Posted on 07/31/2005 11:15:12 AM PDT by njords
I believe banks are required to report all deposits over $10k
Interesting that you would join FR today to post this question. Here kitty kitty.
It's tax-free to you, so why the concern?
IRS doesn't care! SSSHHHH We won't tell anyone about it.
for a nominal fee, that is.
I believe banks report any transaction of 10k or more.
I believe that is correct. Do you happen to know how much of an inheritance is exempt from the death tax?
Only if it's green cash.
Or you could make a very nice donation to Free Republic to buy our silence.
Just ask Rush Limbaugh.
Not sure about deposits, though.
The answer is that if you are audited, showing that the money came from an inheiritance is all you need to do. Keep a copy of the will just in case.
I suspect that the mere deposit of money will not trigger anything, there are likely millions of taxpayers who do similar deposits and even though they are reported, they don't always get Uncle Sam's attention. But convert part of your house to a rental and watch the sparks fly.
You joined FR to ask this question...
Send me the $50K, I'll deposit it into my account, and let you know.
I'm not sure but you should be able to find the answer at the following link:
http://www.irs.gov/publications/p559/ar02.html
The 10K rule applies only to cash deposits since there is no paper trail. The taxes on an inheritance have already been dealt with before you get your check.
Which country?
Why are you worried about 50k? I have a contact at the Nigerian Treasury who can get you 10 million tax free without the government ever finding out. Just send me your bank account and social security number and I'll make sure he gets in touch with you.
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