Current Events > During reno, you find $100k in cash. Do you have to pay taxes on this?

(+) Yeah! (+)

During a home renovation, you find $100k in cash hidden in the floor boards. Does this count as income, and are you obligated to pay taxes on this?

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Gimme your money, TC.

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you report that to the cops and you'll never see it again. they'll claim its drug money or something.

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I just wouldn't tell anyone about it
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I wouldnt tell a soul about it. Fuck paying taxes.

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It came with the property purchase so no

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https://en.wikipedia.org/wiki/Cesarini_v._United_States

looks like yes

so i wouldnt tell anyone. Use it for smaller purchases over 5-10 years and no one will ever know.

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Legally? You're probably obligated to report it lost, which would probably lead to you losing it entirely.

And if it were ultimately awarded to you? My guess is that it would be income, and that the IRS would very much like you to report that on line 21 of your 1040 (because, no joke, IRS Publication 17 politely requests that you report any bribes you receive as income under line 21, so why would this be different?)
Of course, because it's cash, you could, theoretically, get away with not doing any of those things.

I wonder if I could buy a car in cash...

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100k isn't enough to risk my life over. I don't take what doesn't belong to me

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hitokoriX posted...

100k isn't enough to risk my life over. I don't take what doesn't belong to me

But it's part of the house. You bought the house. Isn't it yours?

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hitokoriX posted...

100k isn't enough to risk my life over. I don't take what doesn't belong to me

who tf would sell a home and forget 100k in cash was left somewhere inside the home.


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chrono625 posted...

who tf would sell a home and forget 100k in cash was left somewhere inside the home.

Wealthy people hide cash in their houses all the time. Person dies, kids dont know where it all was stashed, just one way it could happen.

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Smashingpmkns posted...

I just wouldn't tell anyone about it

ProudlyHated87 posted...

I wouldnt tell a soul about it. Fuck paying taxes.

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It would be incredibly easy to deposit all of that money into your account over the course of a few dozen weeks without setting off any flags too. Reporting it would be foolish unless you absolutely do not want a free $100k.
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Finders keepers is the rule unless it's been reported lost or the original owner claims it

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Smashingpmkns posted...

It would be incredibly easy to deposit all of that money into your account over the course of a few dozen weeks without setting off any flags too. Reporting it would be foolish unless you absolutely do not want a free $100k.

Have fun in jail, Capone.

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Smashingpmkns posted...

It would be incredibly easy to deposit all of that money into your account over the course of a few dozen weeks without setting off any flags too. Reporting it would be foolish unless you absolutely do not want a free $100k.

or just pay for things like groceries, clothing and other things with cash over time.

private businesses love cash. Doing a renovation project? Cash is king.

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Smashingpmkns posted...

It would be incredibly easy to deposit all of that money into your account over the course of a few dozen weeks without setting off any flags too. Reporting it would be foolish unless you absolutely do not want a free $100k.

Not really. Regularly depositing large amounts of cash compels your bank to report it. Any deposit over $10k also compels your bank to report to the federal government as well.

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If the bills were marked and tracked you might be fucked

IdiotMachine posted...

Not really. Regularly depositing large amounts of cash compels your bank to report it. Any deposit over $10k also compels your bank to report to the federal government as well.

$10k a week. And they don't report it to the IRS they add a flag to your account in case you are under investigation by the IRS and the bank is questioned about your account. There's no reason you'd need to deposit more than even $5k a week if you came into this much money at once.
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I would never go to reno
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Smashingpmkns posted...

$10k a week. And they don't report it to the IRS they add a flag to your account in case you are under investigation by the IRS and the bank is questioned about your account. There's no reason you'd need to deposit more than even $5k a week if you came into this much money at once.

No, they report it:
https://www.occ.treas.gov/topics/supervision-and-examination/bsa/index-bsa.html

Under the Bank Secrecy Act (BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering, such as:
File reports of cash transactions exceeding $10,000 (daily aggregate amount)

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Technically, yes. The smart thing to do would be to never report it or put it in the bank and use it to randomly pay for smaller things like groceries, clothes, gas, etc. If you tried to buy something big with it, then the IRS would definitely want to know how you suddenly had the money (unless you were already rich).

If you don't tell anyone about it, it doesnt count lolololololol

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