HROT financial experts

West Duval Nole

HR Heisman
Dec 16, 2013
6,733
7,898
113
Jacksonville
Hate to be the bearer of bad news, but...

From IRS Pub. 525:
Found property.
If you find and keep property that doesn't belong to you that has been lost or abandoned (treasure trove), it's taxable to you at its FMV in the first year it's your undisputed possession.
He was turning into the police thus he did not keep it. So the police would have it and I believe depending on the state the # of days can vary before he could go back to get it if it remains unclaimed. But I assume he isn't required to go back to claim it and then I assume the state just gets to keep it as unclaimed property.
 

desihawk

HR Heisman
Oct 1, 2002
9,189
9,036
113
It's been really interesting talking to folks about what they're thinking on the financial strategy front in this environment so a simple hypothetical for HORT: if you found $50k on the street, what you do with it, besides OP's mom and blow?
put as much of it into i-bonds as permissible (10K per family member), the rest deposit in a brokerage account and enable options trading. in case there is a mega stockmarket bloodbath sometime in the next couple months, with the rest of proceeds buy naked calls on a solid stock or index. no bloodbath by december, buy tickets to watch iowa in ny6 game.
 

funksouljon

HR Heisman
Jan 26, 2004
6,594
8,720
113
COS, CO
So Vegas and let it all ride on roulette. Red or black?


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OutbackBowl2017

HR Heisman
Dec 4, 2016
9,698
14,698
113
I’d at least check it from top to bottom to make sure there isn’t any type of tracking device associated with it…


javier-bardem-for-you.gif


Then I’d party my a$$ off with hookers and blow on a trip to Vegas.
 
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artradley

HR Legend
Apr 26, 2013
30,856
55,159
113
I’d at least check it from top to bottom to make sure there isn’t any type of tracking device associated with it…


javier-bardem-for-you.gif

This was exactly my first thought. If TV and movies have taught me anything, if you find a big wad of money there will be ruthless killers coming after you.