Buried Treasure
Back in 2013, a California couple found dozens of 19th-century gold coins buried on their property. The couple chose to remain anonymous, which is wise in terms of self-protection, but no one can hide from the IRS. Those gold coins worth up to $10 million, so there are some big taxes waiting ahead for the lucky couple.
Found property that was lost or abandoned is taxable at its fair market value in the first year it’s your undisputed possession.
Judging by this law, the California spouses will have to pay federal taxes of 39.6% and an additional California state tax of 13.3%.
