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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.

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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.

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