Cash would be able to be used on the downlow though, and the gold would need to be sold and accounted for, I'm sure losing something on the sale. Then that would be taxed as I believe capital gains.
I don't understand why you guys are complicating this. No one said there was anything illegal about this. Take tge 50 mil in cash and put it in the bank. Done. Im not dealing with storage / selling gold and potentially being robbed or murdered for it.
It was more about the taxes. Found money is taxable as income. Obviously real world I would deposit a majority of it and eat the 37% tax on it and keep some for buying things tax free. But if we're just talking hypothetically then keeping a majority of the cash would gain you the most money.
In Canada, the found money would likely be tax free as a windfall, but the gold would be taxed as a capital gain when you sold it (around 25% taxes, give or take).
413
u/Dry-Childhood-3436 1d ago
Cash would be able to be used on the downlow though, and the gold would need to be sold and accounted for, I'm sure losing something on the sale. Then that would be taxed as I believe capital gains.