This thread reminds me of some recent issues.
---- situation 1
I got a buddy gambler who went from bust to 350k in about 3-4 years. He loves his cash and has it in a safe deposit. So all his money and life savings are in that box.
He unfortunately is dying. Upon his death - will the government confiscate it due to the illegality of having the cash in a box? Will the IRS confiscate it then release it after a tax attorney being hired?
It is going to be very hard to get this money to his daughter. His greed fucked him far more than helped him.
I'm not even sure you can open a bank account and deposit it??
Can you take 350k in cash that you can't document a source and deposit it in the bank account and pay taxes?
The best suggestion I heard was to take a trusted friend who isn't desperate for money. Put his name on the box too. That way it won't be owned by my friend with the cancer. Then at least his trusted friend can see about giving the daughter money appropriately.
--- situation 2
I have 40k I want to put in the bank. I reside legally in a state that has no real legal gambling. I withdrew ~44k in cash this year to have a bankroll. I have replenished it and then some. I don't want to end up paying taxes twice on the same money. The easiest thing to do is just put the money back into the bank account.
But I wonder how much of an issue it might be. I don't plan on saying I used it for gambling. I'll just say it was for personal loans that have been repaid. Would anyone expect this to be an issue? In the back of my head I am concerned simply because my business uses the same bank and repercussions are beyond just losing my personal checking account. This is BoA? I have capital one but that bank is so lowend. In addition BoA has a record of me withdrawing it this year... so I don't expect an issue.
I know people who regularly deposit it but they're out of Vegas and presumably are known as a gambler which is a thing in LV.
Thoughts?
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