Not logged in. Login - Register


All new registrations need to be approved manually. After registration, mail me at tyblossom at aol dot com.
ChaseChat is available for Smartphones via Tapatalk, Download the app at http://tapatalk.com/m?id=4&referer=1048173. After installing CLICK HERE to add the forum to Tapatalk.

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Loophole?
06-05-2016, 10:02 AM,
#1
Loophole?
If you found the chest and took it to Forrest, could he then put it in his trash and you pick it out of the trash, thereby negating any taxes or other stuff? From what I think I know, once something is in the trash, anyone can have at it. Would you have to pay taxes on something you found in the trash? lol
Reply
06-05-2016, 10:08 AM,
#2
RE: Loophole?
I'm not an attorney, however, my guess is that you would have to pay taxes on your profit from the sale.
Reply
06-05-2016, 10:49 AM,
#3
RE: Loophole?
From my research you pay taxes on fair market value on what you have found even if it's in the trash. There's a lot of grey area when it comes to the chest but the only way you could claim it would be if you found it on public property. There other ideas such as donate it to a museum and one could get one heck of a tax write off. Or don't tell a soul that you found it and keep it where no one else would know you had it. If you going to do that here's a better suggestion go re hide it somewhere and start the chase over again (don't think most searchers could ever do this). One other thing you could do is take the turquoise bracelet and leave the rest the IRS won't make you pay taxes on one items of such little value. Any other way expect to pay taxes on it.
Reply
06-05-2016, 10:59 AM,
#4
RE: Loophole?
(06-05-2016, 10:38 AM)admin Wrote: Wouldn't you have to pay taxes prior to putting it in the trash? My understanding of taxes is that as soon as you receive money you own taxes on it.

this is why you need a big company with big dog lawyers
******************************************************************************************************************************************************************************
Reply
06-05-2016, 01:06 PM,
#5
RE: Loophole?
(06-05-2016, 10:59 AM)pidmt Wrote:
(06-05-2016, 10:38 AM)admin Wrote: Wouldn't you have to pay taxes prior to putting it in the trash? My understanding of taxes is that as soon as you receive money you own taxes on it.

this is why you need a big company with big dog lawyers

If gift/inheritance taxes could be avoided by using the trashcan technique then I would be a full time dumpster diver at every billionaire's house.
Reply
06-06-2016, 12:51 PM,
#6
RE: Loophole?
I dont know how most of this stuff works, but just using what has been stated. If someone found the chest, and the chest contained items that have been collected, the person who finds the chest could sell these items individually on a website.

Take the Saddle Ridge Hoard for example. These folks found a bunch of old gold coins on their property, and then decided to sell all of them on amazon. I have sold things on amazon before, and never paid taxes on what I sold.

There are a hell of a lot of holes that you can run through in order to avoid being on the radar. I doubt the IRS is looking around for people who are finding treasure chests. Also there could be something else in the chest that will help avoid these sorts of things. The IRS has just about as good as a guess as the next person as far as this chase goes.

The person who finds the chest, will be smart enough to avoid any unwanted actions. Thus being smart enough to find the chest. I can imagined there is some something coded in this entire chase that tells you exactly what needs to be done for satisfaction.


Reply
06-06-2016, 07:26 PM,
#7
RE: Loophole?
*sigh*

Taxes on gifts are paid by the giver, not the receiver.

For the millionth time.
*sigh*
Reply
06-06-2016, 08:43 PM,
#8
RE: Loophole?
(06-06-2016, 07:26 PM)djjmciv Wrote: *sigh*

Taxes on gifts are paid by the giver, not the receiver.

For the millionth time.
*sigh*

This has been reiterated so many times it's amazing. I know how Fenn feels telling people things and they never listen.
Reply
06-06-2016, 09:12 PM,
#9
RE: Loophole?
(06-06-2016, 08:53 PM)admin Wrote: He's said the person who finds it will "earn" it. He's NOT considering it a gift.

What I meant by a life time amount for gift was for the gifter, not giftee. I believe you're only allowed to gift so much in your life before you have to pay taxes on it even if you only give someone 14k a year.

Steph...this is not earned income. A summary of the unified credit is below. You can gift up to 5.45 million dollars currently.

Unified credit
In estate planning, you also must consider the unified credit. It gets its name because the federal gift tax and estate tax are integrated into one unified tax system.

This is the credit for the portion of estate tax due on taxable estates. For example, if you exceed the annual gift tax exclusion amount in any year, you can either pay the tax on the excess or take advantage of the unified credit to avoid paying the tax. The unified credit enables you to give away $5 million (plus the annual inflation adjustments) during your lifetime without having to pay gift tax.

By using the unified credit during your life, you'll reduce the amount available to offset the estate tax upon your death. If, however, you pay the gift tax, such taxed gifts are added back to your estate, and the estate tax is recalculated, with the gift taxes you previously paid credited against any final estate tax due.



Read more: http://www.bankrate.com/finance/taxes/es...d-gift-tax
Reply
06-06-2016, 09:51 PM,
#10
RE: Loophole?
If I find the treasure, I'm more than willing to take the hit LOL
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)
Contact Us | ChaseChat™ - Treasure Chat | Return to Top | | Lite (Archive) Mode | RSS Syndication