NEED HELP, found $5500 diamond ring!!!!

[WV Hillbilly]

I'll bet the little lady loves it , I know mine would . Nuff said .

 

[Ima Swinger]

DFX-Gregg, you're right. It's hot. I just got in from a 2 hr. hunt.
10 coins and trash. As far as losing money goes, I am sure that I'm in the hole. I haven't recovered enough to pay for what I've spent on this hobby. It's just fun as hell. I'm with you, If it's returnable, within reason,.....return it.

Ima

 

[checkmate]

Did you claim the appraised value as income on your last tax return?

He only has to pay taxes for the amount of money that he sells the ring for. Yes he can say that he is a sole proprietor in the recovery and salvage business of lost goods. He may also ask the owner for recovery and tracking fees. He was not just taking a stroll and happend upon the ring. If I lost something that I paid that much money for, I would gladly pay a few hundred dollars to have it back. And I would except it as a lesson for being so carless with a possesion of that value.

 

[Sphinx]

Why would I claim the value of the ring on my taxes? Are you kidding me? LMAO!! Do you claim the value of all the coins you find on your taxes? I think not.

 

[Treasure_Hunter]

Sphinx, LOL, no logicial reason to claim it your income taxes unless you were a fool.

 

[checkmate]

Why would I claim the value of the ring on my taxes?

You would not claim the value of the ring on your income taxes. If you sold the ring, then you would have to file that on your taxes as profitable income. If you sold the ring for $500.00 then thats what you would file.

 

[Ant]

You should only post an expensive when it was found under the US Maritime Law, and then you should think two or three times before that. I never post items of high value.
The State of California found property law says that any item with a value of $100.00 or more should turn it in to the authorities (so they can keep it, j/k).

But each jurisdiction has different laws as how they handle lost and found property. You would have to go by the law in the city, county or whatever jurisdiction it was found in. Emeryville keeps all unclaimed lost property and is never given back to the finder.

This is a link to one of California Found Property Law sites and a sub quote from the Law:
http://www.animallaw.info/statutes/stuscacivil_2080_2082.htm

§ 2080.1. Delivery to police or sheriff; affidavit; charges
(a) If the owner is unknown or has not claimed the property, the person saving or finding the property shall, if the property is of the value of one hundred dollars ($100) or more, within a reasonable time turn the property over to the police department of the city or city and county, if found therein, or to the sheriff's department of the county if found outside of city limits, and shall make an affidavit, stating when and where he or she found or saved the property, particularly describing it. If the property was saved, the affidavit shall state:

 

[CarolinaDigs]

Mercy !! Just pop the diamonds out and sell them loose > melt the gold down for scrap !! The ring is yours !! You found this while enjoying a well known hobby !! I have enjoyed looking at post after post and see many that find lovely rings !! Maybe not all $5500.00 dollar rings but rings that I am sure the original owner was sadden to loose !!
If this ring was listed and offered a reward > then you may can locate this by google !! Example > diamond ring lost at _____ beach ! See what come up!
If your heart was set on locating the owner then you can put it in lost and found > but don't give up alot of information because you'll receive about 2,000 calls > all rings lost and found by previous metal detectors > out there HH Unless someone contacts you through lost and found > and can identify it within a shadow of a doubt > even down to the ring size > then this lovely HH find is yours !! I hope your wife does keep it and wear it with joy that she has a husband who has a great hobby !!

Turning it over to the police will not insure that it will ever be turned over to the original owner !! Nor will you ever see the ring again !!

I commend HH for locating owners of wedding bands and class rings > If I find one I will have to enlist your help in returning to the owner. BUT give Sphinx a break !!! Gees If someone else had found this jewel It would be posted in best finds and very little mentioned of doing hours on hours of leg work to find the owner !! Well some maybe but not all.

So once again > if the wife doesn't keep it then pop those diamonds out and sell sell sell !!

 

[Sphinx]

Why would I claim the value of the ring on my taxes?

If you sold the ring, then you would have to file that on your taxes as profitable income. If you sold the ring for $500.00 then thats what you would file.

I'm tax exempt, I don't pay state or federal taxes. So I don't have to claim anything, not that I would anyhow if not tax exempt. BUT Ill start filing what I find when all of you start filing for every penny you find. Sound fair?

But that comment was a good laugh , Maybe someone going for Saint Hood or a Citizen Award might actually claim it , you know, the type of person that would turn in their own mother to the IRS for not claiming the $20 she found in the mall parking lot.

