[meteorite-list] meteorites and TAXES

[bill kies]

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
> 
> 
> ______________________________________________
> 
> Visit the Archives at http://www.meteorite-list-archives.com
> Meteorite-list mailing list
> Meteorite-list at meteoritecentral.com
> http://six.pairlist.net/mailman/listinfo/meteorite-list