[I Only Smoke 4 the Cards]

Originally Posted by barrysloate

So let's take the same story with a twist: you find the shoebox of cards in the attic and you decide to keep them...but you're not a collector and you have no idea they are valuable.



Ten years later you pull them out of a drawer and decide to sell them. And lo and behold (not to be confused with the law firm of Lowe & Behold), they sell for a million dollars. The IRS asks where and when you got them, and you say you've had them for ten years. Have you broken the law? Will you get penalized for not having paid the taxes ten years earlier?

No.