My mom recently died and she left me $50,000 in cash, which was in a fire safe hidden in her house. Can I deposit that in one lump sum?
2007-04-21 09:23:50 · 5 answers · asked by Robert C 1 in Business & Finance ➔ Personal Finance
Why not? If she left you the money, then it is yours. If you didn't report it, then the government may want to know where it came from. I think that, now estates under a million dollars are not taxable, check with your accountant, and see what he/she says.
You may be able to report it and still not have to pay taxes on it. If you deposit a 50K check or worse yet cash, then someone will want to know how it got there. Good luck and sorry about your loss.
2007-04-21 09:33:01 · answer #1 · answered by Fordman 7 · 0⤊ 0⤋
Your mother has left a legacy for you. By all means, go deposit this money! You should consider speaking with an accountant to understand the tax implications!
2007-04-21 15:09:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I have an account with aid4families.com. I've been with them about a yr and I found that they offer the highest APY(10%/mth) and your deposit is 100% guaranteed. Check them out for yourself.
This is not solicitation for the company as this is not a referral link. I just wanted to say what has worked for me.
2007-04-22 01:15:59 · answer #3 · answered by Kijarra 2 · 0⤊ 0⤋
SURE---IRS AND GOV LOVES LARGE CASH DEPOSITS...
2007-04-21 10:01:57 · answer #4 · answered by cork 7 · 0⤊ 0⤋
yes just be prepared for questions from the bank and i would bring her death certificate along just in case...
2007-04-21 09:29:07 · answer #5 · answered by BRE 3 · 0⤊ 0⤋