Unlike the pirates of the past who were stealing from the Spanish crown, any U.S. taxpayer who finds buried loot will have to pay income taxes on it. This was established in Cesarini v. United States.
Mr. Cesarini bought a used piano for $15 and found nearly $5,000 in cash inside. The IRS said that his treasure trove was part of his gross income citing I.R.C. Section 61 and taxed it. Mr. Cesarini had his day in court, but lost. He also lost when he took the case to the Sixth Circuit Court of appeals.
If you need tax help, contact our office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.