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<p>[QUOTE=&quot;doug444, post: 1949796, member: 38849&quot;]Broken, you are of course<b> <u>wrong</u></b> about what&#039;s taxable:</p><p><br /></p><p>&quot;...<b>Found property.</b>&nbsp; If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession.&quot;&nbsp; </p><p><br /></p><p>(from IRS Publication 17)</p><p><br /></p><p>Whether you report it, that&#039;s up to you.</p><p><br /></p><p>Furthermore, &quot;...If you collect stamps, coins, or other items as a hobby for recreation and pleasure, and you sell any of the items, your gain is taxable as a capital gain. (See <a href="http://www.irs.gov/publications/p17/ch16.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.irs.gov/publications/p17/ch16.html" rel="nofollow">Chapter 16</a>.) However, if you sell items from your collection at a loss, you cannot deduct the loss.&quot;</p><p><br /></p><p>Whether you report it, that&#039;s up to you. <b> But it IS the <u>law</u>.</b>[/QUOTE]</p><p><br /></p>

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