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> guy inherited a large house from a relative
> found 100kg (220lb) of gold hidden under the furniture
> worth an estimated €3.5m ($3.7m; £3m).
> http://www.bbc.com/news/world-europe-38072135
What would you do, if this happens to you? And by that I mean, how do you pay no taxes (probably illegal) or the least amount of taxes (legally) in your home country?
I would just try to stash it away and live off of it, only cashing out what I need and hoping nobody notices the additional income. No fancy cars or yachts or shit like that. Just a little better living.
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>>1632625
In the US, you'd have to declare it as income in the year that you found it. I suppose you could try to pretend that you found it several stashes over the course of several years and report the income over a number of years. This would reduce the amount subject to the tax at the highest tax bracket, but you'd still be paying quite a bit in taxes.
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>>1632625
PAY TAXES HAH
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Evade you fucking retard taxation is theft
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>>1632625
After spending my life wagecucking for worthless NEETs who refuse to work and seeing them burn all their free shit I would for sure quit my job and start a cash based business. It would fund 1 or 2 more that fail so i look like a struggling entrepenure. Then i would start a few more and launder every tmfucking oenny of it and invest it.
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>>1632673
This, and this WOULDN'T HAPPEN to me anyway.
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>>1632673
Land of the free!
I would pay precisely 0 tax on that £3m since Gold is exempt from Capital Gains Tax in the UK. Saying that, I WOULD potentially have to pay inheritance tax. But since I found it, I'm not sure I would because legally I haven't inherited it.
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>>1632625
sell it immediately
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>>1632673
This would be the legal thing to do but also incredibly stupid.
The smart thing to do would be to take it to local gold dealers and exchange it for cash for as close to spot price as possible. Then live off this cash without ever declaring it, and of course not do anything stupid like buy houses or cars with it.
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>45% inheritance tax and 3 years of back taxes
We taxed this money when your relative earned it and now we're going to tax it again when you inherit it then when you die we will tax it again
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>>1632869
you are now aware that the US passed laws requiring gold dealers to report any purchases of gold over $500 in a single year to the IRS. They are also required to get a copy of your photo ID and then 1099 you for tax purposes.
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>>1632625
I'd get an accountant immediately,
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>>1632881
Really which law is that? I personally own over 20 ounces of gold that I bought both online and in person at gold dealers within the last 3 years. The most recent purchase was months ago. Never once have I been asked to show my ID.
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>>1632888
why would you pay income tax on money you spent?
shit dude. think for a minute.
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