Imagine finding a huge amount of cash your parents saved! This news talks about what to do if you have a lot of cash to deposit in a bank. It's important to be honest with the bank and IRS.
- Banks report large cash deposits (more than $10,000) to the government to prevent money laundering (hiding illegal money).
- Depositing all the money at once might be better than making many smaller deposits.
- Keep any records showing how the money was saved over time.
- Talk to a lawyer who specializes in wills and estates.
| Important Number | What it Means |
|---|---|
| $10,000 | The amount of cash that banks must report to the government. |
| Six figures | A large amount of money (more than $100,000). |
