Finding gold on your own is a monumental occasion that not many get to see. It seems like nowadays finding gold on your own it’s almost impossible to do. However if you do manage to find God on your own, whether that be planned or unplanned does that now mean you will get taxed for it? in the state of California, if there is any valuable items found on one’s property, they are told to hand it over to the police. The police were on keep it for a period of time and eventually release it to the person who found it if it is not claimed by someone else.

However, if you do manage to find gold, you are able to keep it on your own free well. But once, or if, you decide to sell it it is been reported to the government and then it may be taxed. But until the government has its hands on it it is in your possession and no one else’s. According to the article “Do You Have to Pay Taxes on Found Gold”, it explains how a couple in the state of California managed to find over $10 million worth in pure gold sitting on their property.

However once that was made known to the government they only took about half of it and the other half went to state and federal taxes. The second the government was notified about the amount of gold coins that a couple had found they instantly estimated the value of each coin at what it was worth and taxed it. Being said once more however, if you find gold and do not intend to sell it to anyone it will not be taxed as it is yours. To be fair however, even if you were to find gold, any amount, on your property technically speaking you are not the sole owner of gold.

In the article, “What If You Find Gold On Your Property? Know The Procedure”, it is sad that you must buy mineral rights for. No rights allow you to gain ownership of the items that you have found on your property that are worth value. If you follow the right steps regarding you are receive much financial compensation along with a numerous amount of benefits.

Now if you decide to sell mineral rights to someone else, that then gives them the right to dig on your property in order to find valuables. Once and if they find said valuables, those are now there’s and they have full ownership to them. It is also known that companies you are interested in your property, can then go by mineral rights which then gives them permission to your land and all of its unclaimed gems. In the end if you have mineral rights and decide that you don’t have enough knowledge on the subject, you can then sell your mineral rights to a person or company and you will receive financial benefits from that.

Now back to the selling aspect of gold and it beat you taxed. If you decide to go to a pawnshop or trading site to sell your gold for money or some thing else, once it is sold the government takes a portion of the profit for tax. Typically, you need to report any extra income you get to the IRS especially any gold transactions. there also needs to be a certain amount of God, that will force you to report it to the tax company.

In over the course of one year, you have only sold one piece of gold for $100 that in fact will not get taxed, however if you were to sell more than $1000 in one year, you will then be taxed. But it is important to note whether you find golden decide to sell it or keep it for yourself that is still a monument is treasure that you have found, and quite possibly no one else would have located.