QUESTION
When my father died, he left a box with my name on it full of cash, must I report it or is it inheritance and tax-free?
Asked on Apr 28th, 2014 on Taxation - Ohio
More details to this question:
Found the cash in a box with my name on it in a storage locker I rented for him some years ago. There are some household products and old close but not much else.
2 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Actually, writing a name on a box doesn't comprise a will. The cash belongs to his estate to be split among the heirs. If you take the money, it is theft and taxable income.
Answered on May 01st, 2014 at 8:16 PM
It is a gift if he delivered the cash to your possession during his life. Was the rental locker in your name or his? Did you have a key to it? Did he formally rent or lease it from you? If it was in your name and you had a key to it and there was no rental, it is your place and his delivery of the cash in a box with your name on it is strong evidence of a gift to you. You do not owe any taxes on it unless it is more than one million dollars. If your father had unpaid creditors, they may make a claim on the cash.
Answered on May 01st, 2014 at 8:16 PM