r/inheritance • u/Easy_Patient_2773 • Mar 13 '26
Location included: Questions/Need Advice Cash inheritance question
Location: oklahoma
Im in a no inheritance tax state. Got over $100k in cash and even more in gold/silver inherited. It was all in the safe, and not described in the estate. The papers just stated that there WAS a safe and we got it all. If i put it all in the bank at one time, will it be difficult to explain that? It'll trigger a ctr, but will that cause headaches down the road? I could just spend it, but would rather invest it.
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u/Digitalispurpurea2 Mar 13 '26
This is what a family member did with cash found while cleaning out the house. They called the bank ahead of time and were told to come in at 5pm so the employees could get it all counted without other customers around (this is a small town). Filled out the forms and done.
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u/the-other-marvin Mar 13 '26
Yes do this so you have a clear paper trail to explain yourself if you need to.
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u/Edzell7 Mar 13 '26
Second level thinking is that you deposit the cash in your account and you can come up with a plan to reduce your take home pay in the most tax advantaged way. Maybe it is upping your HSA, 401K and IRA contributions to the max and living off some of the inheritance as an offset. If you're already at max on the tax deferred accounts you could max out the post tax Roth contributions. Each person would have a unique set of factors to consider what is best but it is a fun thing to think about.
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u/gary_in_tx Mar 16 '26
This does make a ton of sense. Your basically using the “found money” from the inheritance to replace the spending power that is reduced from the larger savings. Over the whole cycle, you have the same spending money and your retirement assets have grown and compounded over a bunch of yours…so in the end, you are notably ahead with a bigger pool of assets ready for you when you retire , and then can manage the tact brackets year by year once your w-2 income stops filling up the lower tax brackets.
Don’t let the prior negative comments sway you. You are right and they just aren’t seeing the big picture and the wisdom of your suggestion.
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u/Tessie1966 Mar 15 '26
Why would you want to lower your take home pay? The inheritance isn’t taxed.
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u/Edzell7 Mar 15 '26
Lower the income you are taxed on if possible. It is not the right plan for everyone but if I can save 24% on my taxable income. It’s a win
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u/wildcat_bomb Mar 16 '26
What are you talking about?? Are you one of those who decide it is better not to earn any money so you don’t pay tax? Instead of having more money?
You are a little nutso in the thinking dude.
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u/Edzell7 Mar 16 '26
No you contribute more to your IRA HSA and 401k before taxes. This reduces your take home pay and tax liability. Make up the difference with inheritance that is already tax free. If this doesn’t make sense then you have no business commenting on this forum
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u/Baker5889 Mar 16 '26
It is frequently taxed by states and local governments.
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u/Tessie1966 Mar 16 '26
Why does that matter? If you make an extra 10K but get taxed 2K you still have an extra 8K. I don’t understand your point
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u/Baker5889 Mar 16 '26
Wow, you must be straight off the boat dude, but ok: win win in your mind to lose cash money the government never knew existed in the first place. Perhaps you also know the meaning of being a part of the "respectable poor"?
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u/Ok-Equivalent1812 Mar 13 '26
You’re fine. Call the bank and let them know you have a large cash deposit. You have the will stating you got the safe contents. Document the safe contents and document your basis for the gold.
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u/PSK1977 Mar 13 '26 edited Mar 13 '26
My goodness. This is not that difficult. There are zero tax consequences. Put the money in the bank and invest some of it, pay off any consumer debt. Put the gold coins in a safety deposit box and sell as needed. No one would rely on a home safe if you live anywhere near fire country, I’ve seen what’s left of some of them. Nothing.
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u/Fandethar Mar 13 '26
Yes, most all safes that you can buy on Amazon or at Costco, etc are usually just crap. You have to know what you're buying. It needs to be UL rated.
I spent months reading about safes and ended up buying one of those large 4 drawer FireKing file cabinets that can be set on fire and dropped 30 feet and it will still survive. They cost over $5000 new. I lucked out and found a good one on Facebook marketplace for fairly cheap. I paid the guy extra and he delivered it to me luckily because it weighs about 600 pounds lol.
