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When you sell the gold, that is income- and you will pay Federal Income Tax on that income, just like you pay on wages you earn.

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Do native Alaskans pay federal taxes?

Yes, native Alaskans pay federal taxes, just like other U.S. citizens. However, certain income from specific Alaska Native corporations and tribal distributions may be exempt from federal taxation. Additionally, some native Alaskans may qualify for specific tax credits or benefits related to their status. Overall, their tax obligations align with federal laws, except for these specific exemptions.


Do Alaskans pay real estate taxes?

Yes, Alaskans do pay real estate taxes, but the rates and regulations can vary by municipality. While the state of Alaska does not impose a state-level property tax, local governments, including cities and boroughs, can levy property taxes to fund services such as education, public safety, and infrastructure. Property tax assessments are typically based on the value of the real estate owned.


Did the 49ers from the gold rush period have to pay a fee to mine?

Yes, during the California Gold Rush, miners were generally required to pay fees to mine for gold. These fees varied depending on the location and the specific mining claims. Additionally, some local governments and mining companies imposed taxes or charges for the use of certain lands and resources, which miners had to account for in their pursuit of gold.


Do gold medal winners pay taxes on their winning?

Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.


If you deposit a cashiers check to a friends checking account do they pay taxes the money is mine and 5 figures?

If the money that is being deposited into the checking account is a gift, then they do not pay taxes. However, if this is a business transaction, then they may have to pay taxes.


Do Olympians pay taxes for gold in medals?

No they don't, it is simply a reward.


How did gold miners not pay taxes?

Only landowners had to pay taxes in the 1850s. Most miners did not own land and therefore did not owe any tax.


How much do Olympic Metal winners pay in taxes?

The prize taxes for a gold medal honorarium of $25,000 is pegged by ATR at $,8750. Combined with the tax on the medal itself, a gold medalist will have to pay the IRS $8,986. A silver medalist must pay $5,385 on the medal and the $15,000 honorarium and a bronze medal winner must pay $3,502 on the medal and the $10,000 honorarium.


Do Olympic gold medal winners pay taxes on their medals?

Here in Britain the answer is no


What are facts about Australian gold fields for the rush?

You need a license to mine for gold You can either get gold in the river or underground Chinese people have to pay more


Which system required Native Americans to farm ranch mine or pay taxes for the profit of individual Spaniards?

Encomiendas


Why did most of the miners in the California gold rush not have to pay taxes?

Because California was not yet a state.