The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: "Carry Tax" Date:  7/18/2005  7:01 PM
Author:  JAFO31 Number:  80073 of 132139


<<<<What are the tax implications of walking into a bank and trying to deposit, oh, say 40k in cash that your recently passed away grandfather stashed under the floor?>>>>

"The tax implications are no different than if the cash was kept in a bank."

Peter, I rarely question you but are you sure?

No chance IRS would think that the 40k represented income that grandfather had not declared and on which grandfather had not paid income tax? Can the IRS re-open grandfather's past returns? IIRC, failure to declare income does not carry a statute of limitations?

Curiously, JAFO

Copyright 1996-2021 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us