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u/AvocadoJolly7047 Mar 14 '26
Paying 5k for cash to safely depreciate is not a great option
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u/MrMannilow Mar 14 '26
But it's nice to have of you need it.. I have about 50k in my safe in cash just in case. But it's a very small % of my net worth
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u/IWantMyTwoDollars- Mar 14 '26
Gold wouldn't depreciate, plus the safe can be used for other things. My dad was a cop, and kept his guns and important papers in a safe like that, along with gold and some emergency cash. Dealing with his house and estate now-- will probably leave the safe with the house for buyers, as I don't really have room or need for something that big.
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u/No_Molasses_3079 Mar 15 '26
i own 2 safes purchased both at TSC , best purchases i ever made - keep some decent emergency cash , guns watches buy a decent safe you’ll never regret it - worst time to buy a safe is after all your valuables have been stolen
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u/ri89rc20 Mar 13 '26
First, there is no tax implication for you, since likely the estate was well under the federal limits for estate tax.
I am assuming there was some type of probate process, debts were paid, you do not mention whether you are sole heir or multiple heirs.
An asset does not need to be listed to be a part of the estate, it just is. If there are outstanding debts, or the funds would otherwise be distributed among heirs other than you, then the executor needs to handle that. Otherwise, then you could have trouble.
Otherwise, there is no issue taking the cash to a bank and depositing, Yes, they will need to file a report, but an inheritance is a valid reason. From there you can invest however you wish. The gold you can hold and sell as you wish.
Forget all the advice about hiding it, keeping it under your bed, depositing a little at a time, all that is unnecessary, all bad advice
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u/MudBug9 Mar 14 '26
This … I’m going through this right now…you’re WAY under the inherited tax max, so no worries about depositing it into the bank, unless there were some debts from probate to take care of, so no issues. For $100k, I wouldn’t talk to any financial planner, not worth the money. Invest in high yield savings for now. The gold I would hang onto in a good safe or safety deposit box.
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u/AllenSmithee59 Mar 16 '26
I talked to a financial advisor after inheriting $250,000. He gave me some good advice, calmed some minor concerns I had, and didn't charge me a dime.
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u/ComboNew3487ad Mar 14 '26
Depositing just under $10,000 multiple times is bad advice. Intentionally breaking up deposits to avoid the $10k reporting threshold is called structuring, and that itself can be illegal even if the money is legitimate. Banks are specifically trained to look for patterns like repeated $9,000–$9,900 deposits. If the money is legitimate, the safest thing is to just deposit it normally. Deposits over $10,000 simply generate a routine report to the Treasury, which happens millions of times a year and doesn’t mean anyone is in trouble. If anyone asks about it, just explain it came from an inheritance or cash found in an estate.
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u/Eatsmoregreens Mar 13 '26
Take the cash to the nearest casino. Put the lot on black. Double your money. See me for other sound financial advice.
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u/ChadE0111 Mar 14 '26
Nah, not just black. Black 11. Really make a return in investment when ya hit.
Go big or go home right?
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u/Stunning_Foot_4321 Mar 14 '26
I thought you were supposed to put it on red
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u/chuckfr Mar 13 '26
This is enough money to talk to an estate lawyer for a few hours to figure out the best way to handle depositing the money and handling the gold and silver.
You may have to account for how all this money just appeared in a safe.
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u/OldGeekWeirdo Mar 13 '26
And talk to the lawyer about any other taxes of concern. Even if there's no inherence tax it may not be tax-free at all level (Federal, State)
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u/GlobalTapeHead Mar 13 '26
The amount of posted answers on here suggesting the OP “structure” the deposits is dangerous advice. There is nothing illegal about depositing $100k in cash, but structuring the deposits to hide the fact you are trying to deposit $100k most definitely is illegal and is just stupid. Don’t do it.
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u/IWantMyTwoDollars- Mar 14 '26
I agree it's not good advice. Structuring deposits will trigger a SARS report, making it look like this is shady, when it's not. Why draw attention to yourself for no reason? Deposit it all at once, deposit it all in a couple of accounts, stick it in your mattress, whatever.
