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Depends on what you found! So, the rules of the federation are any magical items (that aren’t basic, “common” magic items) get turned into the guild vault automatically. These are reported to me by the DM who gave them out, and I add them to the guild vault spreadsheet. Then, at the start of a new adventure, the table gets to check out magic items to take on their journey.
Simulation items are just that, in the simulation, so they don’t carry over.
Otherwise, all magic items carry over to the federation, and then you are free to check them out. I know there has been a slight issue with characters being given magic items personally to keep, but right now those aren’t considered to be “Federation legal” and have been restricted to just that dms sessions/table as to not affect the rest of the games.
Which item in particular are you talking about? Has it been identified yet? Is it part of the story you are currently on? We may have to check with the DM in question : )