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Do you have to report cash found in deceased safety deposit box if you are the only heir?
Wiki User
∙ 12y ago
There is a short answer to this and a long answer. The short answer is yes. If it is part of the deceased's estate, then that cash is to be used to pay off creditors, final expenses and what ever there current tax liability is or was. However, if you are a named person on the safety deposit box, i.e., you have the right to access the safety deposit box and your name is on the access list/or account holder, varies by state, you do not need to report it as you have joint access to the funds.
The long answer is it comes down to your moral scruples, in assuming you already have access to the box, and there is cash in it, there is absolutley nothing that will stop you from walking out with the cash and not reporting it. It is highly doubtful that anyone would ever question you regarding the contents of the box.
"This is not to be considered legal advice; mainly opinion based on fact and experience"
Wiki User
∙ 12y ago
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