lets say, I know this individual who has inherited 6.5 million but believes to get their hand on the money, it has to go through an home equity account. Why first of all, can't a person just transfer that amount into their bank account and then take what they want from it? Secondly, why is a home equity account better than a bank account? The reason provided to me is that the equity account can handle that much money but a bank account has an upper limit therefore not all the money can be transferred at one time. Does this sound reasonable? So, if I give this individual my equity account information for them to make a deposit into to it, would I get into trouble by the IRS if as soon as the monies was deposited I with drew it in checks? I am not sure of an laws being broken but this doesn't sound right to me.
Why would someone want to deposit money into an equity account?
- Thread starter TQSwagger
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