vania-janet/multiturn-rag-retrieval-data huggingface dataset:
Unfortunately assets placed in a safety deposit box are not covered under the Federal Deposit Insurance Program (FDIC). Unless the bank is found to be negligent in the way it handled or protected your safety deposit box, neither them nor their private insurance company will reimburse you for the loss. Find out if in the duration you had your box with them, they moved, transitioned or merged with another entity. In this specific situation, you may be able to demonstrate negligence on the part of the banks as they have seemingly misplaced your box during their transition phase, and depending upon the value of the items placed in your safety deposit box, you may be entitled to some form of recovery. Some homeowner's insurance policies may also cover the loss, but if you didn't document what you kept in the box, you have difficulty verifying proof of the value. Valuables are often lost but documents can often be reconstructed. You can get stock and bonds by paying a fee for new certificates. For wills and trusts, you can reach out to the lawyer that prepared them for a copy. You should always keep 3 copies of such documents. When you put stuff in the box, always videotape it (photographs can be challenged) but if the video shows it was put in there, although it can still be taken out by you after you turn off the camera, yields more weight in establishing content and potential value. Also know the value of the items and check with your homeowner policy to make sure the default amount covers it, if not then you may need to include a rider to add the difference in value and the video, receipts, appraisals and such will serve you well in the future in such unfortunate circumstances. If the contents of a safety deposit box are lost because you didn't pay the fee, then depending on the state you are in the time frame might vary (3 years on average), but none the less they are sent to the State's unclaimed property/funds department. You can search for these online often times or by contacting the state. It would help for you to find out which scenario you are in, their fault or yours, and proceed accordingly. Good luck.
Keep in mind that lenders will consider the terms of any loans you have when determining your ability to pay back the mortgage. They'll want to see paperwork, or if you claim it is a gift they will require a letter to that effect from your relative. Obviously, this could effect your ability to qualify for a loan.
That being said, I would like to add to what NathanL told you in his answer. Your mother passed away in 2011 and you are now 60 years old (so 54 or 55 in 2011?). It is likely that your mother was over 70.5 years old when she passed away, and so she likely had started taking Required Minimum Distributions from her IRA before her death. So, You should have been taking RMDs from the Inherited IRA starting with Year 2012. (The RMD for 2011, if not taken already by your mother before she passed away, should have been taken by her estate, and distributed to her heirs in accordance with her will, or, if she died intestate, in accordance with state law and/or probate court directives). There would not have been any 10% penalty tax due on the RMDs taken by you on the grounds that you were not 59.5 years old as yet; that rule applies to owners (your mom in this case) and not to beneficiaries (you in this case). So, have you taken the RMDs for 2012-2016? Or were you waiting to turn 59.5 before taking distributions in the mistaken belief that you would have to pay a 10% penalty for early wthdrawal? The penalty for not taking a RMD is 50% of the amount not distributed; yes, 50%. If you didn't take RMDs from the Inherited IRA for years 2012-2016, I recommend that you consult a CPA with expertise in tax law. Ask the CPA if he/she is an Enrolled Agent with the IRS: Enrolled Agents have to pass an exam administered by the IRS to show that they really understand tax law and are not just blowing smoke, and can represent you in front of the IRS in cases of audit etc,"
"As was suggested here, I checked with the state for ""Unclaimed Funds,"" and despite the fact that I had already done so and found nothing, the funds were now there to be retrieved. So, the takeaway here is, keep checking periodically, it might just take a bit for things to settle out. This link is endorsed by NJ State, and covers much of the US: http://www.missingmoney.com/. Otherwise check with your state's Dept of Treasury."
A simple rule of tax is , It doesn't matter where u live or your residence when it comes to income accruing in India .  As far as i know , You will need to find out the purchase prices of the inherited land and calculate the index value . Then pay tax on the capital profit (Not sure , I guess its 20%)  Example : Original value is 100,000 and the index value is 1,500,000 so the profit will be 650,000 . You pay 20% of the 650k only .  For paying minimum tax (Tax saving) There are few sections which gives exemption like purchase some bonds or purchase a house .  Its best if you ask a chartered accountant , For this simple case he shouldn't charge much. He should have updated knowledge of the situation and guide you better .
"As you do not have any relation to your Uncle, It will be treated as ""Gift"" to your uncle. He has to pay a Gift Tax on the amount received.  Under the Gift Tax, if the total value of Gifts [including assets like shares etc or Immovable assets like land / house etc] exceeds Rs 50,000/- for a year, all the amount will be taxable at the income tax slab. If your Uncle has no other source of Income, then in the current financial year, the zero percent slab is till Rs 3,00,000. Hence No Tax."
