> snipped-for-privacy@panix.com (Seth) wrote:
>>> Bill Brown wrote:
>>> Cash, yes. If I found $50,000 worth of gold buried in my
>>> backyard, I wouldn't owe any taxes until I sold it.
>> Actually, that is incorrect. You would owe taxes for the
>> year you found it.
> So, if I pick up a winning lottery ticket that someone
> dropped on the ground; but I don't cash it, I have to pay
> tax on it anyway?
Maybe. There are special rules for lotteries which I am NOT going to research.
What if I pick it up off the ground and
> throw it in the trash, does the loss offset the income?
If the item is a personal use asset, no.
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