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How about that $1,000,000 treasure chest?


railfancwb
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Read that a treasure chest containing $1,000,000 in money and jewelry has been found. Seems it was hidden by someone as a contest item. 

So... what is the federal income tax status of that $1,000,000? Is it taxable to the finder as ordinary income? If so, is self employment tax on it also owed? Or is it a gift, with no tax due from the finder but gift tax due from the person who hid it?

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I've followed Forrest Fenn's treasure with some interest for a couple years. Formulated a couple of theories as to the location of the chest, but never invested anything more than a little time and mental vacation to the pursuit.

I believe it will come out that the chest was in New Mexico, though most of my ponderings were in the Yellowstone area.

 

Taxes? Nope. I'd have send a pic to Mr. Fenn of the chest at the site it was hidden, anonymously as possible.  That part of the treasure that had no historic significance, would be liquidated into cash. The historical pieces woulda been donated to the appropriate museums upon my death.

 

Taxes. PSSSSSH!!!

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he found something ,  the end  .  thats my take   , if i staggered thru the mountains and found a 5 pound gold nugget , 2 people would know , me and the person who buys it .

Edited by ASH
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