Do you think major finds go unreported?

Do you think most major finds go unreported and if so, why? When I say major find, I mean 50K +.

If you hit a major score, would you keep quiet about it?

I have one find over that amount.  The only person that knows about it is my wife.  As far as the regulars are concerned the $2,500 I bid on the room was just about a total loss.   

To spice things up a bit I'll add a pic of another good find ... auction estimate $22,500.

Well never mind it won't upload.  3.3mb to much?

If you hit a major score, would you keep quiet about it?

Absolutely. 

Especially if I found $40K in cash in a sofa I bought for $20. The sad part here is that when that 91-year old woman kicks off, some unknown relative is going to get the $40K. 

http://www.theblaze.com/stories/2014/05/14/three-students-buy-couch-for-20-at-salvation-army-then-find-something-they-never-expected-hidden-inside/

that story made me mad.

I'm not sure why all of these people in the news are telling everyone what they find and/or returning it.

The couple with the gold coins in the backyard ... these people with the couch.  It baffles me.

I have to say I would keep my mouth shut about a big find. As it is I don't tell other buyers how good a unit turned out to be and I'm pretty sure they keep their mouths shut as well. 

I think taxes are a concern. If you found 100K in bullion, would you want the IRS to know? 

I think taxes are a concern. If you found 100K in bullion, would you want the IRS to know? 

How would you sell/spend that much without attracting attention to yourself? I would not want to report it myself, because I think the government takes more than they should, but I would be nervous about the consequences if someone started looking into my finances for some reason or another.

That would be my fear.  I'd rather just let the government shake me down.
Hiding money is to hard these days.  My father was a fraud accountant.  I remember the storied of the ways he caught people.   One guy was good.  He embezzled a ton but covered his tracks so well they couldn't get a lead in to investigate further.  They knew he did it, just couldn't get proof enough to get court orders.  So one day they are looking at his bank statements and his self car wash business is making deposits of a few hundred a day.  They look into other similar businesses and it all fits. No red flags.  Then my dad notices a deposit slip....then another......another......all the deposits were $20s.
The machine at the wash only changed $1s and $5s.   Where was he getting hundreds of dollars in $20 bills?   That alone was enough to get authorization to dig deeper and in time caught the guy.

One little mistake and your f**ked.   Just be legit.  If I found $100k I'd just look at it as $60k.  Let the IRS have theirs.   Still a good score.......

Now if I found a few thousand.....eh........might come down to how much I made that year vs deductions.
It probably wouldn't even effect my tax rate so might claim it.

How would you sell/spend that much without attracting attention to yourself?

You find a collector and sell to him for cash only. Then every so often deposit 9,900 dollars in your account until it's all been deposited. You can speed up the process by depositing into several different accounts.

If I found the $40k in cash I would just go to auctions, car auctions, boat auctions and then resell.  This business is a money launders dream.

There is a guy in Long Island that is a drug dealer and all he does is come in and buy about 15 rooms, rents a truck drops it off at a retail spot he rents and washes it that way.  It takes a while but its all squeaky clean to the govt.

If I found those gold coins I would travel the country for a year hitting every convention, pawn shop ..etc. and sell one at a time.  Make millions tax free and travel the country.  Not a bad gig.

If I found those gold coins I would travel the country for a year hitting every convention, pawn shop ..etc. and sell one at a time.  Make millions tax free and travel the country.

Great idea but not everyone is able to travel the country for a year.

You find a collector and sell to him for cash only. Then every so often deposit 9,900 dollars in your account until it's all been deposited. You can speed up the process by depositing into several different accounts.

All fine and dandy until you get audited. those deposits probably won't raise flags, but if they decide to audit you for whatever reason and go back 7 years they will probably want the back taxes plus fines and interest on all those unclaimed deposits. I am not a tax professional and I would rather keep my money, but the government has too much power now to ruin peoples lives.

All fine and dandy until you get audited. those deposits probably won't raise flags, but if they decide to audit you for whatever reason and go back 7 years they will probably want the back taxes plus fines and interest on all those unclaimed deposits.

It was money I've been saving all my life in Mason jars under my bed. I just recently decided to put it in a bank. End of story.

I can't travel the country for a year at this point but let me find $10m in gold coins and I'll figure it out.

I can't travel the country for a year at this point but let me find $10m in gold coins and I'll figure it out.

You and I both!