Posted 11/26/2022 17:30 (#9951181 - in reply to #9950423) Subject: RE: If you had a million dollars today and hadta hide it from the Government
Douglass ks - 11/26/2022 06:58
If someone left money on my property, I would consider it a gift. The gift receiver does not need to report the gift to irs, that is the givers job.
There are famous tax court cases where people have found buried money/gold coins on property and IRS won the case and income was owed on the value found. If you find a $20 bill in the street you by law have to report it as income, technically speaking.
Without substantiation of the gift actually being a gift you would be SOL in an audit. You can't just say "some guy gave it to me as a gift". But fortunately none of us have to worry about finding a backpack full of cash.
If you had a million dollars today and hadta hide it from the Government
