IRS to "STEAL" almost 1/2 of 10 million dollar gold coin found on couples own land!

DerekJR321
The IRS should be abolished. They are nothing but the strong arm for the Federal Reserve, and equally as private a corporation.

And this should tell you who really runs this country.

You get the President on live TV and ask him if this is right. He will say, "No." He'll say that even if he believes it is right, because he knows that his constituents will say it is not right.

You could do the same with each and every member of Congress. Sure you get your McCains and Pelosis that don't give a flying flip what people want, but still seem to get re-elected anyway. But by a wide margin most members of Congress will say this isn't right.

But will any one of them propose changing the law? I wouldn't bet on it. And if any one of them proposed changing the law, I guarantee you that they would be a member of the minority party. If it got out of committee, the bill would be loaded down with pork and it would be voted down quickly and quietly. The opposing party could use the pork as an excuse to vote against it.

Even if it passed, it would be vetoed. It wouldn't matter if Democrats controlled both Houses and the White House, or if Republicans had control.

So, even if most of the American people, most of Congress, and the White House say, "This is wrong, the law should be changed." it won't happen.

Who wants the law the way it is? That is who is in charge of this country. Remember that when you want to blame Democrats for this or Republicans for that. They both work for the Federal Reserve Bank, not the American people.

reply to post by unb3k44n7


Gold dealers are supposed to log all gold bullion and coin sales. It just means they will do it off the books for even more. The dealer will tell you it's because your gold "may be stolen," and he has to have your info in case it turns out to be stolen. That's crap.

Someone could sell a 10 troy oz ingot for cash, and no information would get written down.

True they should not have to pay taxes on that find.

But what they should do is pay taxes on the worth when it was buried.

Also true they should not have said anything.

That people is why the poor don't get rich.

Because the GD IRS gets half of 'new found' wealth.

Aleister
reply to post by wulff

 

So in America if you find something on your own land the IRS owns about half of it? What happens when they give the IRS their half, then sell the other half - will they have to pay taxes on the money they make for selling their half?

No, that is why the IRS owns 47% .. it's the taxed "income", the money they made. Same as lottery.

DerekJR321
The IRS should be abolished. They are nothing but the strong arm for the Federal Reserve, and equally as private a corporation. This nation was founded due to the outrageous taxation they were facing. And here we are again.. facing the same thing.

Income Tax
Sales Tax
Property Tax
School Tax
Gas Tax
Cigarette Tax
etc etc etc etc

Where does it end? I don't have a problem with sales tax and the like... but I think INCOME TAX should be removed. The money "I" work for should be mine.

If you think that your paying a lot of tax then come to Great Britain home of Rip-Off Britain where you have tax coming out of your bottom. We brits pay tax on everything even on tax itself. If the government keeps pushing the people it'll cause mass riots and it spreads quickly just look at the London riot which spread to other cities around England.

Destinyone

the owlbear
Why go public even anonymously? And say "Hey look at all of this gold we have!"
It just puts a bullseye on you for criminals, government, and panhandlers...they will be easily tracked down.

edit on 27-2-2014 by the owlbear because: (no reason given)

Exactly! Mumblings already of California claiming if the coins were from a bank robbery, the State has first rights of claim to them.

All the grubbing hands are grasping at this found treasure.

Des

To be fair, if the coins were in fact stolen why should this couple get them? They really don't belong to them if they were stolen. That said, I think you would have to prove that the coins came from a particular heist which would be just about impossible with coins. But in either case, if you could prove that, why should the couple get to keep something that does not actually belong to them? If the coins had been stolen from your dear old grandmother's house and the thief buried them on this land, would you be saying the couple should keep the coins or that that your grandmother should get her coins back? Don't let your hatred of the government blind you to basic principals of equity.

hounddoghowlie
should have moved to a non extradition country,( are there any of those left) with a high peso to dollar exchange rate,and then renounced citizenship, then sold them. if the irs asked or said anything, tell them to prove where they came from, and screw you irs.
then lived like royalty the rest of their life.

edit on 27-2-2014 by hounddoghowlie because: (no reason given)

edit on 27-2-2014 by hounddoghowlie because: (no reason given)

they would have had to be lucky to "take off" with the cash. there are financial RULES about how much money a person can transport between countries. that amount is $10,000 US value. in fact even when leaving the US even to go to Canada they have TSA (what they have to do with financial matters is beyond me) agents stopping and HARASSING people just before they cross the border. they are RUDE, complete A*****S, and EXTREMELY CONFRONTATIONAL, as soon as they "ORDER YOU" TO STOP AND TALK TO THEM. one of the very first questions they ask is "how much money you have" and all through the conversation try to "trip you up", and their attitude is they are just "itching" to shoot someone. honestly it is worse than a "police interrogation" (which i have also been through). and THAT is a land crossing to a country WITH extradition, (as i believe Mexico has as well).

so how would they fare at an airport trying to get the gold coins out? if on their person the scanner or pat down will reveal it. in carny on luggage, well that gets X-RAYED, so again it will be found, i fly a lot and if they see things like a "MASS" of COINS, or even keys, they will physically inspect it. if in your checked baggage, same thing they x-ray stuff and will be sure to find it. them finding you "smuggling" it it ALL GOES BYE BYE as smuggled currency AND you GET ARRESTED. if by some miracle yo somehow manage top get it through, you get to go through the same thing AT EVERY AIRPORT you travel through as soon as you land, and guess what THEY will CONFISCATE the "smuggled currancy" and you get to go to their prison, and let me tell you the types of countries without extradition, and "poorer countries" HAVE SOME OF THE WORST JAILS.

so in the end chances are if they tried to leave they would loose it all and go to jail for "smuggling currency"

I called it the second I heard about this. I knew the parasites would figure out a way to screw these people out of their gold. They do the same thing with coal diamonds, gold, natural gas.

This is why, folks, that if you find something like this, you don't tell anybody. There's many private coin collectors who would pay top dollar for these in a quit manner. I would never disclose if I found anything like gold or diamonds because I figured out long ago how things work and who is doing it.

one thing they might want to do is to donate a good chunk of the coins to museums, this should count as a "charitable donation" and reduce taxes on what they have left.

if it is declared "stolen goods" then it ALL gets taken. it should then go to the descendants of the original owner, or to the "company" it was stolen from. of course if there are no descendants or the company is no longer in existence, then of course the government gets it just like in a case of any current death with no family or will naming live beneficiaries. no matter what the government will get it's "cut", by taxing the "finders", taxing whoever might "inherit" it, (like every other inheritance which is taxed), or of course even take it all.

my understanding is that Britain has rules that "treasure of historic value" are automatically confiscated and sent to a museum, and then there is some sort of formula to pay a "finder's fee".

dragonridr

Should have hired an accountant or a tax attorney he would have saved them alot of money. If you win the lottery thats the first thing you do is find a great accountant to lower your tax liabilities.

It's surprising how rarely it happens. I always know who is doing the right thing when they announce big lottery winners, simply by the amount of time it takes for the winner to come forward. The winner who waits a while is, usually, off planning and figuring out the best way to handle the prize.


Many years ago, my father got a call from a lottery winner who needed an accountant to help with his taxes. This guy was, at the time, the largest NYS winner. I forget the amount he won but it was a few million dollars. Back then, you didn't have the same options as you do now for the lump sum payout or the annuitized payments. This guy, not wanting to get paid over a number of years, sold the ticket to a bank who paid him the present value of the winnings. He was, after taxes, broke. He had spent all the money on furs, cars, diamonds, travel etc.

Poor planning


With regards to this couple, and their gold find, I would need to review the IRS law that is, oddly enough, not linked here, to determine the actual cost for the finding of the gold.

The sale, however, is taxed and that might be what is actually happening. The sale of the gold, less the cost (which is zero), would be taxed at the collectibles rate on the federal side and then California grabs their share. all told, roughly 40% of the sale will go to the various taxing authorities. That's rough but, since they would still wind up with about 6 million, which isn't too bad.

reply to post by wulff


From what I have gleaned the couple is taxed 'Only if they sell it for Federal Reserve notes'.
If they trade it for other goods (buy land/houses/ etc with the gold) then the 'federal reserves army (the IRS) can't really say much about it.

The IRS can try to bluff but all their power and laws revolve around the Federal reserve scam do not use federal reserve notes and their power is gone. .

The coins have a face value of 27,000.
If they are 'forced' to pay 47% I would get a lawyer to argue that they should only be required to pay half of the face value.

amfirst1
They are stupid to announced they found gold. The treasury can confiscate all gold.

the US mint sells gold coins to the public, I get brochures from them all the time. you are free to buy and sell gold coins at coin shops, to dealers, and at numismatic currency and coin shows.

reply to post by VforVendettea


not true. I just did a bit of searching and here's the deal - The IRS and California will tax the find as income. There's a "treasure trove" clause in the IRS books that allows them to tax found objects that cannot be shown to be a gift, or a returned item. So, if you were to receive art stolen by the Nazis years ago, that once belonged to a grandparent, now worth 10 million, that's not taxed if you can provide ownership details but, if you buy a used piano for $15 and find $5k in cash tucked inside it, the cash is taxed as income (an actual case although how this guy was dumb enough to alert the media to the find is beyond me).

So, yes, the $10 million will be taxed as income.

The couple will be in the 39.6% bracket and California will grab their 12.3% as well. All told, the couple will give about 51% away.

Since the IRS is taxing the find, their cost will be the value of the coins as reported on their income tax return and, assuming they sell the coins for that value, there won't be any capital gains tax.

The smart play would have been to keep their mouths shut, get a lowball appraisal, sell the gold and pay the lower tax on the sale of the collectible.

Destinyone
reply to post by wulff

 

When California *steals* their 47%, the finders will be left with a whopping 6% for themselves.

Should'a kept their mouths shut...

Des

Isn't that the truth!You just can't win for trying nowadays,huh?

Income tax is the federal version of property tax.

Both the state, and the federal government make a killing off them.

BOTH should be abolished.

Once upon a time in America there was no income tax.

We should return to that.

TDawg61

Destinyone
reply to post by wulff

 

When California *steals* their 47%, the finders will be left with a whopping 6% for themselves.

Should'a kept their mouths shut...

Des

Isn't that the truth!You just can't win for trying nowadays,huh?

California takes 12.3% as their top rate.

reply to post by wulff

Yeah big Govt.

I guess they are just being forced to "pay their fair share".

This Govt needs to be burned down to the ground. It is corrupt to the core.

neo96
Once upon a time in America there was no income tax.

We should return to that.

and how will roads be cared for?

how will we defend ourselves from potential invasion?

how will the ever growing population of welfare recipients live?

how will our children get educations?

how will public transportation operate?


there's no way to operate a country without some form of tax.