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Received $84,000 check from a relative. Any problem with depositing it in my bank? Any Gov. forms required? |
Received $84,000 check from a relative. Any problem with depositing it in my bank? Any Gov. forms required? Probably not, but you will have to make sure that the check clears and then you have to worry about the IRS. They will look for you for the banks are required to notify them on any transaction over $15,000. Nice country we live in, huh? I'd get an accountant (taxes) and ask him. If you are worried about a Currency Transaction Report, no. This form is only filled out if a deposit of 10,000.01 or more is made in cash. If you are in the U.S., you will have to pay taxes on it so the suggestion to consult a tax attorney or accountant was a good one. I believe the institution is required to report it to the IRS. You must find out what the gift tax law is in your state. Most states do have them. If your state does you must file this money as a gift on your tax return. You can also request the form from irs.gov and pay the tax on it now. Please check first though (the gift tax law in your state). There are a few in the USA that do not have a gift tax. You could be lucky. http://www.chicagotribune.com/classified... A gift from a family member is not taxable for the person who receives it. the gift tax is on the person who gave the money,not the person who received it |
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