Out of this world experience I have to share...and a question.

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When reading this post, please remember that today is April Fools' Day.

 

Before you start planning how to take advantage of this, are there any other potential heirs to this "family fortune"? If so, you need to determine how the proceeds should be divided, legally, ethically and morally.

Chris

 

Doh! Thanks for the reminder!

Chris

 

I still got excited even realizing that it is April fools day.

 

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Since you are new to the hobby, before you think about selling any of it, you'll first want to determine if any have a numismatic value above the market price of the precious metal. Can you provide us a list of the dates & mintmarks? From that list, we may want to ask for some photos of certain coins. Would that be possible?

Chris

 

It is an April Fool's joke until we see pictures! BTW: Welcome to CT. :welcome: TC

 

You seem to imply that the "original owner" of this treasure is alive. If that is the case, consult a lawyer and a tax lawyer.

If the person is dead, consult a probate lawyer along with the other lawyers above.

Why? because if the person is alive, gifting taxes, capital gain taxes, etc. will be attached to the treasure above the allowable gift amount. It might be better to consider trusts or other tax deference mechanisms. Hopefully the land you dug is still owned by the alive relative, or other problems come into play. Even if you think you can keep it all in the family and no one outside will know, and look for a "whistle blower tax reward", it often happens. I would not post on any forum more information that could lead to you until I had contacted all lawyers and received some legal opinions as to how to keep some of the treasure.

 

Don't tell any financial adivosrs because then they know and legally, I believe you have to pay a tax on that so keep it on the down low. Can you tell us how much you in hereited. If it like $10,000 or $1,000,000 it makes a difference.

 

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I second this! If thousands of dollars are involved consulting with an attorney is a MUST! This will make sure that you keep the most amount of money and the least amount of time in trouble...

 

From what I can tell....the law is that the giver would have to pay a gift tax if he had exceeded his lifetime limit of $5 million in gifts. The receiver is not liable for any tax. There is no issue with land ownership.

Yes, buried treasure is a bit more legally complicated than Robert Stevenson ever wrote about.

 

Ok, just wanted to make sure all loose ends are tidied up. Now proceed with the excitement!

 

how many kruggerands? I say if it only a few thousand dollars worth of gold coins, then there is no need to rush

 

Using the past tense , he is deceased? Gift donations are not posthumously given. They have to be declared on tax returns the year given, or the person if alive can revise their returns of past years. However, if he is dead, then most likely this throws it into a probate situation. The IRS is very alert for misuse of the Estate Tax and Gift tax regulations to reduce or eliminate taxation. Perhaps all will work out, but I reaffirm my suggestion to get your personal lawyers opinions. I assume also as with most hoarders, there are no records of purchase, so they would be valued as appreciated from face value for estate consideration. I don't like to have to use lawyers as usually it means bad news one way or another, but I think it is important to consider. I think your lawyer would suggest that you not make mention of content, value or certainly no photo. The internet is not truly anonymous.

 

Using the example you gave, then speak of it to no one, never admit to having it, and delete this topic. Distrust of "the system" worked well for your ancestor, why try to fix it?

 

For starters? I wouldn't post it in a public forum. I'd keep my mouth shut and not tell anyone.