I found a iphone 5 and it is BLACKLISTED or reported stolen?

What should i do with it?
i don't know who phone it is?
can i get in a trouble for it?

How do you know it's stolen? Message on the screen? Could be just lost. Best to do is turn it into the police. Why? Well, because of the blacklist you or anyone else will never be able to use it again and they won't think of you as a criminal. No one has brass ones to turn in a phone they actually stole. Outside of that it's an iPod paperweight. Best luck.

You take it to the police station and tell they you just found it.

Use it as an ipod touch or if they put a msg on the screen saying "email me at etc", they can do that with find my iphone, most will put a permanent msg on it like that.

Try this site worked for me
http://imeiesnrepair.wix.com/imeiesnrpair#!about_us/c13u4

You can get the phone unblocked and use it normally. Or you can use it as iPod too. If you need help with getting the phone unblocked and unlocked, mail me for references.