Say that I came into a substantial amount of money. For example I was given $30,000 in a cashiers check. How or what is the best way of going about either depositing that money into a bank account or putting it towards my house payment without have having the IRS be involved. It is not going to be income, so I don't believe I would have to pay an income tax. What if my friend and I don't want anyone to know why the money was given to me, than what is the best way of going about depositing the money or me utilizing the money?
2006-06-30 06:31:37 · 3 answers · asked by bonight1 1 in Business & Finance ➔ Other - Business & Finance
The banks and any other financial institution are required to notify the IRS of any deposit over $5K. Period.
And the odds of finding anyone to cash a check that size are nil.
So, as long as you are certain it doesn't qualify as taxable income, why sweat it.
No one other than the bank is going to know.
Next time you want to hide income, demand cash.
2006-06-30 06:35:02 · answer #1 · answered by Lori A 6 · 0⤊ 0⤋
in this country it is possible to deposit a check in your own name directly into your mortgage.
find out if you can do that there.
2006-06-30 06:43:41 · answer #2 · answered by leadbelly 6 · 0⤊ 0⤋
Go to http://www.benstein.com/ and ask him. Sometimes he answers. I asked him through the website to do me a favor once and he did!
2006-06-30 06:37:40 · answer #3 · answered by madbaldscotsman 6 · 0⤊ 0⤋