Do You Have to Pay Income Tax when You Find Gold?

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Do You Have to Pay Income Tax when You Find Gold?

The good news is that you found a lot of gold. The bad news is that you probably have to declare the value of the gold as income when you file your taxes and then pay income tax on it. That’s the lesson we learn from a now-classic court 1969 case called Cesarini v. United States. We’ll tell you all about that court case in a minute, but for now let us say that we’re only telling you about it for informational purposes and are not offering you legal advice. 

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Investment Strategy - Give Gold to Your Children Now Tax-Free, Watch it Appreciate

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Investment Strategy - Give Gold to Your Children Now Tax-Free, Watch it Appreciate

If you’ve been watching gold prices over the last month, you’re aware that trading prices have fallen to historical lows. That leads to the obvious conclusion that this is a pretty bad time to sell gold. But here’s a contrarian investment idea to consider. If you have gold that you don’t want to sell now, why not give it to your children?

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