40 replies to this topic

[glorybebe]

Quote

A Bartlett, California, man bought the old safe from James Labrecque for $122.93. When the man opened the safe, he found $26,000 in cash, a revelation that will haunt Labrecque for quite some time.......
...........A contentious email chain between Labrecque and the buyer ensued. The regretful Labrecque had asked for a cut of the cash, but the buyer declined, citing Labrecque's selling policy which states, "What you see is what you get, no returns, and no money back."

Labrecque doesn't quite see it that way.

"That's a chunk of change, you know. That's life-altering money," he said. "I mean, if I was in that situation and I found that kind of money and I bought it from someone, I'd say, 'Here, man, I found this money. I'll give you half of it.'"

link

Yeah, he sold it and now wants half? Too bad, so sad....

[I Am Not Resisting]

Too bad, so sad.

Edit: Didn't even see that Glory said the same thing!

Edited by I Am Not Resisting, 19 February 2012 - 06:50 AM.

[Sir Wearer of Hats]

In this case, seller beware. Tough luck mate - it's you're damn fault for not checking the safe wasn't empty.

[_Only]

Man, he could've bought an NES and 5 games with his half of the cut!

[__Kratos__]

Why would you brag about finding that much cash? The tax man is going to hear about it.

I wonder why the buyer cut open the safe instead of trying to find out the combination. Just seems weird to buy an old safe and then torch it.

[Kaikou]

Wow, I think I should start buying used safes, never know what you'll find!
I can see why that other guy want's a cut of the money but it's kinda his own fault for not checking the contents before selling it.

[Still Waters]

Wow! that was a lucky purchase that's for sure.

While he does have the right to keep the cash, I can't help thinking how I would feel if it were me. I know the seller should have checked inside it first, but still.....it seems a bit mean somehow to keep ALL the money, but that's just me.

[aquatus1]

Umm...I know this isn't a mystery or anything but...something doesn't sound quite right to me.

For starters, a locksmith is going to charge you between $60-$100 to open the safe, depending on the model.  Yeah, that sounds like a bunch of money, but at least you know that the contents will be safe.

The problem with torching a safe is that the heat from the torch has nowhere to go.  The inside of the safe is quickly going to turn into a kiln, and I really can't see how any cash, short of being $26,000 worth of change, survived the process without being significantly damaged.

I am probably missing something, and maybe getting too suspicious in my old age, but still...

[Kryso]

Haha, bought as seen, lol.

[Daughter of the Nine Moons]

__Kratos__, on 19 February 2012 - 08:36 AM, said:

Why would you brag about finding that much cash? The tax man is going to hear about it.

I know nothing about US Tax law. Is found money really subject to taxes?

Edited by Daughter of the Nine Moons, 19 February 2012 - 03:06 PM.

[_Only]

__Kratos__, on 19 February 2012 - 08:36 AM, said:

I wonder why the buyer cut open the safe instead of trying to find out the combination. Just seems weird to buy an old safe and then torch it.

Maybe he watches a lot of Storage Wars.

[__Kratos__]

aquatus1, on 19 February 2012 - 01:13 PM, said:

Umm...I know this isn't a mystery or anything but...something doesn't sound quite right to me.

For starters, a locksmith is going to charge you between $60-$100 to open the safe, depending on the model.  Yeah, that sounds like a bunch of money, but at least you know that the contents will be safe.

The problem with torching a safe is that the heat from the torch has nowhere to go.  The inside of the safe is quickly going to turn into a kiln, and I really can't see how any cash, short of being $26,000 worth of change, survived the process without being significantly damaged.

I am probably missing something, and maybe getting too suspicious in my old age, but still...

Hmm, you're right. I remember seeing a mythbusters where they tried to torch into a safe and they started everything on fire.

[_Only]

Well some safes are built in a way that you can heat the hinges with a torch, and then muscle them off with a blunt tool.

But my guess is that whoever made the article just put a generic "torching a safe" picture on the page.

[aquatus1]

Daughter of the Nine Moons, on 19 February 2012 - 03:03 PM, said:

I know nothing about US Tax law. Is found money really subject to taxes?

Technically, yes, found money is income and all income is taxable.

That said, no one is going to know you found cash, and chances are minimal to none that anyone is going to bother to find out.  Even at that, you do have the legal option to claim that the found money is actually property, not cash, if it is part of a previous purchase, such as the safe (like buying a bad engine just to sell the parts).  That particular tactic depends on how good your lawyer is and how sympathetic the tax judge is.

Cases and outcomes range from trying to evade tax laws by hiding a $10,000 bundle of cash in a giant chocolate bar (judge was not sympathetic), and one where someone bought an old mattresses and discovered a bit over a hundred thousand dollars stuffed inside (judge figured anyone who had to resort to buying a used mattress from an ex-drug-dealer was probably not intentionally trying to cheat on their taxes).

[glorybebe]

I Am Not Resisting, on 19 February 2012 - 06:49 AM, said:

Too bad, so sad.

Edit: Didn't even see that Glory said the same thing!

LOL!  Great minds........