Reply to Question about safe deposit box at bank

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You don't have to but the bank must report that you have a safety deposit box to the IRS. This is a relatively new rule so beware.[/quote]

What purpose does this serve? The bank reporting the box to the IRS... Is it so that the IRS can come after what's in the box after you die?[/quote]

Or beforehand if they suspect that you are up to something or underreporting (or you're just an unlucky randomized audit). [/quote]

and needless to say: so that the IRS can make sure to collect the inheritance tax from your inheritors, plus fines and interest, if they "forget" to pay the tax.[/quote]

So for posessions like jewelry, for example. How can the IRS make sure you pay an inheritance tax on this? Are they going to have a representative there when you open the box and inspect the contects? I don't get how the inheritance tax can be enforced on a safe deposit box and its contents as pp suggests?[/quote]

We don't have an inheritance tax in this country. We have an estate tax.[/quote]

what is the difference between inheritance tax and estate tax?[/quote]

Who pays it.

An inheritance tax is paid by each individual heir based on their individual tax rates.

An estate tax is paid by the decedent before things are distributed. The first $10 million of a couple's estate is exempt from this tax.[/quote]

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