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

[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.

 

[Rock Hydra]

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

 

[Sundog]

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]

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]

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.

 

[imported_Mike]

I don't think I would sell it

 

[Fern]

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]

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!!!!

 

[jadinolf]

I never expected them to find where I hid it. I was saving it for my old age.

 

[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

 

[eLiu]

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]

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]

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]

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]

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.

 

[Mucho]

 

[lancestorm]

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]

These guys got arrested. They stole the money.

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

 

[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

 

[Rumpltzer]

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.

 

[MikeyIs4Dcats]

morons.