What happens if i find gold or silver on the beach?
Posted on January 11th, 2010 by admin
if i were to find silver or gold coins on the beach(US), would i get to keep it? or how much do i have to pay for it? thx!
i was wondering if i found gold or silver (like spanish coins) on the beach (US) would i get to keep it? how much would i have to pay in taxes?
My understanding is that the law in most jurisdictions for a thing like that (which isn’t like a purse or some object that clearly belongs to someone else) is that the person who finds it gets to keep it. So congratulations! Mind if I offer some advice. Take the gold and sell it to an online store that specializes in buying gold for fair prices. I suggest http://www.refinity.com/
January 11th, 2010 at 2:16 pm
finders, keepers
you can turn it in to the police dept. and if no one claims it within a specific time, they turn it over to you
who do you think you would have to pay?
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January 11th, 2010 at 2:54 pm
If you find the coins in public places, you have to announce and report to the Police. Unless someone come forward with full description of the coins, you will be a lawfull owner at the end of the specified
period. You do not pay tax on that.
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Tax Professional
January 11th, 2010 at 3:10 pm
There are a number of laws that may apply depending on how and where you found it plus the amount. That said if you were to overcome any legal issues it would be taxable at its fair market value on the date that it became your undisputed property.
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January 11th, 2010 at 3:28 pm
You would not have to pay for it, and you would only have to pay capital gains taxes if you sold it.
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January 11th, 2010 at 3:48 pm
My understanding is that the law in most jurisdictions for a thing like that (which isn’t like a purse or some object that clearly belongs to someone else) is that the person who finds it gets to keep it. So congratulations! Mind if I offer some advice. Take the gold and sell it to an online store that specializes in buying gold for fair prices. I suggest http://www.refinity.com/
References :
http://www.refinity.com/
January 11th, 2010 at 4:04 pm
If your going to sell it I would do what others suggested and turn it in to the police station and see if anyone claims it. Most places that will buy your gold or silver will have a form where you have to say if its your property and if you found it or not. If you say you didnt find it when you did, and someone had filed a police report about it then you could be in some big trouble.
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