$98,000 cash found in desk bought on Craigslist

[mrlynn]

I hadn't read the article when I suggested that the previous owner might step up to claim the money. That of course was moot once the Rabbi called the lady who sold him the desk. Sounds like she had a plausible claim to the money, since she bought the desk new and assembled it. Had it been second-hand, she'd have had to prove somehow that the money was hers and not a former owner of the desk's.

Clearly Rabbi Noah did the right thing. As it turned out, there was no element of risk. In other circumstances, Acer's question does raise unsettling possibilities. . .

/Mr Lynn

[rz]

I work with a guy who bought a house that had belonged to a former gun dealer who had been stabbed to death. He was in the attic working on some wiring when he found $100,000 in cash. He wanted to keep it but his wife made him call the police because she was afraid someone was going to come looking for the money. The former owner's estranged wife was contacted, and of course she said it belonged to her. Apparently they worked out a deal where he got some money as a "finders fee".

[testcase]

A person may be charged with Felony theft if they keep valuable items they know / should have known they were not entitled to keep. This find could qualify. Simplest and safest course of action; turn the money into local Law Enforcement with an explanation as to how it cam into your possession. Of course, the serial numbers should be recorded before doing so. The law specifies how "found" property is to be dealt with. After a prescribed period of time, if the rightful owner cannot be located, the property is returned to the finder. At that point, said property is now legally owned by the finder.

[space-time]

After a prescribed period of time, if the rightful owner cannot be located, the property is returned to the finder. At that point, said property is now legally owned by the finder.

how long?

[haikuman]

space-time as your Attorney I advise you to say nothing more except
that you are innocent . . . :oldfogey:

[testcase]

space-time wrote:
After a prescribed period of time, if the rightful owner cannot be located, the property is returned to the finder. At that point, said property is now legally owned by the finder.

how long?

The length of time varies according to value and jurisdiction. In NY, I believe the longest hold period is five years. The shortest may still be under one year (for low value items).

[3d]

If you keep it, remember to declare it to the IRS for tax purposes.

[Janit]

testcase wrote:
A person may be charged with Felony theft if they keep valuable items they know / should have known they were not entitled to keep. This find could qualify. Simplest and safest course of action; turn the money into local Law Enforcement with an explanation as to how it cam into your possession. Of course, the serial numbers should be recorded before doing so. The law specifies how "found" property is to be dealt with. After a prescribed period of time, if the rightful owner cannot be located, the property is returned to the finder. At that point, said property is now legally owned by the finder.

Yes, but buying something with unexpected contents is different from "finding" something. A bag of cash sitting in the closet of your new house is different from a bag of cash sitting on a park bench. In general purchase of a material thing is understood to include all contents of that thing.

A interesting puzzle as to whether a bag of cash sitting in the closet of your new house should be classified as "income." The IRS will have a position of course, but are they correct?

[Mac1337]

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