Reply to Elderly relative hiding $$ in the freezer

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I agree with PPs that suggest that she start using the cash for daily expenses and not worry about the mortgage. If she really really wants to start paying down the mortgage, then she gives OP $5K or so at a time and OP sends a check to mortgage company and spends the cash.

But about the tax angle: if she really piled up this amount over a period of 20 years, that's $5K/year? Is her income even high enough for $5k/year to matter?  Even so--bottom line--don't borrow trouble by doing big cash transactions.  And OP, I'd use the phrase "asking for trouble" with her as you review her options.[/quote]

Personally, I don't believe it's provable that she evaded taxes.And the amount is super small accumulated over many years, so IRS won't care much anyways.

She could have just taken money from her bank accounts (some people don't like keeping cash in banks, particular elderly or those who lost savings in developing countries bank collapses). And she kept the cash in the freezer. That was very typical in my former USSR country to cash your legal salary and hide savings at similar places at home. Under the mattress, cement into floor, in the toilet tank etc.[/quote]

That is extremely unusual behavior among documented Americans who aren't engaged in shady activities.[/quote]

Disagree. There are absolutely cultural Americans who engage in this type of behavior. Some due to age (older, maybe were children at or parents who went through Depression. Some is a ethnic distrust of institutions. I’m work with employee benefits and regularly hear of people who don’t participate in benefits 401k programs because of distrust of institutions or the stock market. [/quote]

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