California | Banking Law
12/28/09, 10:00 pm
Legal Question
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.
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1/03/10, 12:33 am
Legal Answer
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.
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Libris Solutions - Dispute Resolution Services 1990 N. California Blvd., 8th Fl Walnut Creek, CA 94596
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