<prompt> Human: I just recently graduated high school and I got an cash inheritance from a family member, would it be bad to directly deposit all the cash in the bank? Ive been told if i deposit a large sum of cash into the bank all at once, the IRS will tax it or something? Its around 6-10k cash. I was thinking of depositing the entirety to my bank and transfer it to a high yield savings or open a CD ladder.  <response>: Ive been told if i deposit a large sum of cash into the bank all at once, the IRS will tax it or something? Its around 6-10k cashNo. There is zero truth to this statement. 