money, giving it to old people, and I wont see it ever again.


Hahaha, that'd be a brilliant idea. "yeah mr. tax man, we 'only' found $8000"
 

funboy6942

Lifer
Nov 13, 2001
15,362
416
126
It was on his property when he bought the house so he was taxed at that time for the property and what was on/in it I would assume.
 

Fern

Elite Member
Sep 30, 2003
26,907
174
106
Originally posted by: dxkj
Originally posted by: Fern
If, under state law it belongs to them - it's taxable as gross income under section 61 of the Internal Revenue Code.

The taxable amount would be the FMV of the treasure. Its taxable now too. If they later sell it for more than today's FMV, that increase would be taxable when sold.

I'm a tax CPA

Fern


Couldnt they treat the money at face value? IE report that they found X number of bills and coins, which added up to, $8000 or something?


Then they could get taxed on the 8000.... but if they turned around and sold a $1 bill for $10, do they then get to decide that they should be taxed on the 9 now too?


Fvck them all, they are taking my retirement money, giving it to old people, and I wont see it ever again.

No, things are taxed at their FMV. Now whether the IRS would realize that a $1 bill is worth $10 is another matter. But that cat's out of the bag too.

 

Quasmo

Diamond Member
Jul 7, 2004
9,630
1
76
Originally posted by: shuan24
"I'm a pessimist; I was waiting until I got a professional review before I jumped to any conclusions," Villcliff said. "Tim, however, was singing and dancing. He was ranting like a rabid monkey."

what a racist jerk!

HAHAHAHAHAHAHA!!!!
 

everman

Lifer
Nov 5, 2002
11,288
1
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It is only roughly valued at approx $100,000. You can't really say it's worth more than face value of the bills until it has some kind of appraisal or if it's sold. Therefore they can't be taxed for what the estimated value is at this time...imo
 

eLiu

Diamond Member
Jun 4, 2001
6,407
1
0
Originally posted by: z0mb13
whoa if the 100000 was in the bank, it would be like one zillion dollars now!!

no..it probably would've been owned by the depression

note the 1929
 

Fern

Elite Member
Sep 30, 2003
26,907
174
106
Originally posted by: everman
It is only roughly valued at approx $100,000. You can't really say it's worth more than face value of the bills until it has some kind of appraisal or if it's sold. Therefore they can't be taxed for what the estimated value is at this time...imo

I know it sucks but the IRS can and does tax on estimated values. As long as they don't think your value is egregiously low they'll generally accept it.

There are no doubt numismatic (sp?) reference books on the value of coins etc. I have clients who are antique dealers. There is an amazing aboundance of reference materials available on the value of all types of objects. The value of collectibles is a fairly routine matter; think of estate tax valuations for fed & state purposes. Also charitable contributions of property (in which case people generally try to make the value as high as possible), the IRS has knowlegeable staff for this issue.

The Supreme Court had ruled on the matter of IRS estimates, and they clearly have that right.

Fern
 

Eli

Super Moderator | Elite Member
Oct 9, 1999
50,419
8
81
Nice find.. I bet stuff like this is burried all over the country, but probably to never be found again..

Fresh dirt builds up pretty fast.
 

Yax

Platinum Member
Feb 11, 2003
2,866
0
0
1929, isn't that when the great depression started? Probably why they buried it. And, why's everyone so sure that's all they found? Could be 10 times that, but they're just not reporting it.

As for 100K, that's no big deal in CA anymore. If you bought a home, sit on it for a year, then sold it, you'd make 100K no sweat. Note: that's what its like right now only though. No telling about the future, maybe you'd get more, maybe less.
 

Qwest

Diamond Member
Jan 21, 2001
3,169
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update to story

Two men who claimed in numerous national television interviews that they found buried treasure in the back yard of a home were arrested early Friday after being questioned by police, who said the money was stolen.

Both men were charged with receiving stolen property, conspiracy and accessory after the fact, Lt. Kevin Martin said. They were to be arraigned Friday morning.
 

lancestorm

Platinum Member
Oct 7, 2003
2,074
0
0
LOLing at his old wrestling t-shirt: D-Generation X "...if you ain't down with Degeneration X ... we have 2 words for ya: s*ck it!!!!!!"

I guess the cops weren't 'down with it'
 

Rumpltzer

Diamond Member
Jun 7, 2003
4,815
33
91
These guys got arrested. They stole the money.

I hear they would have gotten away with it if they hadn't sought publicity.
 

KeyserSoze

Diamond Member
Oct 11, 2000
6,048
1
81
Originally posted by: Rumpltzer
These guys got arrested. They stole the money.

I hear they would have gotten away with it if they hadn't sought publicity.

I heard they would have gotten away with it if it weren't for those pesky little kids....and a pup named Scooby Dooby Doooooooooooo.




KeyserSoze

 

Rumpltzer

Diamond Member
Jun 7, 2003
4,815
33
91
Originally posted by: KeyserSoze
Originally posted by: Rumpltzer
These guys got arrested. They stole the money.

I hear they would have gotten away with it if they hadn't sought publicity.
I heard they would have gotten away with it if it weren't for those pesky little kids....and a pup named Scooby Dooby Doooooooooooo.

KeyserSoze
Yeah.