It’s nice to read a feel-good story like the one about an Arkansas man who found a massive 9-carat diamond in a public state park in Arkansas. The stone has not yet been appraised, but whatever the massive diamond turns out to be worth, does Mr. Kinard really have to worry about looking over his shoulder for the IRS? According to the IRS, money or valuables you find are taxed, even if you just happen upon something by pure luck, and even if you don’t sell it to turn it into cash. The IRS calls finds like this “treasure trove” and says you have to value it and declare it as income. You might think that giving your find to charity would fix the tax problem neatly, but the IRS has an answer there too.

Source: Forbes September 26, 2020 16:17 UTC