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Post by kuatorises on Jul 16, 2019 22:41:33 GMT
I have a work friend. He's an older guy. He has an elderly relative who recently moved into a home and as a result he had to clean out and sell her home. He has talked for years about how she squirreled away cash; or at least was rumored to. The myths were true. He found several stashes, one of which was specifically for him. It's a lot of money, but not enough to retire off of. I'll put it this way, it's more than the $14K you are allowed to receive as a gift (according to our research), but not enough to retire from. It IS enough for him to live comfortably though. His relative doesn't want him to report it. In her mind she already paid taxes on it.
He could put it all in the bank, market, etc., but would have to pay a hefty inheritance tax; especially since he is not her child.
Or he could keep the cash and "live offf it" while have the benefit of spending less of his paycheck than usual. This is obviously illegal though.
Thoughts?
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Post by politicidal on Jul 16, 2019 22:56:38 GMT
Take a trip to Panama.
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Post by rachelcarson1953 on Jul 16, 2019 23:48:18 GMT
I have a work friend. He's an older guy. He has an elderly relative who recently moved into a home and as a result he had to clean out and sell her home. He has talked for years about how she squirreled away cash; or at least was rumored to. The myths were true. He found several stashes, one of which was specifically for him. It's a lot of money, but not enough to retire off of. I'll put it this way, it's more than the $14K you are allowed to receive as a gift (according to our research), but not enough to retire from. It IS enough for him to live comfortably though. His relative doesn't want him to report it. In her mind she already paid taxes on it. He could put it all in the bank, market, etc., but would have to pay a hefty inheritance tax; especially since he is not her child. Or he could keep the cash and "live off it" while have the benefit of spending less of his paycheck than usual. This is obviously illegal though. Thoughts? I would buy a fireproof safe, and use the cash sparingly, so as not to draw attention. Is that really illegal? I don't know. If it is, it shouldn't be. Or is that considered tax evasion? I have a friend who is constantly kidded by friends that she must have cash buried in jars in the back yard. She's just really conservative with her money; it really is just a joke. But is it illegal to store cash? Criminals such as drug dealers and hit men have already broken the law; I'm sure tax evasion is not that high on their list of things to be concerned about. But an individual with no criminal background, happening onto a windfall stash... if he got caught, and I was on the jury, I would vote 'not guilty'. Just my opinion...
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Post by Deleted on Jul 17, 2019 0:35:59 GMT
I would make a massive dandelion made of Benjamin Franklins and point a jet turbine at it.
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Post by Doghouse6 on Jul 17, 2019 0:45:43 GMT
The person to ask is a professional tax/investment adviser, to whom your friend can explain the situation and amounts involved candidly, and who can inform him of both his and his relative's liabilities, responsibilities and benefits, if any. I gather from your narrative that she's still living, so there's no "inheritance" involved; if it were, the federal tax exemption amount for that is now over $11 million.
Where your friend's relative makes the mistake about having "already paid taxes on it" is that it's not individual dollars that are taxed, but transactions that effect their transfer from one entity to another, be it purchase/sale, salary, gift or what have you.
In any event, he shouldn't do anything until he knows where he stands legally. That's nothing to fool around with.
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Post by moviebuffbrad on Jul 17, 2019 1:10:39 GMT
 Nah, I'd buy a new car. |
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Post by Lucy on Jul 17, 2019 6:10:37 GMT
Travel around the world.
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Post by ant-mac on Jul 17, 2019 6:15:13 GMT
I did. It wasn't a fortune, but it'll cover me in the event of a rainy day.
I spent a small amount, but I put most of it in the bank.
It's still there. I recently had a fire in my kitchen, but my house and contents insurance will cover a new stove and the clean up.
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Post by ck100 on Jul 17, 2019 11:40:36 GMT
Pay off all debts, fix things that need fixing, treat myself, etc.
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Post by Bargle on Jul 17, 2019 12:12:50 GMT
Pay off my debts and if there was anything left over, get my teeth fixed.
