Posted on 07/31/2005 11:15:12 AM PDT by njords
If a person recieves an inheritance of $50K, does the bank report this deposit when I put the check in my savings account? Does anyone know?
You could buy kitty food futures with that kinda dough!
I agree. When they post an article and then don't reply to at least a few comments, its a "surf-by" posting. Zot 'em!
Yes the bank does report the deposit but it doesn't matter because inheritances are tax free to you.
I know this because I have received two $20K disbusements from my mom's estate in the last two months.
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
Yes the bank does report the deposit but it doesn't matter because inheritances are tax free to you.
I know this because I have received two $20K disbusements from my mom's estate in the last two months.
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
Actually, it depends. If you inherit money that has had tax paid on it, then it is tax free. However, if the money comes from a tax deferred fund, like an IRA or 401K, then you will have to report the funds as regular earned income.
Mark
The smart thing to do would be to open a new account, but disguise yourself with a fake beard and a wig.
I'll take your deposit for $50K kid, even give you a receipt, and I won't tell a soul. I'll take good care of it for you.
I think that's what he wanted to do, but he needs for you to wire him your bank account number and $2500.00 for administrative expenses to get the funds out of the secret bank account of his deceased relative, the former Nigerian Energy Minister.
Do you know they reported it or do you know it is tax free?
Darn you! LOL!
If we told you, then we'd have to kill you.
Thanks for the financial advice.
It's reported to the IRS, but it is not reported as income (it is not income). It is reported because it is over $10k, a number which I believe has been or is about to be lowered to $3k, if I'm not mistaken.
Nobody in their right mind and being responsible in their mentality will tell you how to skirt tax law.
And lots of pachouli oil.
I'm not a tax attorney, although for some strange reason that I can't understand, my highest grade in a class in law school was in federal income tax. And I hated that class.
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
Bwa ha ha ha ha! My guy at the Treasury assures me he is legit because he keeps the money in his desk drawer. He says the dude at the Energy Department is just scamming people.
Awwwwwwww
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