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  1. #1
    choragos is offline Junior Member
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    Found large sum of money, want to put in bank.

    Ok so you know how the old story goes, where a man finds a briefcase full of money...? Well, thats kind of my situation. Heres the story, I fish 4 days per week. I went out to a local lake less than a month ago and started bass fishing back in some old abandoned channels when i noticed a really nice luggage bag that had been washed up into the cat tails and tall brush, it was so far back through the lilypads that i couldnt get my boat to it without it being a huge hassle. So i left it and continued on fishing. 2 weeks later, the lake water level was lowered, and most of the vegetation was dead. I went back to the same spot to catch some more fish and see if it was still back there. I got back to the spot and i was able to beach the boat due the low water. Luggage was still there. I got out and walked on shore to go get it and see if it was in good shape or not.
    As soon as i grabbed it, i knew there was stuff in it. I just expected someones wet clothes and some toiletries to be in there. There was nothing but a portable brown safe. I got home opened it up (it was very cheaply made, but retained no water) and in it there was a blank notepad, a pen, and a large sum of money. It was wrapped in rubber bands in stacks of 1000 and then 5 of those stacks were banded into one, were talking tens of thousands of dollars but less than 100,000 . Half of it is large denominations, and the other half is 20 dollar bills. I looked through it all and the most current bill is dated to last year. So it couldnt have been there over a year.

    So thats pretty much it. To be honest, i havent told anyone for several reasons, mainly cuz i dont wanna have to give it up under some stupid law.
    But now, i am slowly realizing that i want to put it into a bank, and i dont want this freak streak of luck to come back and bite me in the ass. Heres the questions..
    I have no idea if it is legal for me to keep the money.... is it?
    If so, will i need to be taxed on it?
    Do i need to contact the IRS before putting it into a bank?

    I have no idea how to go about this. I dont want to put a bunch of money thats unaccounted for, into the bank and then wait for people (such as IRS) to come around asking questions, and then figure out that im in the wrong somehow. I would rather deal with it the right way while the situation is still semi fresh.
    I appreciate any input. Thanks in advance.
  2. #2
    TheGeekess is offline Senior Member
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    What US state?
  3. #3
    Antigone* is offline Senior Member
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    Quote Originally Posted by choragos View Post
    Ok so you know how the old story goes, where a man finds a briefcase full of money...? Well, thats kind of my situation. Heres the story, I fish 4 days per week. I went out to a local lake less than a month ago and started bass fishing back in some old abandoned channels when i noticed a really nice luggage bag that had been washed up into the cat tails and tall brush, it was so far back through the lilypads that i couldnt get my boat to it without it being a huge hassle. So i left it and continued on fishing. 2 weeks later, the lake water level was lowered, and most of the vegetation was dead. I went back to the same spot to catch some more fish and see if it was still back there. I got back to the spot and i was able to beach the boat due the low water. Luggage was still there. I got out and walked on shore to go get it and see if it was in good shape or not.
    As soon as i grabbed it, i knew there was stuff in it. I just expected someones wet clothes and some toiletries to be in there. There was nothing but a portable brown safe. I got home opened it up (it was very cheaply made, but retained no water) and in it there was a blank notepad, a pen, and a large sum of money. It was wrapped in rubber bands in stacks of 1000 and then 5 of those stacks were banded into one, were talking tens of thousands of dollars but less than 100,000 . Half of it is large denominations, and the other half is 20 dollar bills. I looked through it all and the most current bill is dated to last year. So it couldnt have been there over a year.

    So thats pretty much it. To be honest, i havent told anyone for several reasons, mainly cuz i dont wanna have to give it up under some stupid law.
    But now, i am slowly realizing that i want to put it into a bank, and i dont want this freak streak of luck to come back and bite me in the ass. Heres the questions..
    I have no idea if it is legal for me to keep the money.... is it?
    If so, will i need to be taxed on it?
    Do i need to contact the IRS before putting it into a bank?

