Couple Who Found $10 Million In Gold Coins Gets Another Surprise, And It’s Not A Good One

David Hall

 

 

A Northern California couple found $10 million worth of rare gold coins in the back yard buried in cans. Such a find would make anyone happy, especially since the coins were so rare that some are worth up to a million a piece. They’re not too excited, however, since apparently the government will be taking half of their find, even if they don’t sell the coins.

Such a find is taxable under a 1969 federal court ruling that held a “treasure trove” is taxable the year it was discovered. Apparently if you find something that doesn’t belong to you that has been lost or abandoned then the government may tax it at its ‘fair market value’ up to the first year it’s yours without anybody contesting it, according to The San Francisco Chronicle.

The Chronicle also said that the find will be taxed at the top rate for both state and federal tax brackets, meaning the couple will never even see about 47% of what they found.

Although one accountant did say that they can contest the tax claim since the gold was on their property when they bought it, making it their rightful possession.

The face value of the 1,427 coins was roughly $27,000 however to collectors some are worth much more and could fetch up to $1 million a piece, according to David Hall who helped found Professional Coin Grading Service of Santa Ana.

An accountant told the paper that the couple can try to fight the tax and claim it was there when they bought the property.

 

The couple is choosing to remain anonymous to avoid modern day prospectors from showing up to their property with metal detectors and searching for more buried treasure.

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[H/T: Fox News]

  • charlieholmes

    I’d be packing up & leaving the freaking country! I love the United States of America, but I cannot stand her government.

  • me

    FIGHT LIKE HELL!!!!!!!!!!!

  • Ohala Nomar

    they should have kept their damn mouths shut.

  • donhughes93307

    Totally agree

  • donhughes93307

    This should as a warning to others, never ever say anything to the media or others about your findings. There will always be someone out there to steal it from you like the government. What a shame for these people.

  • Pamala Bassham

    Now they understand why it was his in the first place

  • Arliss Arbeau

    Here in Canada this would not be taxable. Neither are lottery or casino winnings. The only thing that is taxable is the bank interest the money would generate.

  • skywalk

    Thats america cabalist to its finest… this is why i growth up wishing i was born american, now i understand why canada is so much better. screw and fuck you america! but not its people :)

  • 455supreme

    I knew this was coming.

  • Linda

    Those coins are personal property- NOT income!!!! Either way, the government has no right to it. They are nothing but thieves who use their power to bully people.

  • oath keeping patriot

    F’k the IRS and this criminal government…a

  • BlameCanada

    Yeah, but it’s still Canadia…

  • Brenda Norris

    Yeah, and it is the best country in the world. PLUS, we know how to play hockey.

  • Brenda Norris

    Which is one of the reasons I am lucky enough to live in Canada, but only 40 minutes drive from the border. I love the States, it is an amazing country, and exceedingly beautiful, but we have so many more benefits living here than you can imagine.

  • Obama’s Son

    Giving you a shout out from Thailand where Im enjoying my military retirement. Kinda sad that I fought to my country and am now to disgusted by what goes on in it to live there, but hey whatever.

  • Mike Holmes

    Why can’t the government just keep their hands and noses out of everyone elses business. What a bunch of greedy fucks.

  • Robert Shamp

    Figures..ya know what they should have done after they found those gold coins?
    They should have got rid of them once their worth was determined and shut up

  • Dustin Scott

    It’s been so cold here recently, I’ve seen politicians with their hands in their own pockets for once!

  • Circa53

    Labatts and Poutine are not benefits..

  • DocWatson

    incorrect information being disseminated here.

  • Roberta Markovich

    Yes it is the best country in the world. We just love it here. I am sure blessed to be a Canadian. And thanking God. Every day. Amen.

  • Brenda Norris

    Well, since I don’t drink beer, and can’t stand poutine, those are not items that I consider to be benefits either. I do, however, love the fact that my emergency ambulance to the hospital in the early hours of the morning only cost me $45, and my three weeks in the hospital, which included major surgery, and subsequently, three months of bi-daily home care cost me nothing.

