Originated From

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


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

Develop the winning mindset required for large and ...

There are two iron laws of business: manage your business professionally, and provide goods and services that people need. Kingston has never been in business or he would have known that. What a pity that typical leftist losers never know anything.

Where to put large sum of money sitting in a bank?

A large sum of money in a checking or savings account is probably earning very little at a bank. If you don't need the money for a few years, you can get a Certificate of Deposit (CD); that's an account for a fixed term (typically 6 months to 5 years) and a fixed rate that is usually higher than a ...

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.

Fixed Deposit

Flexible fixed deposit accounts commonly known as flexi fixed deposit is one such example offering individuals the compounded power of both fixed deposits and savings bank account under a single account. To know more u can go through a nice presentation at: http://www.slideshare.net ...