"You are opening up a large can of worms with how you are doing this.  In very positive years, you'll have taxes based on your income, potential Alternative Minimum Tax (AMT), etc. Each of the family members may be in a lower bracket, perhaps even needing to pay zero on capital gains.  Even if you are 100% honest, if you are subject to a lawsuit, these funds are all in your name, and you'd be in a tough situation explaining to a court that these assets aren't ""really"" yours, but belong to family.  And last, the movement of large chunks of money needs to be accounted for, and can easily run afoul of gifting rules.  As mhoran stated, a Power of Attorney (POA) avoids this. When my father-in-law passed, I took over my mother-in-law's finances, via POA. I sign in to my brokerage account, and her accounts are there. I can trade, deal with her Individual Retirement Account (IRA) Required Minimum Distributions (RMDs) each year, and issue checks to her long term care facility. It's all under her social security number - our money isn't intermingled."
If it is Texas company, you can try doing a taxable entity search on the Texas Comptroller website.
??  Edit: that's what I thought. Unless there is some specific tax code that I don't know about, there's no way to pass through money to the next year. But if someone on Reddit is saying something and quoting a tax law, I'd at least like to see it.
TL; DR version: What you propose to do might not save you taxes, and may well be illegal. Since you mention your wife, I assume that the Inherited IRA has been inherited from someone other than your spouse; your mother, maybe, who passed away in Fall 2015 as mentioned in your other question (cf. the comment by Ben Miller above)? If so, you must take (at least) the Required Minimum Distribution (RMD) from the Inherited IRA each year and pay taxes on the distribution. What the RMD is depends on how old the Owner of the IRA was when the Owner passed away, but in most cases, it works out to be the RMD for you, the Beneficiary, considered to be a Single Person (see Publication 590b, available on the IRS web site for details). So, Have you taken the (at least) the RMD amount for 2016 from this Inherited IRA? If not, you will owe a 50% penalty of the difference between the amount withdrawn and the RMD amount. No, it is not a typo; the penalty (it is called an excise tax) is indeed 50%. Assuming that the total amount that you have taken as a Distribution from the Inherited IRA during 2016 is the RMD for 2016 plus possibly some extra amount $X, then that amount is included in your taxable income for that year. You cannot rollover any part of the total amount distributed into your own IRA and thereby avoid taxation on the money. Note that it does not matter whether you will be rolling over the money into an existing IRA in your name or will be establishing a new rollover IRA account in your name with the money: the prohibition applies to both ways of handling the matter. If you wish, you can roll over up to $X (the amount over and above the RMD) into a new Inherited IRA account titled exactly the same as the existing Inherited IRA account with a different custodian. If you choose to do so, then the amount that you roll over into the new Inherited IRA account will not included in your taxable income for 2016. To my mind, there is no point to doing such a rollover unless you are unhappy with the current custodian of your Inherited IRA, but the option is included for completeness.
Oh come on, these businessmen are just being held for questioning. Is this method extra-judicial? Yes. But it's far from disappearance. You can still talk to your family, attend board meetings via phone, and sign legal documents.
Look up escheatment. Companies that have unclaimed property are supposed to send it to your State government. They should have a unclaimed property department of some sort. In short, the company is going to have to pay either you, or your State (In Your Name) so they have to pay it either way. It would be easier for them to just give you new check. Expect them to give you some grief in verifying it has not been cashed and such... but if you have the original, in hand, it shouldn't be too bad. A 'Lost' check may be harder to get replaced. Not a lawyer, don't want to be.
"Assuming nothing here helps, here are some thoughts. First, If Principal Financial knows the 401k was rolled over to an IRA, then it must have been a custodian-to-custodian transfer, which means they need to know who the recipient custodian was, so I'd call them back and push a little harder. Next, they couldn't have just created an IRA out of thin air and moved some money into it without some paperwork and signatures from you, so you should have copies of that paperwork. Principal may also still have archived copies of that paperwork, that they may be able to provide to you, although they'll probably charge for that service. Also, there would have been tax reporting around the rollover. For the year the rollover occurred in, you would have received a 1099-R and 5498. The 1099-R would have to have been reported on your federal (and possibly state) income tax for that year. It may be possible to obtain copies of old 1099-R's from the IRS, maybe call them and ask. In subsequent years, you should have received at least a year-end statement. If you don't have any of that, and contacting Principal and the IRS don't help, then I'm not sure there's much that anyone can do to help you. As far as I know, there's no ""universal clearinghouse"" for IRAs, and there are a lot of IRA custodians. I would expect you to receive a year-end statement from the custodian for 2015 sometime in early 2016, so maybe just wait for (and watch for) that. And take this as an object lesson that you need to keep better track of your finances. No one's going to do it for you (unless you pay them a bunch of money)."