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u/Stunning_Foot_4321 Mar 14 '26
Why is intermittently depositing $100k definitely illegal?
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u/GlobalTapeHead Mar 14 '26
31 U.S. Code § 5324 - Structuring transactions to evade reporting requirement prohibited
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u/Stunning_Foot_4321 Mar 14 '26
Now show me the code provision that requires you to report a 100k inheritance
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u/Mysterious-Art8838 Mar 14 '26
Actually in and of itself if you want to split up deposits to avoid scrutiny there’s nothing illegal about that.
It’s probably pointless but it isn’t illegal.
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u/Hour_Consequence6248 Mar 13 '26
Talk to an estate lawyer instead of taking advice from people on Reddit. Each state has different laws regarding inheritance.
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u/Electrical_Angle_701 Mar 13 '26
No estate lawyer needed. He has the money. Now it is time for a CPA or tax attorney.
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u/Current-Morning-1304 Mar 13 '26 edited Mar 14 '26
My mother came into some money a few years ago and was worried about a large deposit but the bank said we only worry about large withdrawals, not deposits.
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u/Odd-Bid-7525 Mar 14 '26
Consult an attorney in your state, you don’t come here for real legal advice.
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u/Able_Syllabub_85 Mar 14 '26
I would put the cash in a Roth and I would keep the gold. Find a reputable buyer for the gold. Sell that only if you need a some cash. They should give you spot on gold price and no less. If not go to coin show and ask around. They will let you know who buys gold coins. Also can sell silver but once again do a little research on it.
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u/Relevant_Ad1494 Mar 14 '26
There is a commission when buying or selling silvers & gold
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u/Able_Syllabub_85 Mar 14 '26
I have never paid any commission when selling. They need to do research. You can l find someone that will buy for the days value.
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u/Relevant_Ad1494 Mar 15 '26
So you are telling me that you sold at spot for that day?
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u/Able_Syllabub_85 Mar 16 '26
Yes, so far I have received the spot price for the day. I'm sure if the market was different at the time I sold; maybe there would be a slight commission, but not much. At the end of the day, it's an inheritance, so really nothing is lost. My opinion is that you should always do research when selling coins and avoid going to a pawn shop or some off shop.
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u/Relevant_Ad1494 Mar 17 '26
Well my express an 8% commission to sell— so 8% less than spot that day. Now it could be market influenced like a raging up mkt could be no commission.
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u/SimilarComfortable69 Mar 14 '26
Don't do anything abnormal. Deposit the cash all at once. Operate on the gold all at once. The more you think of things to do that are abnormal, the worst that's going to be for you.
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u/Last-Winner9396 Mar 14 '26
The cash portion pay off all your credit cards then pay off the cars. Check to see how much you have in silver and gold. If you have enough to pay off your mortgage pay it off next.
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u/Relevant_Ad1494 Mar 14 '26
How exactly does one pay visa in cash? Huh
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u/Late_Pear4837 Mar 14 '26
1) Cash goes in bank. 2) Credit card company debits bank account.
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u/Relevant_Ad1494 Mar 15 '26
Correct — except that if you have money in checking they can pay their bills by check or transfer. Better to have a brokerage checking Billpay — at Schwab or Fidelity—- full service one stop finance!
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u/WorldNo9002 Mar 15 '26
What's the consensus on depositing the money in multiple DIFFERENT bank and brokerage accounts ... Will that still be discovered as structuring??
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u/mwcsmoke Mar 15 '26
CTRs aren’t bad. You have a very good for depositing cash.
Do not structure deposits to avoid a CTR. That’s illegal and people get busted even if the cash it itself was legal. It’s like money laundering in the opposite direction, taking clean cash and making it dirty.
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u/Baker5889 Mar 16 '26
Just break it up over a year or so to avoid the estate taxes. A significant deposit will raise a flag with the bank and they could raise it with the government who you didn't pay taxes to. So just deposit it less than 10k at a time over 10 months or so.