 

[BioProfessor]

Probably not the post you want to read but I think it is very important.

My brother-in-law is an ex-cop. I asked him for some information about what to do in a situation like this. He sent me to this website and said that they had worked with them on jewelry cases:

http://jewelerssecurity.org/index.php4

I emailed the people at the site to find out what the real story is about large diamonds and GIA registration numbers. They had some very interesting things to say.

I had to prove my identity as a University Professor to get information from them about situations like this. They will not give it out on their website or to the general public and they would only give me enough information to convince me they can do what they say. They won't allow me to post any of it here either as it keeps their methods secret.

Bottom line from what they said is that you MUST turn the ring in to the police. If you don't, things can go south in a hurry.

You'll have to trust me on this one. Like I said, they won't allow me to post how they do what they do. But according to my brother-in-law the ex-cop, they do it and they do it well.

Daryl

 

[cryptodave]

Probably not the post you want to read but I think it is very important.

My brother-in-law is an ex-cop. I asked him for some information about what to do in a situation like this. He sent me to this website and said that they had worked with them on jewelry cases:

http://jewelerssecurity.org/index.php4

I emailed the people at the site to find out what the real story is about large diamonds and GIA registration numbers. They had some very interesting things to say.

I had to prove my identity as a University Professor to get information from them about situations like this. They will not give it out on their website or to the general public and they would only give me enough information to convince me they can do what they say. They won't allow me to post any of it here either as it keeps their methods secret.

Bottom line from what they said is that you MUST turn the ring in to the police. If you don't, things can go south in a hurry.

You'll have to trust me on this one. Like I said, they won't allow me to post how they do what they do. But according to my brother-in-law the ex-cop, they do it and they do it well.

Daryl

Amazing... Pretty much what I said, but I'm just a stupid insurance agent who deals with these things on a weekly basis so I wouldn't know.....

Sell it! Sell it! Sell it!

 

[Charlie P. (NY)]

Why would I claim the value of the ring on my taxes? Are you kidding me? LMAO!! Do you claim the value of all the coins you find on your taxes? I think not.

Of course. It's income. Just as I pay NYS sales tax on everything I buy over the Internet from out of state (as NY state requires). Doesn't everyone? How could I claim my detector as a dependant, otherwise? I bet if DFX-Gregg looks carefully over his shoulder there is an IRS auditor in a guillie-suit behind the bushes tabulating all those finds he tallies.

Tax exempt, eh? Sales tax, maybe (if on the up & up). Not on personal income, I be thinking.

 

[DFX-SE Gregg]

Why would I claim the value of the ring on my taxes? Are you kidding me? LMAO!! Do you claim the value of all the coins you find on your taxes? I think not.

Of course. It's income. Just as I pay NYS sales tax on everything I buy over the Internet from out of state (as NY state requires). Doesn't everyone? How could I claim my detector as a dependant, otherwise? I bet if DFX-Gregg looks carefully over his shoulder there is an IRS auditor in a guillie-suit behind the bushes tabulating all those finds he tallies.

Tax exempt, eh? Sales tax, maybe (if on the up & up). Not on personal income, I be thinking.

Charlie not today! He would have left laughing! I hit the forest preserve and came home with under $2...so if he was watching...maybe he won't come back!

 

[captain Jack]

Just so you know....not sure where everyone comes up with this 30 days and its mine idea! Lost property is inventoried as lost/found property...if you turn it in it is not yours! Not even after 30 days, not where I work and not when I inventory it! So not sure if it is different in different towns. If you want to keep it be careful. Also do not let a jeweler out of your site with it!<<<Some jewelers are crooks! The old switch a roo might happen!

Didn't have to time to read all the posts, but thought I'd drop a line of personal experience. If you report it to the police and nobody claims it in 90 days, it is yours. I know this because I found a boat floating down the river one time after a bad storm. I have no idea how far it came, but I got ahold of it, tied her um, and called the police to report it found. The policeman said if nobody claimed it in 90 days it was mine. Well, someone did, and that was great...but I ain't gonna lie...I was counting the days!

P.S. they waited 73 days to claim it, I was almost there.

 

[DFX-SE Gregg]

Really captain jack Guess what I do for a living Obviously not the case where I work! Lost property is reported on a lost/found report, then inventoried. If unclaimed by the owner property is then either destroyed or auctioned. I am a police officer in a large metropolitian police department. Just so you know....all boats vessels come with a unique 12 digit HIN #, Hull Identification Number. All boats after 1972 have one.... This number makes the boat traceable to the last owner! Obviously any police department that inventories property that can be traced to a rightful owner will return it to them! You had absolutely no legal right to get the boat in 1, 10 or 100 days! Once again hate to beat a dead horse but property traceable back to its rightful owner is their property!