"If your parents are not on the deed then I am not sure how it could be their house. It seems like the sale was done unofficially. If your parents or aunt pass away this could be a real mess. Make this official ASAP. It might be possible for your aunt to gift you the house. This may have tax implication but the article below suggests that it may not be an issue. http://www.bankrate.com/finance/real-estate/aunt-be-taxed-for-bargain-price-on-house.aspx As you're probably aware, owning a house is expensive. Make sure you can afford taxes, bills, and maintenance. Things add up fast.  I should have address the ""rent to own"" plan. If you plan on transferring the house from your aunt to you by renting with $0 monthly payment and then claiming it is all paid off, then I think this would be considered a gifting of the house from your aunt to you. It sounds like fraud to claim you paid something that you didn't. In the end, it is either a gift from your parents or from your aunt. The sooner you get the house in your name the better"
"Because this question seems like it will stick around, I will flesh out my comments into an actual answer. I apologize if this does not answer your question as-asked, but I believe these are the real issues at stake. For the actual questions you have asked, I have paraphrased and bolded below: Firstly, don't do a real estate transaction without talking to a lawyer at some stage [note: a real estate broker is not a lawyer]. Secondly, as with all transactions with family, get everything in writing. Feelings get hurt when someone mis-remembers a deal and wants the terms to change in the future. Being cold and calculated now, by detailing all money in and out, will save you from losing a brother in the future. ""Should my brother give me money as a down payment, and I finance the remainder with the bank?"" If the bank is not aware that this is what is happening, this is fraud. Calling something a 'gift' when really it's a payment for part ownership of 'your' house is fraud. There does not seem to be any debate here (though I am not a lawyer). If the bank is aware that this is what is happening, then you might be able to do this. However, it is unlikely that the bank will allow you to take out a mortgage on a house which you will not fully own. By given your brother a share in the future value in the house, the bank might not be able to foreclose on the whole house without fighting the brother on it. Therefore they would want him on the mortgage. The fact that he can't get another mortgage means (a) The banks may be unwilling to allow him to be involved at all, and (b) it becomes even more critical to not commit fraud! You are effectively tricking the bank into thinking that you have the money for a down payment, and also that your brother is not involved! Now, to the actual question at hand - which I answer only for use on other transactions that do not meet the pitfalls listed above: This is an incredibly difficult question - What happens to your relationship with your brother when the value of the house goes down, and he wants to sell, but you want to stay living there?
The simplest way is you transfer the funds into your NRE account in India. From the NRE account transfer the funds to your brother-in-law and show the purpose as Loan. From 2012 onwards RBI has simplified things under FMEA and your brother-in-law can deposit/repay the loan back into the NRE account. Once the funds are in NRE account you can repatriate then whenever you like. This entire process requires less paperwork. The option you have suggested is also fine, however your brother-in-law needs to engage the services of a CA and he will authenticate the purpose of remittance to the Bank. Based on this certificate the Bank will transfer the funds outside of India.
My take is that he can avoid a big tax hit by leaving it as and giving   the untouched fund to the heirs. 100% correct. By withdrawing now he'll be subjected to the income tax on the gains. Since his gains are almost the whole value of the account, he'll actually find himself in the highest bracket, not the lowest as Joe suggests. Not only that, but his SS income will become taxable as well. Capital gains are included in the AGI. By leaving as is, the heirs will get stepped up basis, and the whole 700K will not be taxed (its below the estate tax threshold, and the basis for the heirs will be the value at death).
I have inherited property worth close to 1 million US Dollars. 1 Million USD is a large amount considering Bangladesh. Around 80 Million Taka; making someone with this amount amongst the high net worth individual. Check if this is not a scam as indicated in comments.  What is the proper procedure for him to send me the money to US? As per Bangladesh Foreign Exchange Regulation Act; there are limitations to transfer of funds outside of Bangladesh. Read the detail guideline, section 11 Private Remittance is relevant. However your specific case is not detailed. A professional help is advised as there would be paperwork required. What are our legal and tax obligations? Tax obligations in US, as indicated by Michael in his answer.
If your sister refuses to discuss the matter, I can't imagine how you'll resolve it without going to court. I'd guess that ultimately a judge would say that if you can't all agree on what to do, that the property must be sold and the money distributed between you. As others here have said, you really want to get a lawyer.
Have you tried contacting them via phone or e-mail to follow up?  If not, definitely do that first.   If no response, you can keep this simple: Close your old account, write a personal check from your new one, and send the check with an explanatory note via Certified Mail.  That will get you proof that it was delivered successfully (or not).  Leave the money in your account for 180 days.  Your check should be void after that and cannot be cashed (check with your bank on this) and if it's still unclaimed they will need to contact you to request payment.
