My father passed away in February of this year. We’re in Florida. He was a small-business owner who distrusted banks and would often bring home daily earnings in cash. He would even bury it at times (don’t get me started). After his death, my mother (78) found $48K in cash in his home safe. I want to get the cash out of her house as soon as possible as it’s incredibly dangerous to have that amount of cash in her neighborhood, plus it should be earning interest.
She co-owned the business with my father and owns it outright now. She does not need the cash in general to support herself or the business. What will happen when she takes the cash to the bank to deposit it as far as the IRS is concerned? She’s a business owner who can show where the money came from. Will banks accept that much cash? What is the best way to invest it? CDs, money market, high-yield savings? Some of the investments should be shorter term or accessible in case business equipment needs to be replaced. Thanks for any advice you can provide.
Submitted August 31, 2024 at 12:06AM by Goldikova2010 https://ift.tt/qJIOzbU
