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$10 million worth of gold coins in your backyard

Topic closed. 11 replies. Last post 3 years ago by Artist77.

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Drenick1's avatar - villiarna
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February 25, 2014
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Posted: February 28, 2014, 1:25 pm - IP Logged

If you found $10 million worth of gold coins in your backyard what would you do? The reason I am inquiring is a couple in California recently came across such a discovery and the Government is seeking half of that amount in taxes.

What would you have done if it was you?

    noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
    Bay Area - California
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    Posted: February 28, 2014, 3:13 pm - IP Logged

    Pay Uncle Sam. The G20 in 2013 said that they were going after person's & companies that hide their assets in so called " Tax haven" countries in order to avoid paying their fair share of taxes.
    Death & Taxes lady. They inescapable.

      Saylorgirl's avatar - Lottery-065.jpg
      Indiana
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      Posted: February 28, 2014, 3:56 pm - IP Logged

      If you found $10 million worth of gold coins in your backyard what would you do? The reason I am inquiring is a couple in California recently came across such a discovery and the Government is seeking half of that amount in taxes.

      What would you have done if it was you?

      I am sure they were so excited to find such an amazing windfall and then to have to pay the piper for half is disappointing.  I don't know what I would have done but I don't think there was anyway around the taxes.  On the flip side they have $5 million dollars that they didn't have before.

        Avatar

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        Posted: February 28, 2014, 5:46 pm - IP Logged

        If you found $10 million worth of gold coins in your backyard what would you do? The reason I am inquiring is a couple in California recently came across such a discovery and the Government is seeking half of that amount in taxes.

        What would you have done if it was you?

        Wow I heard everthing except that the govt wanted half in taxes. They gave an interview and said that they were happy because now they can keep the land that they found the coins on. It was getting ready to go to foreclosure

          CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
          TX
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          Posted: February 28, 2014, 5:54 pm - IP Logged

          If you found $10 million worth of gold coins in your backyard what would you do? The reason I am inquiring is a couple in California recently came across such a discovery and the Government is seeking half of that amount in taxes.

          What would you have done if it was you?

          Tough call...being a collector, I may have held onto those coins. The value was supposedly very large on a few of the rare ones. I may have contacted a few associates who have contact with big buyers and tried to sell them privately in a cash transaction....But a nice find and congrats to the couple(and their dog)...Best of luck with their new fortune !!! Thumbs Up

          Stay Positive, Believe and good things will come your way

            maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
            Massachusetts
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            Posted: February 28, 2014, 7:31 pm - IP Logged

            Tough call...being a collector, I may have held onto those coins. The value was supposedly very large on a few of the rare ones. I may have contacted a few associates who have contact with big buyers and tried to sell them privately in a cash transaction....But a nice find and congrats to the couple(and their dog)...Best of luck with their new fortune !!! Thumbs Up

            I would sell them in a heartbeat and pay IRS what I owe them and then move on with life. I'd also get out of California. $10M in California is like $20M in South Carolina. I'm just saying.

            That money's gone fo ever

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
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              Posted: February 28, 2014, 7:40 pm - IP Logged

              Shouldn't they only have to pay taxes on what they turn into cash? Did they cash them all?

              Anyone remember one of the final episodes of Wiseguy with Ken Wahl and Ray Sharkey?

              Wahl, role of undercover cop. talking to Sharkey, role of A.C. casino owner Sonny: You killl people.

              Sonny: I don't send teenagers to some jungle to do it for me.

              Wahl: You skirt taxes.

              Sonny: Even when a guy like me makes a profit and does it illegally some clown from the government is there with his hand out shaking me down. They call it taxes.

              Scared

              Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

              Lep

              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                mypiemaster's avatar - 2015021003pileofcash
                JACKPOT HUNTER

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                Posted: February 28, 2014, 7:50 pm - IP Logged

                Just pay the the tax and move on with your life.

                Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

                Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

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                  Posted: February 28, 2014, 9:09 pm - IP Logged

                  Shouldn't they only have to pay taxes on what they turn into cash? Did they cash them all?

                  Anyone remember one of the final episodes of Wiseguy with Ken Wahl and Ray Sharkey?

                  Wahl, role of undercover cop. talking to Sharkey, role of A.C. casino owner Sonny: You killl people.

                  Sonny: I don't send teenagers to some jungle to do it for me.

                  Wahl: You skirt taxes.

                  Sonny: Even when a guy like me makes a profit and does it illegally some clown from the government is there with his hand out shaking me down. They call it taxes.

                  Scared

                  LOL Wiseguy you went way back man!! Ive benn watching Esquire network and they're showing Miami Vice marathon on Wed and Magnum P.I. on Thurs and now A-Team on Fri...Live on 80s t.v. dramas 

                    mightwin's avatar - questns

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                    Posted: March 1, 2014, 9:03 am - IP Logged

                    I would of keep the find to myself, who knows if the person who put them there is still around and may want them back.

                      Jill34786's avatar - Lottery-006.jpg
                      Windermere, FL/Franklin, TN
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                      Posted: March 1, 2014, 9:53 am - IP Logged

                      It appears the majority here would simply take the easy way out and pay the State and Federal Government the taxes and move on, I on the other hand would not.

                      I would put aside $4 million toward different charities and charitable trust. This would go a long way towards minimizing your overall tax obligations (13.3% state, 39.6% Fed and 3.8% medicare/Obamacare).

                      In the end, your net gains will only be several hundred thousands less but you will sleep much better knowing you shared your good fortune with those in need.

                      ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

                        Artist77's avatar - batman14

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                        Posted: March 1, 2014, 12:31 pm - IP Logged

                        It appears the majority here would simply take the easy way out and pay the State and Federal Government the taxes and move on, I on the other hand would not.

                        I would put aside $4 million toward different charities and charitable trust. This would go a long way towards minimizing your overall tax obligations (13.3% state, 39.6% Fed and 3.8% medicare/Obamacare).

                        In the end, your net gains will only be several hundred thousands less but you will sleep much better knowing you shared your good fortune with those in need.

                        I agree with you Jill...after whatever is withheld automatically, I will max out all the rest that is due and send it to various charities. I always promised myself to give at least 10% of my total win to charity and this is an easy to accomplish it.

                        J'aime La France.