HROT financial experts

[West Duval Nole]

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]

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.

 

[HawkMachine]

Dollar cost average monthly into the S&P 500. Probably 1K a month.

That would take 4 freaking years.

F that.

It's money you found on the street, no reason to get that conservative.

 

[West Duval Nole]

That would take 4 freaking years.

F that.

It's money you found on the street, no reason to get that conservative.

So Vegas and let it all ride on roulette. Red or black?

 

[funksouljon]

So Vegas and let it all ride on roulette. Red or black?

 

[West Duval Nole]

Take 3 stacks of high society and go play Teddy KGB or enter WSOP.

 

[BustingNarratives]

You should have bought Twitter yesterday.

 

[funksouljon]

Take 3 stacks of high society and go play Teddy KGB or enter WSOP.

 

[Colonoscopy]

 

[OutbackBowl2017]

I’d at least check it from top to bottom to make sure there isn’t any type of tracking device associated with it…

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

 

[markfromj]

But did you pay taxes on it?

No. But probably should have.

 

[Chewback]

Dollar cost average monthly into the S&P 500. Probably 1K a month.

Oh yeah. The miracle of "dollar cost averaging." Where do people get this shit? Jesus.

 

[Bonerfarts]

Oh yeah. The miracle of "dollar cost averaging." Where do people get this shit? Jesus.

Every financial advisor ever. Ever use a 401K?

Charles Schwab

intelligent.schwab.com

 

[artradley]

I’d at least check it from top to bottom to make sure there isn’t any type of tracking device associated with it…

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.

 

[nolesincebirth]

BBBY.

Yolo!

 

[St. Louis Hawk]

So Vegas and let it all ride on roulette. Red or black?

Don’t be a wimp. Green!