[meteorite-list] meteorites and TAXES

From: bill kies <parkforestmet_at_meteoritecentral.com>
Date: Fri, 2 Nov 2012 19:21:15 -0500
Message-ID: <SNT102-W351A7635F551624ED90031A2660_at_phx.gbl>

No taxes are due until the item is sold.
> From: cetuspa at shaw.ca
> To: meteorite-list at meteoritecentral.com
> 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
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Received on Fri 02 Nov 2012 08:21:15 PM PDT

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