Property Rights

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  #1  
Old 08-03-11, 07:23 PM
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Property Rights

I have often wondered about this. Let's say that someone found something very valuable apparently buried for many years in their own backyard. Do they have full ownership of that item?
 
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Old 08-03-11, 08:30 PM
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Do they have ownership and mineral rights to the property? If so, you betcha. It gets down to keeping it to yourself and not broadcasting the find to everyone and his brother in law. whether or not you have "rights" to it can be contested (very expensively) in court, any value it has will be diminished by the cost you bear to defend your position. It's called Catch 22.
 
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Old 08-03-11, 09:22 PM
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i am going to say :

it depends on how valuable it is.
any historical value it has.
and whether or not the UNITED STATES government thinks they own it.

and, last, but not least. who knows about it ..........
 
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Old 08-04-11, 04:30 AM
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For instance, I haven't heard anyone say, but the US Government probably could make a case for taking custody of that piece of the Columbia that turned up in Texas.
 
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Old 08-04-11, 05:15 AM
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I think a lot depends on the items found. If it's stolen property even from years ago, I doubt you could legally retain ownership.
 
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Old 08-04-11, 05:34 AM
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Funny...I was just reading a story yesterday about the D.B. Cooper hijacking thing. Young boy found some money from the payoff 10 yrs after the fact and turned it in.....the Gov gave him most of it back to him and the insurer. Maybe cause it was unusable? Seems like the insurer would have kept it all? Guess after inflation it wasn't worth much.
 
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Old 08-04-11, 05:42 AM
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What would make the money unusable

An old worn out dollar bill is worth just as much as a brand new one. Maybe they gave him a finder's fee or reward. I remember that case from when it happened...... 200k seemed like a LOT of money back then - not so much now
 
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Old 08-04-11, 05:54 AM
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even a "burnt to a crisp" bill is worth face value. if "they" can identify it.
 
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Old 08-04-11, 04:55 PM
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Thanks for all the replies.

At what depth do the mineral rights take over from that of a standard home owner?

If something of value had been buried for many years I am assuming that it would have some historic value. This is basically what I have been thinking about.

I live in the South and it was not uncommon for people to bury valuables on their property during the Civil War to protect them from raiders. Often things would happen to those folks and their items would be lost over time. I have heard of such things being found by people doing routine gardening, or maintenance around their homes. Myself, I have not been so lucky, but I continue to landscape in the hopes that I might. I know there is Confederate gold buried there somewhere .
 
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Old 08-04-11, 05:58 PM
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What if the previous owner was a drug dealer killed by the police and the abandoned property sold for taxes? What if we are talking small bills 1s, 10s, 20s you find in a wall your replacing the Sheetrock on.? While any one could infer it was his money even fingerprints would only prove he had handled it not that it was his. So who gets the money?

If your tempted to keep it be sure to report it to the IRS thought. Remember that's how they got Capone. As I understand it they can't use what you say on your tax return against you. IRS requires you to report all income legal and illegal so the 5th advancement protects you from it being used against you.
 
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Old 08-07-11, 06:52 AM
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Originally Posted by ray2047 View Post
What if the previous owner was a drug dealer killed by the police and the abandoned property sold for taxes? What if we are talking small bills 1s, 10s, 20s you find in a wall your replacing the Sheetrock on.? While any one could infer it was his money even fingerprints would only prove he had handled it not that it was his. So who gets the money?

If your tempted to keep it be sure to report it to the IRS thought. Remember that's how they got Capone. As I understand it they can't use what you say on your tax return against you. IRS requires you to report all income legal and illegal so the 5th advancement protects you from it being used against you.
are you kidding me. it would have to be billions, for me to report it. otherwise, i just start spending it off. but don't be obvious about it
 
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Old 08-12-11, 06:52 AM
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Originally Posted by condo-owner View Post
are you kidding me. it would have to be billions, for me to report it. otherwise, i just start spending it off. but don't be obvious about it
What might trip you up is if you deposited your new-found money in the bank for safekeeping. I think all financial institutions are required to report any deposit of $10,000 or more to the feds. That might trigger some questions, if you normally report an income of perhaps $50,000 on your tax returns, but they have records of you depositing several million dollars in the bank. Might want to invest in a heavy duty safe and keep the money at home. But then you'd lose out on the great interest banks are currently paying!
 
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Old 08-12-11, 07:00 AM
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2 words....
Cayman Islands.......shhhhhhh
 
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Old 08-13-11, 08:17 AM
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Originally Posted by Beachboy View Post
What might trip you up is if you deposited your new-found money in the bank for safekeeping. I think all financial institutions are required to report any deposit of $10,000 or more to the feds. That might trigger some questions, if you normally report an income of perhaps $50,000 on your tax returns, but they have records of you depositing several million dollars in the bank. Might want to invest in a heavy duty safe and keep the money at home. But then you'd lose out on the great interest banks are currently paying!
that wouldn't be an issue. as i would not even drive by a bank. let alone deposit the new found money in it.
i would simply spend the money in "off the books" kind of ways.
buy older used cars. and then spend $$$$$ to fix them up to better than anything new.
same thing for a house = not the biggest house. but, far and away, the nicest.
the best food, electronics, tools, etc.
and i would give some of it away.
 
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Old 08-13-11, 02:16 PM
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Do you need my address?
 
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Old 08-13-11, 05:12 PM
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Had a friend who owned a 1953 MGTD in great shape. Somehow he got a call from someone asking if he wanted to sell it? He posted the price at $10,000 (this was in 1977 dollars!). Guy said meet him at the "chicken" at 5 pm. Chicken is a local thing.
Transaction went smooth. I told him when he returned he just laundered $10,000 of drug money. He was aghast! What? Book value of the car was $100, so they have a car worth $10k and it doesn't need to be reported.
 
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