What it you found diamonds and gold, and simply decided to dig it up and put it away. Do you have to pay tax?
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If you found say gold on your property, and simply decided to dig it up and store it away, do you have to pay taxes?
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Answer:
On your balance sheet you can Debit - assets (diamonds and gold) and Credit - GOD. He works miracles. You pay tax when you sell it. Your basis is -0- so you have pure gain.
Joshua C at Yahoo! Answers Visit the source
Other answers
lucky you
tro
When you sell it yes.
Cathi K
First just give me your property's address and I'll look into it for you. ;-)
Mary
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