One day, while dropping off some items at the dump, you spy an old satchel half buried under some garbage. When you return a couple weeks later, the same satchel is still there untouched. Pulling it out and opening it, you find that it's full of loose cash in various denominations which you estimate to be about a quarter to a half million dollars.
What now?
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Hypothetical Found Money QuestionFollow
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
I would count it.
Alma wrote:
I lost my post
Take it home. Purchase a safety deposit box in a bank vault.
AshOnMyTomatoes wrote:
Take it home. Purchase a safety deposit box in a bank vault.
Edited, Jul 15th 2010 11:18am by Xsarus
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You'll always be stupid, you'll just be stupid with more information in your brain
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You'll always be stupid, you'll just be stupid with more information in your brain
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Hookers and blow.
George Carlin wrote:
I think it’s the duty of the comedian to find out where the line is drawn and cross it deliberately.
Anything over 600 bucks and that **** is mine.
Course, looking for work for the last 12 months can change some perspective.
Course, looking for work for the last 12 months can change some perspective.
Med School, how ya' doin?
Since you specify that it is found in the dump, I'd say it's up for grabs.
Since you specify that it is found in the dump, I'd say it's up for grabs.
I'm assuming there was no way to identify the owner of the satchel, nor a dye pack from a bank in the satchel with the cash.
I'd keep it.
I'd keep it.
In a time of universal deceit, telling the truth is a revolutionary act.
If it's in the dump, someone threw it away. Consider it recycling.
Now you can afford to re-up your premium!
Now you can afford to re-up your premium!
publiusvarus wrote:
we all know liberals are well adjusted american citizens who only want what's best for society. While conservatives are evil money grubbing scum who only want to sh*t on the little man and rob the world of its resources.
WhatJophSaid wrote:
What now?
I ask you for a cut of the money you most certainly kept.
Sir Xsarus wrote:
AshOnMyTomatoes wrote:
Take it home. Purchase a safety deposit box in a bank vault.
Sounds like a good way to attract the attention of the IRS.
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Jophiel wrote:
Sir Xsarus wrote:
AshOnMyTomatoes wrote:
Take it home. Purchase a safety deposit box in a bank vault.
Sounds like a good way to attract the attention of the IRS.
Donate. One day it could be your family.
An invasion of armies can be resisted, but not an idea whose time has come. Victor Hugo
An invasion of armies can be resisted, but not an idea whose time has come. Victor Hugo
I would buy you a new satchel.
Uglysasquatch, Mercenary Major wrote:
I don't think Xsarus is too worried about the IRS.
Look buddy, either I get to assume you live in the US or else I don't answer you. Have fun in N. Dakota.
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Safe-deposit box as mentioned, then use it to supplement (but not replace) common cash transactions such as food or entertainment expenses, cutting down costs while still maintaining a history of using earned money to do so. Then, use the money saved from normal accounts for any extras that have been on the table.
North Dakota?
That might actually be more boonies than where I actually live.
That might actually be more boonies than where I actually live.
Donate. One day it could be your family.
An invasion of armies can be resisted, but not an idea whose time has come. Victor Hugo
An invasion of armies can be resisted, but not an idea whose time has come. Victor Hugo
I'd be checking the serial number on each bill to see if they're either identical or in consecutive order.
Galkaman wrote:
Kuwoobie will die crushed under the burden of his mediocrity.
I would check to make sure there is no identifying information in or on the satchel. Then I'd scan the newspapers and see if there's been a recent bank robbery. I don't know... might ask the police if they've heard of anyone losing it.
If I really can't find who it belongs to, and I'm sure I won't have a mob hit out on me if I kept it, I'd call my tax guy and ask about the tax implications for my "friend" who "stumbled upon" $250-500k. It's not income, really...
Then I'd probably offer a lot of it to my mom, since she's losing her job in September and my step-dad is losing his job in August. Pay off my house and cars...
If I really can't find who it belongs to, and I'm sure I won't have a mob hit out on me if I kept it, I'd call my tax guy and ask about the tax implications for my "friend" who "stumbled upon" $250-500k. It's not income, really...
Then I'd probably offer a lot of it to my mom, since she's losing her job in September and my step-dad is losing his job in August. Pay off my house and cars...
It's definitely taxable:
If I recall correctly, banks are required to report deposits of greater than $10,000 to the IRS. I'm sure they had a method in place to keep you from opening forty bank accounts of $9,999.00 as well.
IRS.gov wrote:
Found property. If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession.
If I recall correctly, banks are required to report deposits of greater than $10,000 to the IRS. I'm sure they had a method in place to keep you from opening forty bank accounts of $9,999.00 as well.
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
I'd buy my way into high society.
Or at least lower middle upper class.
Or at least lower middle upper class.
"I have lost my way
But I hear a tale
About a heaven in Alberta
Where they've got all hell for a basement"
But I hear a tale
About a heaven in Alberta
Where they've got all hell for a basement"
I can't find any information on 'found property' but I'm going to go with it being in the lottery winnings/gift/inheritance category so I wouldn't have to pay tax. Suck it US.
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You'll always be stupid, you'll just be stupid with more information in your brain
Forum FAQ
You'll always be stupid, you'll just be stupid with more information in your brain
Forum FAQ
Jophiel wrote:
It's definitely taxable:
IRS.gov wrote:
Found property. If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession.
Bummer. Ah, well. I'd probably go ahead and pay my portion in to the IRS because, with my luck, they'd just find out about it once I'd spent it all and then I'd be fined and all that fun stuff.
Jophiel wrote:
If I recall correctly, banks are required to report deposits of greater than $10,000 to the IRS. I'm sure they had a method in place to keep you from opening forty bank accounts of $9,999.00 as well.
I believe that's only if it's a cash deposit, and from what I understand, they have to report it to the government and it has something to do with drug dealing. I could be wrong, though.
This reminds me of an old British conundrum.
You are an Innkeeper and have a vacancy for a barmaid. There are three applicants and you ask each to work a half hour shift behind the bar.
Before they start, you place a £5 note on the floor and retire to a safe distance to observe without being visible to them.
The first barmaid picks up the money, looks to see if anyone is watching, then places it in her pocket.
The second barmaid picks up the money, looks to see if anyone is watching, then places it in the cash register.
The third barmaid picks up the money, comes to find you and tells you she's found the money.
Q. Which barmaid do you hire?
A. The one with the biggest tits..
You are an Innkeeper and have a vacancy for a barmaid. There are three applicants and you ask each to work a half hour shift behind the bar.
Before they start, you place a £5 note on the floor and retire to a safe distance to observe without being visible to them.
The first barmaid picks up the money, looks to see if anyone is watching, then places it in her pocket.
The second barmaid picks up the money, looks to see if anyone is watching, then places it in the cash register.
The third barmaid picks up the money, comes to find you and tells you she's found the money.
Q. Which barmaid do you hire?
A. The one with the biggest tits..
"I started out with nothin' and I still got most of it left" - Seasick Steve
I would invest a good portion of it and blow the rest on drugs.
Belkira the Tulip wrote:
I believe that's only if it's a cash deposit
This satchel isn't full of cashiers checks, Missy!
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Jophiel wrote:
Belkira the Tulip wrote:
I believe that's only if it's a cash deposit
This satchel isn't full of cashiers checks, Missy!
I know, I was just clarifying on what the banks are supposed to report.
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