I will get a bank check of $100k from oversea as gift. Is this gift taxable? Will the bank report it to IRS?

Question

If it will be taxed, how much? Thanks.

The check is from oversea family. I'm just worry I will get in trouble with IRS.

Answer 1

A donee is not subject to tax on gifts received. Be prepared to prove the money received was a gift (i.e., be able to prove to the IRS that the donor had donative intent) and not compensation disguised as a gift. The IRS may assume it was not a gift. You'll have to prove it was. If you can make that proof who cares what the bank reports and to whom?

Answer 2

The bank does not report deposits the the IRS. Transactions above $10,000 are reported to the Department of Treasury for the purpose of detecting financial crimes. progolf's suggestion of splitting the money among multiple banks would not avoid the report for a single check. One bank would have the process the check and thus report a $100,000 transaction. It is also a criminal offense to try to get around the reports.
US federal gift taxes are paid by the person who gives the gift, not the person who receives the gift.

Answer 3

Make sure the check you're getting is not made out to be larger than $100k (e.g $110k) and you're asked to refund the difference (e.g. $10k). That would be a scam 'cause the original check WILL NOT clear after being stuck in the bank for days.

Otherwise, if you do have a rich benefactor giving you $100K, up to $12K is non-taxable ($78k is taxable). See link below for details.

Answer 4

Congrats, yes the bank will report anything over $10,000 so find 11 banks and buy a CD from each., under $10,000 a little.
Look into getting it reinvested, I believe you have 12 months, buy some good stocks and a house.

Answer 5

any transfer of funds over 10K in a 30 day period is reported by law. Even if you just cash the check it would be reported.
As far as Taxes I am not 100% sure but I believe so.

Answer 6

Yes you will be taxed. You should have had them send it in $9,500 increments.

You will not get in trouble as long as you claim it on your taxes at the end of the year.

Have a professional do your taxes. Don't know how much you will be taxed. But better save at least $10,000.00 better to over save than under save.

Answer 7

you will have basically offered some DVDs, and 'stuff like that'. I doubt that your spouse, and/or agriculture, too, will earnings out of your seeds. they are in all threat no longer even nicely worth sowing, no longer to show, reaping. whether, in the event that they may well be genetically changed somewhat, then your seeds could be nicely worth pondering. you will have something reliable to grant.