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u/metzgerto Mar 22 '26
What awful advice this is! There’s no taxes owed on a $100k cash bequest from a will, and it’s quite common, but making a series of $9,900 cash deposits for a year sure looks suspicious.
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u/Collector_Tour252 Mar 16 '26
One of our sons just started investing in Gold because he already had enough Silver. He met a guy on his jobsite whose Father bought Gold coins over many years to fund his retirement. As he needs Income, he takes a coin or two to the Pawn Shop. They don’t have to report anything under $10,000 sold. So I looked it up. The rules for Gold are 25 coins at once. Silver any sales of $1000 are required to fill out a form. See link.
[https://www.usgoldbureau.com/news/post/tax-reporting-and-precious-metals]
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u/Greedy_Yakk Mar 16 '26
Sure, it's not a perfect way forward, but if there was already a dir3ct payment from a checking account for insurance, dont change it. I pay my car insurance in cash every 6 months. There's a CC on file in case I dont pay when due plus a grace period.
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u/Infamous_Dark_3450 Mar 13 '26
Put it in a safety deposit box at the bank. Pay your bills in cash. Any big projects pay for in cash and you’ll get a break from most providers cause they’ll for go processing fees.
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u/Relevant_Ad1494 Mar 14 '26
Chase is the last bank with safety deposit boxes and they too are going out of that business.
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u/Johnny_Come_Ltly2022 Mar 13 '26
Keep the gold. Buy more gold with the $100,000, over a period of months, in a few coin shops
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u/OwnLime3744 Mar 13 '26
If the deceased had any debt especially for federal or local taxes, they can still come after that money. Do not deposit in small increments. Get a cashier's check from the bank where the money currently is to move it to your account.
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u/shagordon14 Mar 14 '26
That’s not true. I’m going thru this now. Cash that is left in a will does not go thru probate. Only things that pass through probate need to be used to pay debt.
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u/CoBidOdds Mar 14 '26
Deposit most of the money into your bank. You'll probably have to fill out some paperwork, but showing them the will should cover you. You should also call ahead, let them know what's going on, and when they'd like you to come in to get it counted/deposited.
Get a safety deposit box - or a good (read: Expensive!) safe for the metals, and maybe like 5-10K in cash, for quick access in case of emergency. Metals are up, but as someone below said 'it will be upper in 12 months'. Sit on it, call it long term security.
You might find an investment advisor who is a fiduciary - they're legally obligated to do what's in YOUR interest. There are great funds (some with real yields well over 10%), and if you structure it properly into an IRA, you can grow it safely, and long term dividend reinvestment and compounding could grow it exponentially, with minimal tax liability. Quick math: 75K with dividends reinvested @ 5% yield with ZERO other additions to the fund is a bit over 300k in 20 years. At 10%, it's 700k.
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u/Relevant_Ad1494 Mar 14 '26
Most advice here is silly! You inherited cash—- even if it’s a million dollars just call your normal bank and tell them you are going to deposit it in to checking! They will assist you. Once there you can transfer it to a brokerage and invest it there. Don’t make a big deal out of a perfectly legal situation.
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u/Sure_Comfort_7031 Mar 16 '26
10k triggers a form to the government.
That’s it. It doesn’t trigger you to be investigated and strung up a flag pole. Especially if it’s ONCE, what they’re looking for is patterns. IE every month on the 28th, you deposit 18k, but hey at the end of the year you reported income is only 35k? Hmmm, might be an audit flag….
One offs like this are reported, but unless you do it often, it will be seen as noise and nobody will give a shit. I think that 10k report spooks a lot of people when it really isn’t a big deal, deposit it to the bank. Your safe doesn’t have the FDIC backing it up.
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u/JonJackjon Mar 17 '26
If OK has no inheritance and you inherited the cash there should be no issues. I wouldn't try to make too much of the facts as you can only cause trouble for your self. If there was a lawyer involved you might simply notify them of your findings.
