Hello, recently on a family trip to Monroe, Louisiana to our huge family reunion...I had a relative of mine give me a box and claiming that my father wanted me to have it. My father has been dead for the last 8 years and I found it rather strange. INside was a number of jewelry and inside the larger box was a large amount of cash. A rather large amount. My mother of course tells me to not claim it and slowly spend it or find some way to get it under the table. Me? I just had a son and don't want to get locked up for anything my father may have done. What are the rules for this seeing as how I haven't spent any of the money nor have I placed it into any of my accounts. I spoke with some lady from the IRS and she said I would have to claim it under the gift tax....however I knew my father and while he didn't have a record he was not the most......moral of men. Please someone help me and give me the lowdown on this. Thanks.

It may noy be a gift at all. It may be an inheritance. Spend $75 and talk to a tax attorney.



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I know you want to do the right thing, but everything you get is not the IRS business. If someone gives you something, and the giver didn't report that they gave it to you, I don't see any need to report it. But, you do what you think is right.

OKay but how can I use the funds legally and not get myself in trouble? IN this case who would be the giver? my uncle? My father? By the way this rather a LARGE amount of cash. Way too much to go unnoticed. At least 6 figures.....


(By the way, if I get this straightened out...I'll answerpool a big gift......)

First know that I am not a financial advisor or a lawyer. With that, it seems to me that putting the money in a very safe investment while you investigate your legal responsibilities would not be construed as doing anything illegal or showing the intent to evade legally-due taxes. If nothing else, get whatever your received in a safety deposit box. Then make an appointment with a high-powered Dallas law firm that has an excellent tax department. Yes, it may cost a bit to get that appointment, but with then figures you stated, it probably will be the best investment you've ever made.