Just so you know....not sure where everyone comes up with this 30 days and its mine idea! Lost property is inventoried as lost/found property...if you turn it in it is not yours! Not even after 30 days, not where I work and not when I inventory it! So not sure if it is different in different towns. If you want to keep it be careful. Also do not let a jeweler out of your site with it!<<<Some jewelers are crooks! The old switch a roo might happen!

Didn't have to time to read all the posts, but thought I'd drop a line of personal experience. If you report it to the police and nobody claims it in 90 days, it is yours. I know this because I found a boat floating down the river one time after a bad storm. I have no idea how far it came, but I got ahold of it, tied her um, and called the police to report it found. The policeman said if nobody claimed it in 90 days it was mine. Well, someone did, and that was great...but I ain't gonna lie...I was counting the days!

P.S. they waited 73 days to claim it, I was almost there.

 

[finderzzs]

Dont ask/dont tell. Take out the diamond and hit the ring with a hammer. If it is worth that much, they've collected on the insurance by now.

 

[Urban Prospector]

CYA 1st thing I'd do is see what Morro Beach does about found property from the beach.Down South of you In Newport Huntington Beach areas they use specialized machines to rake clean the beaches.This machines also classifies out any and all trash and valuables alike.The higher echelon managers of the city have a pecking order as to who keeps what and returning it to the owner/loser isn't at the top of that order.Should it come back and bite ya it would be nice to be able to document that you tried to do the "right thing" by running an ad and seeing how the "City Officials" handle found items.I wouldn't try to hard personally as I know the State Government of California regularly seizes bank accounts and property as abandoned after three years and makes no effort to contact the owners even thou all necessary info is readily available.A little Cover Your Assets and a private party sell for cash is how I'd handle it.The only questionable thing I saw in your post was wanting to melt your gold,lot of gas heat and a stone pot/crucible sounds expensive.......Good Luck, Urb.

 

[Bluezman]

Hey Sphinx,
It sure is a shame that you lost that ring before you could turn it in. Easy come ... easy go.

Bluezman

 

[cazar]

After reading this whole post...one thing comes to mind....
* found property is the owners unless a diligent search is made to find who the
original property belongs to...then said property reverts to finder...*

if you look in any paper..there is a lost and found section...various states and
municipalities have different times for the ad to run..if no one claims the property
then it is yours...

unless you try and find the original owner...

Years ago I found something very valuable ...after contemplating for a few days
I ran the ad in the local paper and memphis paper since a lot of folks from memphis
use that beach...and area..

3 days later the paper contacted me with 3 responses...2 from the same person..
this was before email ...laugh...

needless to say property was returned...and I got a little reward....but I felt better

if the ring is that valuable most insurance companies have pictures of the ring
and if the owners are smart they did too...

just a word of advice...from me..

respects

 

[DFX-SE Gregg]

CYA 1st thing I'd do is see what Morro Beach does about found property from the beach.Down South of you In Newport Huntington Beach areas they use specialized machines to rake clean the beaches.This machines also classifies out any and all trash and valuables alike.The higher echelon managers of the city have a pecking order as to who keeps what and returning it to the owner/loser isn't at the top of that order.Should it come back and bite ya it would be nice to be able to document that you tried to do the "right thing" by running an ad and seeing how the "City Officials" handle found items.I wouldn't try to hard personally as I know the State Government of California regularly seizes bank accounts and property as abandoned after three years and makes no effort to contact the owners even thou all necessary info is readily available.A little Cover Your Assets and a private party sell for cash is how I'd handle it.The only questionable thing I saw in your post was wanting to melt your gold,lot of gas heat and a stone pot/crucible sounds expensive.......Good Luck, Urb.

I would say does the average department try to contact owner...>>>>no but if the owner's item has been found, reported to police and inventoried properly. The case report for the found item and>>>the owner filing a lost property report would cover that and the reports could be cross referenced in the system and the miracle of an inventoried item being returned to owner happens! <<<Not easy and as I said usually requires a person reporting turning in found property AND the owner filing a separate lost property report...which a lot of people never do! But with an item like a boat, car, truck, motorcycle these items when traceable the police department>>>does<<<<make every effort to find, contact and return item. Hope this clears it up.