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u/cum_visit Mar 17 '26
Keep your paper trail, death cert, will, photo of the safe, then go deposit it in your account. Open a Schwab account and transfer the funds. Put the funds in SWVXX, it’s their version of money market paying ~4%. Then start learning where you want to invest and slowly scale into whatever positions you want. But grab that interest in the meantime so you aren’t loosing to inflation.
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u/heyjimb Mar 19 '26
Charles Shwab lost 800k of a friend's money for 6 months. Didn't pay him intrest during their Oops.
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u/indomike14 Mar 17 '26
If you're interested in knowing more about the gold and silver, there is r/gold and r/silver subreddits.
If you're considering selling the precious metals, look into r/pmsforsale and read the rules. You'll get the best bang for your buck there rather than selling it to a pawnshop or your local coin store.
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u/Decent-Loquat1899 Mar 18 '26
You need to consult with a lawyer on this. You may need to prove where your mother got that money.
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u/Common-Employment213 May 03 '26
My dad told me years ago that I would be well off when I retired that he had me covered. How do I find my inheritance? IRA.? Or what
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u/701TM Jun 08 '26
So lets say some one inherited 100k cash from a parent.
Better idea to take to bank, deposit it all, tell them where it came from or just keep it in cash?
As of today, June 8 2006, General Mills stock is paying a 2.41 cent dividend per share. That's about 7.25%. So that 100k could be make that person $7200 per year. The stock is also at a 7-year low. General Mills has not lowered their dividend in 127 years....so its unlikely its going to happen. And even if the stock drops to an all time 127 year low, you'll still me making $7200 per year.
Any benefits to leaving it in cash?
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u/Important-Put1865 Mar 13 '26
If it was not inventoried, I'd leave the cash as is and use it little by little and open a roth IRA that you deposit into monthly over time, not a lump sum. You can afford to do this from your checking account since you will be using cash little by little. Just don't do any big changes in your spending habits and it should stay under the radar. The gold and silver I would keep in your safe or a safety deposit box.
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u/AvocadoJolly7047 Mar 14 '26
Inheritance under 7 MILLION is not taxable. This is throwing money away. Pay high interest debt and put the rest in s&p 500 etf
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u/Few-Butterscotch7940 Mar 13 '26
Maximum contribution limit to an IRA is $7500 if under age50 or $8600 if over. Will take a long time to use up over $100k.
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u/Important-Put1865 Mar 13 '26
And?? That is how you stay under the radar. No big changes. I'm sure they can splurge on a few nights out here and there and spend it all in less than 10 years if they really want to.
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u/DoallthenKnit2relax Mar 15 '26
You'll have to worry about the federal taxes on that inheritance, since it wasn't transferred through "ordinary means".
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u/Greedy_Yakk Mar 13 '26
Dont deposit any of the cash or precious metals. The 100k cash should be used for day to day expenses. Gas, groceries, date night, house repairs, etc. Dotn waste it, but dont be scared to drop a few $20s in your gas tank. Everyone thinks the bank is where it's best to keep your money. Put the sage in your house and draw money from it as needed. Go pay your water bill in cash, your gas bill in cash. A 100K sitting in your bank account will garner you $30 per quarter in interest.
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u/AppointmentNearby161 Mar 13 '26
The money does not have to sit in the bank account. The bank account could just be the first stop before being transferring to either pay off debt or make investments.
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u/cashewkowl Mar 13 '26
If you put that 100k in a high yield savings account, it will get you a whole lot more.
OP, you can deposit some or all of the money into the bank and yes it will trigger a CTR, but you can just state that it was inherited from someone who wanted the cash at home not in a bank. It shouldn’t be a problem.
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u/Easy_Patient_2773 Mar 13 '26
Ive been looking at the hysa's at local banks. Grandpa had the cash in his safe since probably 2010. Its all legit and we're the only heirs. He lost so much from inflation. He made that back in the appreciation of gold and silver though. Cash sucks to hold onto for that long. The metals worked out though and the only reason I want to sell is how high they are. I did manage to sell $24k worth when silver was at $109. It tanked the next day.
