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The Tax Man Cometh

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KLARNOLD

Well-known member
Sep 17, 2008
1,409
147
Owensboro, KY
I was reading the following article, http://money.msn.com/investing/post--tax-man-comes-for-couples-gold-coin-find, and thought that this would apply to baseball cards as well, "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 in your undisputed possession."

What percentage of "sportscards finds" do you think are not reported to the IRS? Would any of this apply to the recent "Black Swamp Find" for the seller or buyer?
 

hohlernr

Member
Dec 1, 2012
204
0
Michigan
Weren't the cards found in the black swamp collection apart of the grandfathers belongings? I assume you can't be taxed on things passed down within the family.
 

Bootstraps9

Member
Feb 4, 2014
762
0
Weren't the cards found in the black swamp collection apart of the grandfathers belongings? I assume you can't be taxed on things passed down within the family.

As rational as that may seem, inheritance is absolutely taxable income.


Ogando, Michael Young, Leonys Martin and all Texas Rangers
 

Bootstraps9

Member
Feb 4, 2014
762
0
no paper trail

awful hard for the IRS to track if you just keep your mouth shut.

No debate on that point! They will really only catch you if it's a major find that gets publicized. And even then there is a fair chance they would miss it because the IRS is pretty unconcerned with the general taxpayer. They only get audit based on random selections or a computer catching something fishy.


Ogando, Michael Young, Leonys Martin and all Texas Rangers
 

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