    I do love the fact that if I win the lottery, I will get the full amount that I win. I loved the fact that I was able to go to the universities of my choice, and received a top rate education. I love the fact I don’t have to deal with bullshit politicians who are striving to take away my rights as a woman, rights that many women before me fought for successfully.

    I love the fact that I live close enough to the American border to be able to go back and forth as I please, and to enjoy the many things that I love about the United States, without having to put up with the bureaucratic bullshit that prevails.

    I love that our National Hockey Teams, both male and female are the BEST in the world.

    Y E A C A N A D A.

  • Diane Pinson-woods

    Amen to that my friend!

  • joshoptic

    The government should have to prove it wasn’t taxed once already before deciding to tax it. They are potentially double dipping.

  • Cherry Walker

    It’s an Obamanation…they should be grateful he doesn’t just confiscate all of it!

  • Bobbi

    Sounds divine. I couldn’t even imagine what all you folks up north are thinking of the mess we are getting ourselves into down here. It gets worse each passing day and not a thing is being done about it but just doling out more money to our government for everyone else to use and squander and steal.

  • Joe Rybicki

    YELL HERE IT IS WE THE GOVERMENT TO FUCK YOUR OUT OF YOUR SHIT “OR”” YOUR MONEY

  • KurtTheInfidel

    the best country in the world? did all 100 of you up there vote on that lol

  • weak

    Lesson here: find it, keep it, and shut the hell up. It was left to me by my parents. Nuff Said!

  • weak

    except no rifles!

  • weak

    Government NEVER has to prove anything. Look at history.

  • Ryan Cuzzort

    They shouldn’t have to though

  • joshoptic

    I know, I was just wishful thinking.

  • DEC

    should have kept their mouths shut, and very quietly sold them off a few at a time. bragging gets you screwed

  • ELS

    So they get 47% of something they FOUND taken away. Now go pretend you just got 47% of what you EARNED this year taken away. Go ahead. You think this country doesn’t encourage laziness???? Why should I work so hard when they government will take away less if I work less? Everyone thinks this couple is being treated unfairly. At least they FOUND 53% of it for FREE.

  • DW

    That would work until they started selling them. If you start auctioning off $10,000,000.00 of rare coins, big brother’s gonna know about it.

    What they should do is campaign hard and heavy for a reduced federal and, in this case, state governments and vote for candidates who will work toward making that happen. IRS, TSA. NEA, NSA, Homeland Security….gone. EPA, BATF, FDA and many others drastically downsized. No lobbyists allowed. Period. Make it a crime punishable by death. Term limits for Congress, no more executive orders.

    In other words, they need to join their local TEA Party.

    Income tax was unconstitutional, I think until the early 20th Century. May have been late 19th Century during the War Between the States. My mind is wrestling over that one. It’s one of the two. I’ll research it later. Anyway…our founders had absolutely no thought of an income tax or a “treasure love” tax ever being imposed. Now I know we have roads and military we have to fund these days. But that would be easy to do if you cut the fat out of the government. We shouldn’t be giving other nations huge sums of money for war or natural disasters until we have our own fiscal house in order. And we got plenty of hungry, disadvantaged kids right here we need to worry about feeding before we concern ourselves with the rest of the world. Charity begins at home,.

    The founding fathers would blow their freakin’ top if they found a time machine back in the late 18th century and traveled to 2012 and took a look at the size and power of our government. They’d go up to DC with guns. I imagine they’d get updated ones, though. Probably raid some military warehouse full of the latest and greatest armor and ammo. And weapons.

  • LaSuperchica

    What gets me is that these people found these coins for FREE. Anything they get, even half, is money they didn’t have before. They didn’t work for it, they found it. It’s called a windfall. What about just being GRATEFUL?

  • Brenda Norris

    Yep, and all hundred of us knows how to win GOLD.

  • Paul Alvarez

    Canada is okay too. There’s really very little difference in the two countries, aside of rights to own arms, which may come back to bite Canada in the ass if they don’t grab a hold of reality. Citizens rights are being compromised by the desire to kiss the butts of foreigners who believe they are entitled to move to that country and impose their rights.

