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Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
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I am going to receive a check in the next 6 weeks

Customer Question

I am going to receive a check in the next 6 weeks for part of my inheritance. I do not have to pay taxes on this money because it is only $70,000. When I receive this check, can I just deposit it in my checking account until I decide on how I am going to invest it, or does the bank report this amount to the IRS,and if so, does this create any complicatons for me?
Submitted: 2 years ago.
Category: Estate Law
Expert:  Richard replied 2 years ago.
Hi! My name is ***** ***** I look forward to helping you!
Can you provide me a bit more information? IN what state are you located? Also, I'm presuming this money is not coming from a retirement plan such as a IRA, 401k, annuity, etc., is that correct? Thanks.

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