If I deposit a check for $100,000 and take the cash out in fifteen days, is this reported to the IRS and do I have to pay taxes on it? This check is for a reverse mortgage. Also am I allowed to put this money in a safe deposit box at a bank?
Untitled
Taking out a loan is not a taxable event. However, a transaction in currency of more than $10,000 is reportable to the IRS, but not as income.
There is no state or federal law that would prevent you from putting cash in a safe deposit box. However, doing so is a bad idea. The money would not be a deposit insured by the FDIC, or guaranteed by the bank in any way. If the money were lost, you would have no insurance coverage for the funds. The money would be safer in an insured bank or credit union deposit account.
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Taking out a 