    I grew up there for 22 years, moved to the USA 23 years ago, because the country was becoming too socialized. I was pissed off when they suddenly imposed a Goods and Services tax, changing the sales tax rate from 7 to 13%. When they did that, I said enough. The OHIP at the time (health coverage) was okay, but not free. It is paid for through taxation. But there are draw backs, like good doctors, choosing doctors, or just going to specialists (ex. dermatologist) as everything must go through the government’s process, which means your doctor has to refer you.

    My mother (in her 70′s) is currently recovering from taking a relaxant prescription her doctor recommended. It is for short term use. She was on it for about 20 years. After being admitted to the hospital, it was discovered when one of the young doctors observed this problem. Give it another decade and he will fall in line like the others who have adapted to people being more like cattle.

    I’m not saying it’s a bad system, I’m saying it’s third world-ish, in many ways. You don’t have to pay for it, because everyone else does, but the quality is inferior….. from my first hand experience with the two countries.

    The USA is home now, but once again, the dream that many seek when they come here, is being destroyed. Sort of false advertising. What was for so many decades, is more and more tainted every day with corruption inside of the federal government that has me disappointed to the point the once my kids are settled, I may venture on.

    I live for me, put my all into the land I live, but I am not slave to soil and I am not slave to government, so when they turn on me and the soil I stand on, you can best bet I am disheartened. If you cannot win it back in battle or love, you let it go and move on. Life is short and my loyalty is to self preservation and freedom.

  • scott

    the moose wants more vacations

  • Joe Marino

    So this couple don’t want to reveal their identity to the public but will give it to this Gov’t. Dummies, I hope they are Liberals.

  • http://www.modernrustichomes.com/ Joe Folsom

    if you find something that doesn’t belong to you that has been lost or abandoned then the government may tax it at its ‘fair market value’ ……..But if they bought the house/property, wouldn’t it now belong to them?

  • John Motz

    Legal Robbery…

  • Ollie

    that theory would work if you have a 100 years to spare fighting the bureaucracy!

  • Ollie

    You gotta love the fact also, that Canada would have been taken over long time ago, by hostile governments if it wasn’t for the fact that America poured billions of dollars in defense, that directly benefited Canada so they didn’t have to spend money on their own defense, just a drop in the bucket because America had their backs, I know I was born in Canada, and will die defending US not Canada! Canada has mooched off America for many years!

  • Mary Thompson

    Yep, they should have went to another country, sold them, and came home with cash. You know our government owns us, and any thing we’re worth!

  • G.P.

    “Big brother” can nurse on mouse wienie!

  • G.P.

    No. . . Governshit!

  • G.P.

    I fell over in the parking lot of the hospital and was charged $930.00 to be carried 20 feet into the hospital.

  • David Nevers

    fuck cuntifornia

  • Ohala Nomar

    You can find private investors. They are everywhere.

  • DW

    That would be great, but I wouldn’t even know where to start. I mean, I know some folks with more money that I can count, but they’re not coin collectors. Hopefully they’ll win their case since the coins were on the property when they purchased it. Hope so.

  • DW

    That’s where the attitude of the founding fathers and updated weaponry come into play. ;)

  • DW

    Thank you for your service. And it’s way more than “kinda” sad. If I hadn’t been raised to be the hard headed as a mule, stubborn, stick to your guns person I am, I’d probably be elsewhere, too. But I have kids here, and can’t stand the thought of leaving them, so I just raise as much hell and enlighten as many people as possible as to what’s happening in our government and to our nation. God bless you, sir.

  • DW

    Your medical bills cost you much more than $45. Calculate the taxes you’ll pay for that “benefit” over your lifetime.

  • KurtTheInfidel

    you use the word us like you were personally in the olympics. you didnt win in a gold in anything lol

  • Mia

    very true, no one has to no any bodies business, that’s what’s wrong today, everyone wants to know everything about your business, such as this, of course I’m sure they opened their own mouths prematurely and to the wrong people, I would have never told anyone anything, even if I trust them

  • Roberta Markovich

    The greedy tax collector got to have his, but I’m sure you are going some leftover. It’s a freeby so be happy with your extra cash.