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If I find buried treasure or lost money, do I need to include those amounts in my income? |
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Many individuals believe that finding an item of value or money stays off the books. However, taxpayers who are fortunate enough to find buried treasure or lost money must include the fair market value of those items in their income. It is important to note that the items do not have to be included in income until the first year in which the property actually becomes the taxpayers, such as in cases where a dispute arises from another party. In the event that another party is contending the property, the value of those items must not be reported in income. |
