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Posted by Dick Adams on August 19, 2007, 10:18 pm
Please log in for more thread options > Bill Brown wrote:
>> se...@panix.com (Seth) wrote:
>>> Cash, yes. If I found $50,000 worth of gold buried in my
>>> backyard, I wouldn't owe any taxes until I sold it.
>> Actually, that is incorrect. You would owe taxes for the
>> year you found it.
This is Treasure Trove and there are laws concerning
Treasure Trove, e.g., you are suppose to attempt to find the
owner. Failing to find the owner, you become the owner, but
can avoid taxation by refusing to accept ownership.
> So, if I pick up a winning lottery ticket that someone
> dropped on the ground; but I don't cash it, I have to pay
> tax on it anyway? What if I pick it up off the ground and
> throw it in the trash, does the loss offset the income?
It's pretty much the same as above. You declined to accept
ownership.
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