I have kept my money in the deposit box for 5 years.I saved about 50.000 and now I would like to invest it in mutual funds.Are they going to question me in the bank where I got this money from?Will they charge me tax?Will they investigate about it? I pay my taxes every year.
2006-10-26 17:36:45 · 6 answers · asked by Anonymous in Business & Finance ➔ Investing
They won't charge you tax.
They might report it to the IRS (i think they report sums of money over 10K)
They won't investigate it.
The IRS might investigate, but if you 've paid taxes you shouldn't have to worry.
2006-10-26 17:40:04 · answer #1 · answered by a_blue_grey_mist 7 · 2⤊ 1⤋
Of course there is going to be questionings of were you got that amount of money. But if you have proof that you had them in a bank box and could show its precedence then should be no problem. With its precedence refers to were you got it from and for how long you have been saving, from where you got it, was it work, tips or where else. Besides you should had been paying taxes for it if you had it in savings account (interest earned) and specially if it was from work not reported because remember that when you file your taxes it's for money earned so it is possible that you had payed taxes. But for taxes purposes and information check on the web site of your state IRS or a local accountant and he/she could also tell you were to best invest each state have there own laws for tax purpose so if you know an accountant do go and get conseling for both your questions
2006-10-26 18:00:19 · answer #2 · answered by isafernan2 2 · 1⤊ 0⤋
you could have been getting some interest or gains for the past five years, but anyway congrats on paying yourself first. Most banks won't pay enough, open a brokerage account and work the moneys in a balanced way to manage your risk. If this was earned income you already payed tax. The bank will only notice the big sack as you leave.
2006-10-26 18:58:26 · answer #3 · answered by cmac 2 · 1⤊ 0⤋
someone will want to know where the money came from. I gave my daughter some money to make a down on a house. I had to prove I wasn't laundering money. paper trail.
It is illegal to put cash in a bank lock box. This may get interesting.
Someone may want to see records.
2006-10-26 17:48:47 · answer #4 · answered by jekin 5 · 1⤊ 0⤋
The bank doesn't care where you got the money, Uncle Sam might tax you though
2006-10-26 17:38:51 · answer #5 · answered by ? 7 · 1⤊ 0⤋
Yes, so i suggest you put a little more than half of that in my account.
2006-10-26 17:38:27 · answer #6 · answered by cavigirl17 4 · 0⤊ 2⤋