If you found gold coins, meteorites or cash stuffed in a piano, the tax man wants a piece

When individuals discover valuable items such as gold coins, meteorites, or other treasures, they must report these findings as taxable income. This tax principle extends to various situations, including sports memorabilia like a home-run ball and game show winnings. 

The origins of this tax rule can be traced back to a legal case from the 1960s involving a sum of cash that was found inside an old piano. Any significant findings or gains are subject to taxation under this established principle.

For more information see Greg Iacuri “If you found gold coins, meterorites or cash stuffed in a piano, the tax man wants a piece” CNBC Your Money, August 21, 2023.

Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.