The Discovery

On a private family ranch in Montana, a fossilized dinosaur was uncovered after eroding out of a hillside. Nicknamed Jodi, the specimen was excavated by commercial paleontologist Clayton Phipps, whose cousin originally spotted the remains. The nearly 20-foot predator is slated to go up for auction at Sotheby’s in New York on October 27, with estimated bids ranging from $6 million to $9 million.

What Scientists Found

Further biological details, exact species classifications, and the precise geological age of the specimen are not specified in the source; please check the official notice. The source confirms only that the specimen is a nearly 20-foot-long predatory dinosaur skeleton preserved on land that has belonged to the same family for decades.

Why It Matters

Unearthing valuable prehistoric remains on private land can create major tax and financial dilemmas for landowners, especially retirees drawing early Social Security benefits. The way the sale is structured determines whether the payout is treated as a personal asset or commercial income.

  • Capital Asset Status: If a fossil is sold as personal property or an investment asset, the gain is excluded from the Social Security earnings test, allowing the owner to keep receiving their regular benefits.
  • Business Classification: If a landowner frequently charges for digs, prepares fossils, or conducts annual sales, the income is classified as regular business earnings. This subjects the money to self-employment tax and can trigger Social Security benefit withholdings for retirees under full retirement age.
  • Broader Tax Impacts: Even if treated as a capital asset, a massive payout increases combined income, making up to 85% of Social Security benefits taxable. It may also lead to higher Medicare premiums two years later and trigger net investment income taxes.

To avoid unexpected financial penalties, landowners must carefully document how a specimen was discovered, record any past sales, and establish clear excavation contracts before sending a fossil to auction.

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Source: dinosaur fossil discovery - BingNews · Published October 12, 2026 · Photo by Natalie Nicks on Unsplash