We reported the other day about how Kevin Kenard found a 9-carat diamond at Crater of Diamonds State Park in Murfreesboro, Arkansas. A great “feel good” story. Well, it wasn’t long after his discovery went public that the IRS came calling for their share of what has yet to even be determined. That’s right, he found a rock, and the IRS wants some money.
On Labor Day, Kevin Kenard found the 9.07-carat gem that he named “The Friendship Diamond”. When the feel-good story made the rounds, it caught the attention of the Internal Revenue Service.
That is right, we knew about finding “cash”, but according to the story published by Forbes.com, the IRS can tax you on “valuable items” that you just may happen to stumble upon. Get this, EVEN if you do not plan to sell it, for any amount of money, you get taxed.
So, strike gold in California, oil, discover lost art masterpieces at a yard sale… Tax.
Most folks that find a really big Treasure Trove… have to sell it just to pay the taxes.