Ask your bank to recall the transfer (as if went to wrong account and you have inform the bank about it).  Secondly get a police report in the country where you sent the money from and where it was sent to, and state the person's name and account details.  Ethically this person should return the funding, but if he or she wants to play gangsters paradise, then you want to take police action and push your bank to take the funds back by RECALLING THE FUNDS UNDER INDEMNITY.  Ask your bank to give you a copy of the message they have sent to the beneficiary's bank.  Use this wording and you will have success. Contact the beneficiary bank also and give them details.
In general if there are no transactions for several years a bank will close the account. In my experience they also send at least one warning notice. If they do close the account they send it to the state. Each state has an unclaimed property office. You can contact them regarding the procedure to get the money. If this money was just turned over to the state there may be some lag time before you can get it back. Two notes: the state government doesn't charge a fee to get your money back. Don't pay a company a finder's fee. bank account's owned by minors don't have the same activity requirements as those owned by adults.
If the gift was stock that they have owned for years there can be one hitch: The basis of the stock doesn't reset when it is gifted. For example if grandparents have owned stock that is currently worth $10,000 today, but they bought it decades ago when it only cost them $1,000; then if the new owner sells it today they will have a gain of $9,000. The clock to determine short term/long term also doesn't reset; which is good. The basis needs to be determined now so that the gain  can be accurately calculated in the future. This information should be stored in a safe place. Gains for dividends are investment income and the rules regarding the kiddie tax need to be followed.
"It depends on when she became the shareholder of record. When your wife received the stock, was ownership clearly transferred to her?  If it was, then she should have the right to sell it if she wants.  The gross amount of the sale will be reported to the IRS, and then it will be up to you (and/or your tax advisers) to determine its tax basis so that you pay tax only on the appropriate gain. If she hasn't become the shareholder of record yet, then it can be a bit of a mess.  Your wife's father saying ""Merry Christmas; I'm giving you 500 shares of AAPL"" doesn't transfer ownership to you.  Him calling up the brokerage and transferring them into an account with her name (or her name and his name) does. Is your wife's father's estate settled yet?  If not, then sorting all of this out is part of the fun.  If it is, and this asset was left dangling out there, then that's beyond anything I know about."
You are not asking for insurance purposes. So I'll go with this - I have two asset numbers I track. All investments, retirement accounts, etc, the kind that are valued at day's end by the market, etc. From that number I subtract the mortgage. This produces the number that I can say is my net worth with a paid in full house. The second number simply adds back the house's value, give or take.  Unless I owned art that was valued in the six figures, it seems pointless to me to add it up, except for insurance. If my wife and I died tomorrow, the kid can certainly auction our stuff off, but knowing that number holds no interest for us. When most people talk 'net worth', I don't see them adding these things up. Cars, maybe, but not even that.
John - sure, your points are well taken. $500K in cash is preferable to $500K invested in a way I wouldn't choose at the moment.  A friendly warning - inheritances often come in the form of an IRA account. This comes with its own issues, and an IRA shouldn't be confused with the assets it contains. Selling the assets inside is fine, you can reinvest in what you wish, but selling and pulling the money out can result in an horrific tax bill. I was recently interviewed on the radio (and available as a Podcast) discussing Inherited IRA Tax Tips, and it's worth educating yourself as the topic is quite convoluted.  (And thanks, John, for a question that permitted me to sneak this in. I owe you a beverage)
If you need access to your data beyond the online availability, you download the transactions and manage the archive yourself. Six months to eighteen months is generally enough time for most people to manage their own archived data. Big banks have the power to store and retrieve all the data online. Unfortunately, the older records are not frequently accessed. Why have these records online when they will be rarely accessed? Backing up data will take longer. Queries to retrieve data will take longer. Everything will take longer just so you can have records that 99% of customers will never access.
You should talk to a lawyer. One solution I can think of is using a trust. Keep in mind that that may complicate things (non-revocable trusts are taxed on income not distributed, and revocable trust means you effectively keep the owenership of the stock). If you don't mind paying taxes on the dividends and keep the stocks in a living trust - that would be, IMHO, the simplest solution. That would, however, invoke the gift/estate tax at the value of the stock when the ownership actually passes to the intended receipient (i.e.: you die/gift the stock to the child). It would be very hard to pay the gift tax now and avoid getting the childs SSN and opening an account for the child with it.
I recommend talking to your parents.  You may be able to convert the account to a joint account that is shared with them, and then they would be able to withdraw the money for you.