Couple Who Found $10M in Gold Coins Will Have To Pay Taxes
This week, Opposing Views told you about the California couple that discovered cans of gold coins on their property totaling $10 million in value. The couple, currently choosing to remain anonymous, announced their plans for the money, saying that they would use some to pay off their debt, and quietly donate the rest to charities.
Don Kagin, a well-known numismatist who is representing the couple, said that a discovery like this is incredibly rare.
“I don’t like to say once-in-a-lifetime for anything, but you don’t get an opportunity to handle this kind of material, a treasure like this, ever,” said numismatist Don Kagin. Kagin is representing the anonymous couple. “It’s like they found the pot of gold at the end of the rainbow.”
Now, new reports say that the couple will indeed be taxed on their findings, and experts estimate that around half of their findings will go to both state and federal income tax. While it may not seem fair that the couple should have to pay taxes on these precious coins that they stumbled upon, the law makes it clear that in situations just like this, people still have to pay taxes on “treasure troves.”
Forbes claims that if the couple decided to give all the money to charity rather than claim it as income, they may wind up paying even more in taxes. So, the bottom line is, this couple will have to fork over a good chunk to the government, but at the end of the day, they’ll still be walking away with a good chunk of dough.
Image source: SFGate