Originated From
QueryCAT

Depositing Large Sums of Money

I recently inherited $3,000,000,000 can I deposit this amount directly into my Bank of America savings or checking account? Do I have to report this money to the federal government and pay an inheritance tax? Please respond. Thank you.

Liked this question? Tell your friends about it

Answers

Sure you can deposit it before or after you get taxed.  Yes you will have to report this inheritance for tax purposes, and should consult an estate lawyer and a CA on how to mitigate any taxes.  The reason for the lawyer is that CAs are at times obligated to report matters that they have discussed with the IRS.

Keep in mind that in terms of bank failures, the money is only insure to a set maximum to a single bank institution, and not to each account within a bank institution.

<a href="" rel="nofollow" cl="http://thebrainofjaak.tumblr.com/" class="comlink">The Brain of Jaak</a>

Related Questions

Other people asked questions on similar topics, check out the answers they received:

Asked: Help with Alimony/child support check

My ex-husband claimed he gave me an alimony-child support check, which he never did. He just e-mailed me a copy of the front and back of the check. He forged my name on the back of the check and the ...

Asked: How do I get a paypal account ?

how do I get a paypal account ?

Asked: Permanent Rate Limit

I have been on rate limit for two days now! I assumed I would be able to send an IM after 24 hours but it seems this is permanent. Any ideas?

Be The First To Answer

Other people asked questions on various topics, and are still waiting for answer. Would be great if you can take a sec and answer them

Ask a Question... We'll forward it to people who know

More Questions

I will be receiving a large sum of money that has ...

The initial amount of money may be taxed depending on it's source. There is no way to invest it to avoid taxation unless you qualify for a tax deductible retirement vehicle and there are limits to that. Once you've paid the tax, investing in tax-free bonds (municipals) will give you tax free ...

How can I get information on foreign currency fixed deposit?

You can get information on foreign currency fixed deposit by going online to the DBS bank website. Foreign currency exchange is a service you should take only from the most reputed and reliable banks.

Money Claims

Jacob Lew would not be asking for $150. This is a scam to ensnare gullible, greedy, clueless people.

What % is offered on foreign currency deposit in Indonesia?

My brother invests regularly in foreign currency and as per him DBS Bank in Indonesia offers potentially better returns. You can reach out to them for accurate percentage on foreign currency.