1

I am receiving about $80,000 inheritance, and I want to start a business. How much would I be taxed or be deducted if I were to put it into a savings account. Lets say the bank is some well-known bank such as U.S. Bank or Wells Fargo.

Improve this question
3
  • 1
    what is the source of the funds: salary, bonus, inheritance, insurance settlement, gift, lottery winnings, selling stock...
    – mhoran_psprep
    Jun 15, 2015 at 13:45
  • The source is inheritance
    – Abel
    Jun 15, 2015 at 13:49
  • @Abel, make sure you know the laws of the country where the inheritance is coming from. You might need to pay taxes there.
    – Grasper
    Jun 15, 2015 at 14:19

1 Answer 1

Reset to default
2

You won't be taxed for putting it in a savings account (except on any interest that is subsequently paid). If the money is from a taxable source, then you're liable to pay tax on its receipt whether you then put it in a savings account, stuff it under your mattress or burn it. If you're planning on the basis that you might (by not putting it in a bank) be able conceal its existence from the tax authorities so that you don't have to pay the tax that's due then you're asking for advice on breaking the law, which is out of scope for this forum.

Improve this answer
9
  • Thank you for your answer, I do not plan on hiding it & breaking the law. If you don't mind answering another question, the money is not coming from a taxable source so what kind of paperwork or questions would need to be asked from me.
    – Abel
    Jun 15, 2015 at 14:02
  • Also to note, where I'm currently at is the U.S. & the money is being received from my family who lives in Africa.
    – Abel
    Jun 15, 2015 at 14:11
  • 1
    I hate to have to ask this, but is this family in Africa people you have regular contact with? The reason I ask is that there are a lot of financial scams that originate in west Africa these days and some start with a promise of an unexpected inheritance.
    – JohnFx ♦
    Jun 15, 2015 at 14:44
  • @Abel OK, in thqt case the answer to your question is clear. The money might be taxable, either in Africa or in the US, but putting it into a savings account won't make it taxable.
    – Mike Scott
    Jun 15, 2015 at 15:17
  • @JohnFx These are close family members that have I keep in contact everyday
    – Abel
    Jun 15, 2015 at 16:12

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .