Legal Question in Banking Law in California
My grandpa has saved about $150,000 CASH in his safe in the house. He wants to give me all those money. I am currently in college with no job and no income. If i deposite that large amount of cash to the bank and then use it for investment later on, i am afraid the Federal, IRS or whatever government agency may go after me. I would like to know if there is anyway i can deposite those money without bringing attention to those agencies? thanks.
Bob.
Asked on 12/28/09, 10:00 pm
1 Answer from Attorneys
He can only give you $10,000 per year without tax consequences. Also, any cash transaction of $10,000 or more must be reported for possible criminal activity.
Answered on 1/03/10, 12:33 am
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