[meteorite-list] meteorites and TAXES

From: Michael Farmer <mike_at_meteoritecentral.com>
Date: Fri, 2 Nov 2012 16:29:46 -0700
Message-ID: <4FEB16A2-CDEA-4E50-B240-AEBBA1984937_at_meteoriteguy.com>

it is only taxed if sold, wait a year and it is 15%. No gain like that can be taxed unless sold as there is no actual provable value.

Michael Farmer

Sent from my iPad

On Nov 2, 2012, at 3:50 PM, "Paul Gessler" <cetuspa at shaw.ca> wrote:

> 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 07:29:46 PM PDT