No taxes are due until the item is sold. > From: [email protected] > To: [email protected] > Date: Fri, 2 Nov 2012 15:50:44 -0700 > Subject: [meteorite-list] meteorites and TAXES > > All this talk about taxes and the like has raised some old questions for me. > If this has been discussed before forgive me I missed it. > > Lets say a meteorite falls and you find it then someone sells one from the > same fall creating a benchmark of value (however fleeting) > Do you immediately incur a tax liability on the stone you have? > > I remember back in the day when Sammy Sosa and Mark Mcguire were in a > homerun race and the topic came up that whoever caught the > record beating baseball would immediately be forced to sell it to raise the > taxes owed on it or pay out some ludicrous amount to the feds in order to > keep it. > > So what gives? > > I recently read the article about the Novato 100 gram stone being worth > $10,000 > GREAT! But does the owner now owe a percentage to the tax man???? > > What are the facts concerning this kind of windfall? > > Any idea? > > -Paul Gessler > > > ______________________________________________ > > Visit the Archives at http://www.meteorite-list-archives.com > Meteorite-list mailing list > [email protected] > http://six.pairlist.net/mailman/listinfo/meteorite-list > ______________________________________________
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