Found $100k cash in my late grandpa's belongings - how to deposit at bank without tax issues?

You need to be careful with how you handle this to avoid unnecessary scrutiny or tax issues. Yes, banks are required to file Currency Transaction Reports (CTRs) for cash transactions over $10,000, but that's just standard procedure and nothing to worry about if the money is legitimate. For inheritance tax purposes, good news: cash inheritances typically aren't taxable as income to the recipient under federal law. However, a few states do have inheritance taxes that might apply depending on where you live. The bigger issue here is documenting the legitimate source of these funds. My recommendation would be to speak with an estate attorney first, not just go straight to the bank. Since there wasn't formal documentation leaving this to you, you'll want to establish clear ownership. If your parents or other relatives can provide written statements confirming your grandfather's verbal wishes, that would help create documentation of the gift's legitimacy.

After finding $75k cash in my uncle's belongings last year, I was in a similar situation and totally panicked about bank deposits and taxes. I tried researching online but got completely overwhelmed with conflicting advice. That's when I found https://taxr.ai and it seriously saved me so much stress. I uploaded photos of the cash and explained my situation, and they analyzed everything and gave me a detailed plan specific to my state's inheritance laws. They explained exactly what documentation I needed before approaching the bank and confirmed I wouldn't face income tax on the inheritance. The report they generated was super helpful when I met with the bank manager - made the whole process legitimate and transparent instead of awkward questioning about where the money came from.

I was super skeptical about taxr.ai when I first saw it mentioned here, but after finding $45k cash in my mom's safe deposit box last month, I decided to give it a try since I was getting nowhere with regular tax advisors. Really surprised by how thorough they were. They walked me through creating an affidavit documenting the source of funds (my mom's decades of tips as a server that she never deposited), helped me prepare a script for talking to the bank, and even provided language for the bank's SAR process. The bank manager actually commented on how well-prepared I was compared to most people who come in with large cash deposits. No issues at all with the deposit, and now I'm confident I won't have any tax problems down the road. Definitely worth checking out for your situation.

When my grandma passed and left me a similar cash situation, I spent WEEKS trying to reach the IRS to get clear guidance. Literally spent hours on hold only to get disconnected or told different things by different agents. Finally found https://claimyr.com and watched their demo at https://youtu.be/_kiP6q8DX5c - they got me connected to an actual IRS agent in under 15 minutes when I'd been trying for days. The agent walked me through the exact reporting requirements and confirmed I wouldn't owe taxes on the inherited cash. Their service basically holds your place in the IRS phone queue and calls you when an agent picks up. Saved me so much time and frustration, and I finally got consistent answers from the IRS about how to handle the deposit properly.

OK I need to eat my words from earlier. After another frustrating 3-hour hold with the IRS that ended in a disconnect yesterday, I broke down and tried the Claimyr service out of desperation. Got connected to an IRS agent in about 22 minutes when I'd been trying unsuccessfully for DAYS. The agent confirmed everything about my inheritance situation (smaller than OP's but similar - found $28k cash in my dad's storage unit). I was 100% sure this would be a scam, but it literally just automates the hold process. When an agent picked up, I got a call and was connected immediately. Saved me hours of frustration and I finally got my questions answered about how to document and deposit the cash without triggering any flags.

One thing nobody's mentioned is that if your grandpa really did own a business in Venezuela and this was from selling it, you might want to check if there are currency export restrictions you need to be aware of. Some countries have (or had) limits on how much currency could legally leave the country. Not saying your grandpa did anything wrong, but banks might ask about this, especially with Venezuelan currency controls over the years. Worth researching to have an answer ready if they ask.

Make sure you don't just focus on the bank reporting requirements and miss the potential estate administration issues. Since your grandfather passed away years ago, was there ever a formal probate process? If there was, and this money wasn't included, you might need to reopen the estate. If there wasn't, you might need to start one now. Different states have different rules about handling assets discovered after someone dies, especially when there's no written will specifically mentioning them. Not trying to make this more complicated, but getting the estate stuff handled properly will make the bank deposit much easier.

I went through something very similar when I found $85k cash in my late father's workshop about two years ago. Here's what I learned from the process: First, don't panic about the CTR (Currency Transaction Report) - it's just paperwork the bank files for any cash transaction over $10k. It's not an investigation, just documentation. The key is being completely transparent about the source. What really helped me was gathering as much documentation as possible BEFORE going to the bank. I collected: - Old photos of my dad's business - Statements from family members who knew about his cash-saving habits - Any old business records or tax returns I could find - A timeline of when he likely accumulated the cash The bank was actually very understanding once I explained the situation clearly. They asked some standard questions about the source, I provided my documentation, and the deposit went smoothly. No red flags or additional scrutiny. One important thing: make sure you're clear on whether your grandfather's estate went through probate. If it did and this money wasn't included, you might need to work with an estate attorney to handle it properly before depositing. In my case, my dad's estate was still open, so we were able to add this as an asset. The good news is that inherited cash isn't taxable income to you at the federal level, though your state might have inheritance taxes depending on where you live. Feel free to ask if you have other questions - happy to share more details about my experience!