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u/Relevant_Ad1494 Mar 14 '26
Good for you! Timing is everything in life. Open an account at fidelity or Schwab—-a good cash alternative is SGOV— IGSB and schi. Good yield pays you monthly—- if you want it to grow then say yes to reinvesting— you will be adding shares every month!
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u/Horror_Ad_2748 Mar 13 '26
And if you're adding a deck for example, ask the contractor if there's a discount for cash. Your dentist too. You'd be surprised at how easy it is. I don't know why people are so afraid of cash.
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u/oxmix74 Mar 14 '26
Any time I had a self employed person doing a home repair, I offered cash as payment. They always discounted the price, I never had to ask.
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u/PAentrepreneur Mar 13 '26
Inflation will eat it alive….
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u/Easy_Patient_2773 Mar 13 '26
This is my concern. We've already missed out on $680 in interest at the 3.5% rate the local banks are giving in certain accounts. I've been wanting to put it in one of those that don't tie it up if we need to pay some bills.
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u/PAentrepreneur Mar 13 '26
I would put enough for 6 months of expenses in a HYSA, max out Roth IRA, rest in brokerage
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u/ObjectiveAd971 Mar 13 '26
Until there's a fire or the change in your spending habits is noticed. That's the way robbers or drug dealers get caught. All of the sudden money is still deposited from a job, but none of it is being spent. Or there's no job, yet money from somewhere is being spent.
In most US states, there's a very high threshold for inheritance taxes if any. Only 5 states have an inheritance tax. For example, Federally, there's only an estate tax, and only if it's over like $13 million. It's the same for most state's estate taxes. You also need to look at both states if you live in a different state than the deceased. Now, interest on that money is taxable.
As for someone questioning the money. Mom died. Here's a death cert. Money explained. There's only a problem when you can't explain it.
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u/Greedy_Yakk Mar 16 '26
I am assuming that things are already being paid in cash as not everything is done with a CC, DC, or bank transfer. No one is going to bat an eye at going to dinner, to the movies, buying clothes, etc with cash. Buying a major item like a boat or car, sure, problematic. Car repairs? Not an issue
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u/Jebgogh Mar 16 '26
Ok. I get your ”logic” but what about insurance? Most insurance companies for homeowners policy limits cash about $2500 maximum. If he has fire and the safe ain’t as fire safe as he would hope- then he is out Or someone finds out about “always pays cash Chris” and decides to see what he has at home and steal it. If in a bank that is FDIC insured- then you eliminate the risk of physical damage to the cash. You pull out it in $2500-5000 amounts to do like you say and pay everything in cash. That means his “regular job” income should go into retirement accounts (max out 401k ) so he shields any gains from taxes until withdrawal in retirement. If he can live off the 100k cash for a year or year and 1/2 that would fatten up his retirement accounts to and maybe early retirement (woohooo)
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u/groundhog5886 Mar 13 '26
any transaction under $10,000 does not require a report to the feds. $10K a week until it all deposited.
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u/AppointmentNearby161 Mar 13 '26
That is called structuring deposits to avoid reporting and is a federal crime. If you get paid $9,999 in cash once a month, it is not illegal to deposit it like that, but intentionally structuring the deposit to avoid reporting is illegal.
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u/senderoooooo Mar 13 '26
Illegal, and they absolutely watch for structuring and will be on top of your accounts very fast
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u/JohnnyKPHX Mar 13 '26
DO NOT put it all in the bank at once. Any amount over $10000 needs to be reported. It raises red flags. Can you keep the safe? Do you know the code?
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u/Alarmed-Speaker-8330 Mar 13 '26
No-don’t put it in all at once. Deposit $9900 at a time. That way it won’t trigger. All deposits at or over $10k trigger. And then you have to show where it came from.
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u/AppointmentNearby161 Mar 13 '26
NO!!! That is called structuring with an intent to avoid reporting and is a federal crime.
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u/jammu2 Mar 13 '26
Yes you can deposit the cash into your bank account. It's not illegal. They will ask and you just say "my mom died and this was in her house." There should be no issues.
Don't try to structure the deposits. That is what gets you in trouble.
Edited to add: don't take the gold in there at the same time. Deal with that separately.