Consider this a public service announcement for all treasure hunters: Uncle Sam wants a piece of your loot.
Someone who makes a valuable discovery — whether gold coins, meteorites or even cash — generally owes tax on that haul, which is known as "found" property.
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The haul would therefore be taxed at ordinary-income tax rates.
These tax rates (which also apply to income like job wages) are up to 37%.
Persons:
Uncle Sam, Troy Lewis, Lewis, it's
Organizations:
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