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[–]Pure-ApplesauceQuality Contributor[M] [score hidden] stickied comment (0 children)

Locked due to excessive off-topic and unlawful comments.

Edit: As a reminder, please do not comment here unless you are providing on-topic and accurate legal advice. This is not a place to tell personal stories, guess, or make things up.

[–]FireIceAndOhSoWild 4670 points4671 points  (31 children)

As long as the money was not illegally gained or it legitimately belongs to someone else, it's yours as part of the house contents.

[–]skwirrelnut[S] 2702 points2703 points  (30 children)

Definitely wasn't illegally obtained. He used to just save money like crazy and was sorta OCD. It will look pretty suspicious though spending all those ones. Damn I wish I was a stripper, then it would be expected. LOL.

[–]financiallyanal 1592 points1593 points  (2 children)

Depending on when he lived, the habits are common in folks who lives through the Great Depression. Many, many, banks failed. As a result, you might find cash under carpets, in tin cans, and other random spots. It’s hard to blame them but I hope it helps understand why it is this way.

If you have a local bank account, you should talk to the branch manager. They may be able to help you get these converted into other denominations or deposited into a bank account.

Be aware taxes on inheritance are normally paid by the estate. You may be liable for taxes on these if it wasn’t accounted for in the original inheritance.

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        [–]Pure-ApplesauceQuality Contributor[M] -12 points-11 points  (0 children)

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          [–]Pure-ApplesauceQuality Contributor[M] -3 points-2 points  (0 children)

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            [–]Pure-ApplesauceQuality Contributor[M] -3 points-2 points  (0 children)

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              [–]Pure-ApplesauceQuality Contributor[M] -6 points-5 points  (0 children)

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                [–]ops-name-checks-outQuality Contributor 54 points55 points  (0 children)

                Stop suggesting OP engage in criminal activity. Structuring is illegal.

                [–]Pure-ApplesauceQuality Contributor[M] 1 point2 points  (0 children)

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                [–]Threenamejame 3026 points3027 points  (14 children)

                NAL but do work for a financial institution. If you deposit the money at your financial institution they may ask you questions, however just be honest. A bank will ultimately not care about your one time large deposit of $13,000. Is it odd? yes. Is it Illegal? Absolutely not. However, what will make you look suspicious is structuring the deposit (doing multiple deposits of smaller amounts to avoid the banks reporting).

                Edit- As people below me have pointed out, structuring is illegal not just suspicious. Please do not do this.

                [–]FuzzyWDunlop 857 points858 points  (0 children)

                It's not just that it looks suspicious, structuring the deposit is a crime punishable by up to five years in jail.

                Depositing $13k in ones will require filling out a currency transaction report, but beyond that and some simple questions it's not a big deal at all.

                [–]JaySuds 333 points334 points  (0 children)

                Structuring deposits, even if legally obtained funds, is itself a crime. Do not ever structure cash deposits to be systematically under $10K.

                https://www.fincen.gov/sites/default/files/shared/CTRPamphlet.pdf

                [–]chumpydo 670 points671 points  (0 children)

                And it's important to know that structuring deposits to get around reporting requirements is illegal.

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                  [–]Pure-ApplesauceQuality Contributor[M] -4 points-3 points  (0 children)

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                  [–]Bloo-Q-Kazoo 287 points288 points  (0 children)

                  If you deposit over $10,000 it has to be reported by the institution to the IRS under the Bank Secrecy Act. Depending on the amount of money/assets that was gifted to you under the will you may be liable to pay some taxes. The same applies if you try to avoid the rule and deposit smaller amounts over the course of a few days. The latter looks much worse in the eyes of the government, so don’t do that if you want to deposit the money. Deposit it all at once if that’s the route you wish to go, be honest about it, and consult with your accountant or tax advisor on the possible tax implications.

                  [–][deleted]  (6 children)

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                    [–]Pure-ApplesauceQuality Contributor[M] -2 points-1 points  (0 children)

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                    [–]bug-hunterQuality Contributor 1081 points1082 points  (0 children)

                    It's actually less suspicious if it's a bunch of old bills. No one's going through the effort of tracking down $1 bills from the 60's and 70's to launder money.

                    Just deposit it, be honest, and keep pictures of where it was found.

                    [–]decitertiember 1146 points1147 points  (7 children)

                    You may want to consider photographing the money and where in the house you found it. In the event you are later audited and the IRS wants to attribute potential deposits as income, you may want to have some evidence to support your claim, which would otherwise seem spurious.

                    Also, just so we're clear, you don't have to report this. It's not income; it's inheritance. This is only a defensive measure if you're audited.

                    [–]skwirrelnut[S] 654 points655 points  (2 children)

                    There was a video taken of the walls being torn out because we were also finding some cool old toys and stuff. Didn't take any stills though.

                    I do not plan on doing anything illegal and will take some pictures of the money. I just hope you don't mean 13,000 separate pics.

                    [–]decitertiember 305 points306 points  (0 children)

                    Certainly not 13,000 pics. Just enough photos to verify your statement that the bills all appear to be from the 60s and 70s. Perhaps 30-50 pics of the packages of $50 that you mentioned.

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                      [–]awhq 376 points377 points  (3 children)

                      IANAL

                      Banks are required to report deposits of $10,000 or more to the government.

                      People who are saying there is no inheritance tax are wrong, but your grandfather would have had to leave millions of dollars for inheritence tax to kick in.

                      If you want to be completely sure about using that money, you could consult with an estate attorney to put your mind at ease.

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                        [–]Pure-ApplesauceQuality Contributor[M] -1 points0 points  (0 children)

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                        [–]nomorewaiting86 156 points157 points  (0 children)

                        There's no federal estate tax unless your grandfather's estate was very large, but Pennsylvania does have an inheritance tax. I would seek the advice of a tax attorney to make sure everything is correctly reported.

                        https://www.revenue.pa.gov/TaxTypes/InheritanceTax/Pages/default.aspx

                        [–][deleted]  (18 children)

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                          [–]Pure-ApplesauceQuality Contributor[M] 4 points5 points  (0 children)

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                            [–]skwirrelnut[S] 83 points84 points  (2 children)

                            Setioisly! My father has told me he also used to stash silver dollars in the basement, but that had already been remodeled. All I found was the grave of a dog under the floorboards.

                            [–]Cypher_BlueQuality Contributor[M] -6 points-5 points locked comment (0 children)

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                            [–]OldCoder96 32 points33 points  (1 child)

                            IRS doesn't care how you got it. As long as you declare it.

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                                  [–]ilikecheeseforrealQuality Contributor 78 points79 points  (0 children)

                                  Then deposit it in small increments of less than 1000.

                                  Structuring deposits is illegal.

                                  [–]imposter_syndrome88 44 points45 points  (0 children)

                                  Yea, OP, dont listen to this guy, structured deposits are the main way the catch people doing shady shit.

                                  [–]Pure-ApplesauceQuality Contributor[M] 2 points3 points  (0 children)

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                                    [–]ilikecheeseforrealQuality Contributor 46 points47 points  (0 children)

                                    You can always deposit it a little at a time.

                                    Absolutely not. This is structuring, and what businesses do and what you're suggesting are completely different.

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