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Post by kuatorises on Jul 17, 2019 14:35:41 GMT
I have a work friend. He's an older guy. He has an elderly relative who recently moved into a home and as a result he had to clean out and sell her home. He has talked for years about how she squirreled away cash; or at least was rumored to. The myths were true. He found several stashes, one of which was specifically for him. It's a lot of money, but not enough to retire off of. I'll put it this way, it's more than the $14K you are allowed to receive as a gift (according to our research), but not enough to retire from. It IS enough for him to live comfortably though. His relative doesn't want him to report it. In her mind she already paid taxes on it. He could put it all in the bank, market, etc., but would have to pay a hefty inheritance tax; especially since he is not her child. Or he could keep the cash and "live off it" while have the benefit of spending less of his paycheck than usual. This is obviously illegal though. Thoughts? I have a friend who is constantly kidded by friends that she must have cash buried in jars in the back yard. She's just really conservative with her money; it really is just a joke. But is it illegal to store cash? Criminals such as drug dealers and hit men have already broken the law; I'm sure tax evasion is not that high on their list of things to be concerned about. But an individual with no criminal background, happening onto a windfall stash... if he got caught, and I was on the jury, I would vote 'not guilty'. Just my opinion... It's sitting in what looks like an old ammunition box, LOL. That's what I told him to do. He's elderly himself and the money has already been taxed once. That's actually why his relative just wants him to take it and not report it. Fuck it. Spend it, but not foolishly. Christ, he could still invest some and live off the rest. She didn't do anything wrong. You're allowed to keep as much cash in your house as you want. It's her money from income, a pension, SS, bonds, etc. It's already been taxed. The problem is any gifts/inheritance of cash over a certain amount gets taxed again. She doesn't want that to happen, but he's scared of exactly what you mentioned (tax evasion).
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Post by klandersen on Jul 17, 2019 14:38:46 GMT
When my mom died I did inherit some money. It was not a fortune. I put it in a bank account and over several years it served as a financial cushion for emergency spending. It is pretty much spent now.
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Post by Nora on Jul 17, 2019 17:34:56 GMT
When my mom died I did inherit some money. It was not a fortune. I put it in a bank account and over several years it served as a financial cushion for emergency spending. It is pretty much spent now. thats what ill do if i ever inherit something. i think thats the smart thing to do. |
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Post by lenlenlen1 on Jul 17, 2019 18:49:33 GMT
I would make a massive dandelion made of Benjamin Franklins and point a jet turbine at it. That is the STOOOOOOOOOPIDEST thing I've ever heard! Just for that I hope you NEVER get any money. Ever. EVER!
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Post by Dramatic Look Gopher on Jul 17, 2019 18:52:48 GMT
I would put it in a savings account.
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Post by Deleted on Jul 17, 2019 19:46:30 GMT
I would make a massive dandelion made of Benjamin Franklins and point a jet turbine at it. That is the STOOOOOOOOOPIDEST thing I've ever heard! Just for that I hope you NEVER get any money. Ever. EVER!
but you could be on the receiving end of a literal flurry of cash. you should be thanking me
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Post by twothousandonemark on Jul 17, 2019 20:34:22 GMT
a. Not tell anyone.
b. See a.
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Post by kuatorises on Jul 18, 2019 0:03:05 GMT
When my mom died I did inherit some money. It was not a fortune. I put it in a bank account and over several years it served as a financial cushion for emergency spending. It is pretty much spent now. Did you space out the deposits and keep them under a certain amount?
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Post by lenlenlen1 on Jul 18, 2019 14:07:15 GMT
That is the STOOOOOOOOOPIDEST thing I've ever heard! Just for that I hope you NEVER get any money. Ever. EVER!
but you could be on the receiving end of a literal flurry of cash. you should be thanking me You ever see them shows where someone wins a chance to be in an enclosed wind tunnel with tons of money and they can keep as much as they grab? No one ever wins much in those. I would rather you just write me a check... because of my sparkling personality. 
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Post by Deleted on Jul 18, 2019 17:41:55 GMT
but you could be on the receiving end of a literal flurry of cash. you should be thanking me You ever see them shows where someone wins a chance to be in an enclosed wind tunnel with tons of money and they can keep as much as they grab? No one ever wins much in those. I would rather you just write me a check... because of my sparkling personality. sure who do I make the check out to, and mailing address pls. |
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