If I were to find gold in sizable quantities on my property, how would I go about selling it? Would I be taxed on it if I didn’t sell it?
I imagine you’d have to find an agent who would sell it on your behalf. Gold is bought and sold via a commodities exchange (i.e. the Board of trade in Chicago).
If the government knew the gold was there you bet they’d tax you even if you didn’t sell it. They may not get you on income tax till it’s sold but they could re-assess your property and get you with property taxes. Think of The Beverly Hillbillies. Uncle Jed’s shack was probably worth $500 but after oil was found the government would now say that land was worth millions and tax accordingly. Jed had to move because without selling he’d never be able to afford to remain on his property.
Of course, this all assumes the government finds out somehow. If you don’t tell then nobody’s the wiser :).
Of course before telling anyone it would be a good idea to see who has the mineral rights.
Expanding on wolfman’s post:
I suppose it makes a difference if you find gold ore or if you find a stash of gold that was hidden there.
I don’t think Jeff_42’s comment would apply if you find a stash of old gold coins hidden there by Captain Kidd.
The IRS can’t tax you on the gold until you sell it. Some states however tax you on the value of your assets every year.
I don’t know about property taxes. Property taxes are usually acessed by the city and the county. Generally your property is only revalued every certain number of years. If you removed all the gold from the ground before it was revalued then I suppose you could get out of the property taxes as well. Every county is different though.
As a practical matter, nobody knows you have gold on your property and doesn’t need to.
Take the gold, assuming ore form, and get it to a refinery. They will refine it, taking a small refining fee, and pay you for your gold.
Legally, you must pay federal taxes on your windfall. I am not expert enuf to say whether capital gains or straight income. Probably state taxes also.
Personal property taxes are a non-issue,assuming you didn’t go down to the county/city and announce that you just struck gold in your yard. And even if you did, I doubt that they have statutes to deal with it.