Man finds diamond - IRS takes a cut!
Updated: Sep 30
Remember the guy who found a diamond in a state park on Labor Day? The IRS remembers! The man found a 9 carat diamond in the Crater of Diamonds State Park and was allowed to keep it under park rules. But, under IRS rules, he will have to pay income tax on the appraised value on his 2020 tax return. Then, if diamond prices go up and he sells it, he will be taxed on the capital gain on the sale! You can read more about it in this interesting article from Forbes.