Japan Government Declare You can change 18 type Old note in Bank of Japan

The so-called “closet savings” that are kept at home. Many people keep cash at home in preparation for emergencies.

For this reason, some people may have had the experience of finding a large amount of old banknotes when organizing their parents’ closets.

Therefore, we will explain whether old bills can be exchanged for new money or whether inheritance tax will be applied.

Found a lot of old bills while sorting out belongings! can i exchange?

Need to declare Saving money?

Can old notes be exchanged for new money?

When a large number of old banknotes come out of a closet, the first thing that comes to mind is probably the question, “Will they be able to exchange them for the new money that is currently in circulation?”

In conclusion, old banknotes can be exchanged for new money by going to the counter of the Bank of Japan. Since the Bank of Japan first issued banknotes (notes) in 1885, it has issued 53 types of banknotes to date. Of these, 22 banknotes are currently in force. Banknotes that have not yet been issued and are inconvenient for circulation can be exchanged for banknotes that are currently in circulation at the Bank of Japan’s headquarters and branches.

The 18 types of banknotes and 8 types of coins that can be exchanged can be confirmed on the website of the Bank of Japan.

What should I do if I can’t go to the Bank of Japan to exchange money?

Some people may find it difficult to visit the Bank of Japan counter because they are busy with work or private matters, or because they have difficulty getting around. In such a case, is it possible to just leave the old bills as they are?

In such cases, there is an option to ask a coin dealer to buy it. Some old banknotes have added value beyond their face value. Depending on the item, there is a premium price attached, and there are also old banknotes worth tens of thousands of yen. If it is difficult to exchange old bills, it is a good idea to consult with such old coin dealers.

Are wardrobe deposits subject to inheritance tax?

When you find money in a closet, you worry about inheritance tax. Will the wardrobe deposit require an inheritance tax return, or will inheritance tax occur?

In conclusion, the wardrobe deposit is also recognized as inherited property and is subject to inheritance tax calculation. Inherited property includes cash owned by the decedent. Therefore, the wardrobe deposit that was kept at home without depositing it in the bank is also included in the inheritance property.

At the time of the decedent’s death, the heirs are required to tally up the cash kept in the house and figure out the total amount. Inheritance tax is based on a self-assessment system, and no specific proof of the amount is required.

The amount of cash found by the heir will be counted and the total amount will be declared as inherited property.

Some people may think, “If you don’t keep the wardrobe as it is and declare it, you won’t be found in the tax audit.”

However, the tax office knows the income amount of the deceased person during his/her lifetime, and in the tax investigation, if there are any suspicious points after examining the bank account in detail, the existence of the wardrobe deposit is suspected. The heir will then be asked to explain the circumstances. This background should be understood.

Old bills can be exchanged! But make sure you declare the money you find.
When you find an old bill while sorting out belongings, you will be in a hurry or have trouble dealing with it. However, there is no need to worry about the old banknotes as they can be exchanged at the counter of the Bank of Japan. It is a good idea to check the banknote types on the official website.

In addition, the money found in the sorting out of the remains is subject to inheritance tax. Calculate the total amount without trying to leave it as it is or hide its existence, and properly declare it as inherited property.

Bank of Japan Which banknotes have been issued so far and can be used today? I have an old bill, can I still use it?
◆Death insurance can be received even if the inheritance is renounced, but there are also unexpected pitfalls.
◆The deceased mother made a time deposit in the name of her daughter. Will this be subject to inheritance tax?
◆If a parent dies, what is the parent’s bank account? House is? card? What happens to inheritance? Let’s know the basics of organizing money that you have to do.
◆Do not pass the mortgage examination! Is there a last resort?
◆Why is the “Dresser Deposit” dangerous? What Happens If You Are Caught by the Tax Office?

Thinking about it normally, even if you discover a wardrobe deposit, the person who declares it to the tax office must be a person with a strong sense of justice.
In the sense of redistribution of tax, the inheritance tax will be set at a higher rate than it is now
I’ve heard that Japan’s inheritance tax rate is very high, but to be honest, I think the inheritance tax system itself is a strange or wrong system. I wonder if the deceased will be taxed additionally if they try to transfer the money that the deceased earned and saved after paying taxes to his family at the time of his death.

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