Heard Friday morning on the news that the IRS considers that subject to a "Treasure Trove Tax (? new one on me!) and that the tax on their find will be approx. 5 million dollars. That is just such BS I can`t even believe it...
Thread is old, just reading some. There are 3 types of classified property: Lost
: Treasure Trove.
I have this Ohio case in my legal notes that I came across many years ago posting on another board.
Yes, if you took a federal tax rate around 35-40%, plus state tax, it could be around 5 million. That money was life changing to those people and the "crooked" government did not have it for 100 + years, they don't need it to just blow it, that makes me sick.
In Ohio TT found in the ground (except fossils and such) are "finders keepers" even if found on another's property, that is, as long as they have permission to do it, or are there by invitation etc., like a picnic.