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5 Holiday Gifts for the Disorganized
December 14, 2017
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Hit The Storage Auction Jackpot?

storage auction jackpot, tips, help

So you hit the storage auction jackpot? You found some priceless jewellery or gold bars? While its very rare, it does happen sometimes and people will find hundreds or millions of dollars worth of items in a storage unit. Much like winning the lottery, there are few crucial next steps to take.

Storage Auction Jackpot? Take These Next Steps

Don’t Say a Word

If you start running your mouth to everyone about the fortune you just found, you are liable to thieves and greedy friends and relatives. This isn’t the lottery and nobody is going to print your name in the newspaper. You want to keep a low profile and get the valuables out asap, chances are someone is going to be missing it.

Make It Secure

Take the valuables out, if it’s easily converted to cash, do so. If it needs to be appraised and auctioned off, choose your appraiser and auction house carefully. Next, choose a secure place to store it. A secure storage unit might be your best bet as they often carry insurance and your home isn’t as safe.

Declare It

The CRA doesn’t play around when it comes to unreported income. If you convert your storage find into cash, make sure to declare it as income. You don’t want to risk being prosecuted, fined and maybe thrown in jail.

Hire an Attorney

If your jackpot is considerable, or highly controversial, we suggest hiring legal counsel. They can tell you what exactly you need to do next. Having a lawyer in cases like this is always a good way to guard against possible other claims or for advice in where to place or deal with the money.

Looking for an Auction?

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