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Financial Planning / Tax Strategies


Subject:  Re: "Carry Tax" Date:  7/17/2005  11:38 PM
Author:  ptheland Number:  80069 of 132661

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.

However, the bank is required to report transactions (or a series of related transactions) involving more than $10k of currency. So I would be prepared to document the source of the funds. The best thing I can think of at the moment is written and signed statements from a couple of witnesses who also saw the cash stashed under the floor.

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