Quote:
Originally Posted by jhs5120
That's the law, but you're right, most people in that situation would opt not to disclose it (which is illegal). You just made a million dollars! Whether you sell the card or not, you are clearly wealthier with the card than without; you owe taxes. The woman who won the Walmart Wagner needed to sell it, the man who caught Babbry Bonds 756 home run ball needed to sell it, the couple in California with all this gold needs to sell it. It happens. It's a problem I wouldn't mind having  |
I'm not a tax attorney, but this doesn't really make much sense from a comparison perspective. One could easily argue that when you bought the house and the property you purchased that with it as well. One could easily even argue that you knew it was there when you bought the house.
You have not realized any profit on anything other than what you bought. That's the equivalent of saying, the house was appraised at 500k and I bought it for 400k now I have to pay the taxes on the 100k profit because I have an asset I bought.
It's one thing if you get the item given to you or you find it off your own property, but if you bought the item where it resided its a totally different ball game.
Kevin