“One couple’s gold find could mean a jackpot for the IRS. The Northern California couple that found $10 million worth of rare, mint-condition gold coins buried in the shadow of an old tree on their property will likely owe about half the find’s value whether they sell the gold or not. The San Francisco Chronicle reports that the find is a taxable event under a 1969 federal court ruling that held a ‘treasure trove’ is taxable the year it was discovered. The report says after all is said and done, about 47 percent will go to state and federal tax, or the top tax rate. Nearly all of the 1,427 coins that were found, dating from 1847 to 1894, were in uncirculated, mint condition.”
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