    I have no idea how to go about this. I dont want to put a bunch of money thats unaccounted for, into the bank and then wait for people (such as IRS) to come around asking questions, and then figure out that im in the wrong somehow. I would rather deal with it the right way while the situation is still semi fresh.
    I appreciate any input. Thanks in advance.
    US Law Only,

    Just in case you are in the US. Any amount over $10,000 in cash will be reported to the IRS.
  4. #4
    antrc170 is offline Member
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    Before you put it in the bank and keep it, you may have some obligations. Your state is needed to determine what they are. For instance, in Oklahoma you have to reasonable attempt to contant the owner via announcement in something like a widely known public paper (Daily Oklahoman, etc). A reasonable amount of time shall be given to allow for response, and the person claiming ownership must prove ownership. If the owner comes forth, the finder has can recoup any monies used to contact the owner, and a reasonable reward. If the owner fails to show then you can take possession as found property.

    When and if you put it in the bank, yes you can expect to pay taxes on it. Even if you try to put it in say $5000 at a time the IRS not only watches for large amounts, but repeated small amounts so be warned.
  5. #5
    Zigner is offline Senior Member
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    But the OP doesn't WANT to have to give it back!
  6. #6
    justalayman is offline Senior Member
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    To be honest, i havent told anyone for several reasons, mainly cuz i dont wanna have to give it up under some stupid law.

    but you did tell us and your IP address is recorded. You think it would be hard to find you?
    So, are you willing to risk going to prison to be able to keep it?
  7. #7
    Hot Topic is offline Senior Member
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    The OP obviously intends to keep the money or he would have gone to the police immediately: Officer, I was fishing and found this suitcase full of money. My first thought was that the money must be stolen.
  8. #8
    Proserpina is offline Senior Member
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    Quote Originally Posted by Hot Topic View Post
    The OP obviously intends to keep the money or he would have gone to the police immediately: Officer, I was fishing and found this suitcase full of money. My first thought was that the money must be stolen.


    Either that or it belonged to Luca Brasi.

    Who now of course....

    ...wait for it...

    swims with the fishes.
  9. #9
    choragos is offline Junior Member
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    I was in ohio. And im not going to jail lol! The IP address that was stored was a randomly generated one via proxy anyways.
  10. #10
    justalayman is offline Senior Member
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    Quote Originally Posted by choragos View Post
    I was in ohio. And im not going to jail lol! The IP address that was stored was a randomly generated one via proxy anyways.
    ya, you believe whatever you want. A friend who works in a state prison told me:

    ya, there are quite a few millionaires in (his) prison, just not a lot of smart millionaires.
  11. #11
    Proserpina is offline Senior Member
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    Quote Originally Posted by choragos View Post
    I was in ohio. And im not going to jail lol! The IP address that was stored was a randomly generated one via proxy anyways.


    Little spooked, huh?

    Hmm. You'd think it was Halloween or something.


  12. #12
    justalayman is offline Senior Member
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    If I were you, I would put it in the bank ASAP. You never know when somebody might break into your house and steal your money.
    Last edited by justalayman; 10-29-2010 at 04:58 PM.
  13. #13
    Antigone* is offline Senior Member
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    Quote Originally Posted by justalayman View Post
    If I were you, I would put it in the bank ASAP. You never know when somebody might break into your house and steal your money.
    Or better yet stuff it in his Duxiana
  14. #14
    justalayman is offline Senior Member
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    Quote Originally Posted by Antigone*of*Greece View Post
    Or better yet stuff it in his Duxiana
    this works pretty good:

    http://www.bedgunsafe.com/
  15. #15
    ajkroy is offline Member
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    Quote Originally Posted by Proserpina View Post
    Either that or it belonged to Luca Brasi.
    Nah...he was just the "muscle" of the family. I'd be looking over my shoulder for Anton Chigurh.
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