I have $25,000 cash from my parents. They never have bank accounts. They put cash in their safe at home. Now, I need to use this money for the downpayment to buy a home. How much cash can I deposit at one time without any suspicion from the bank or IRS? Any suggestions?
2007-01-14 04:25:11 · 3 answers · asked by shopaholic 5 in Business & Finance ➔ Other - Business & Finance
$10,000 at a time. How long should I wait to deposit the second $10,000?
2007-01-14 04:53:40 · update #1
$10,000 at a time. anything over that will require them to fill out a suspicious activity report. it's not terrible, but it's required. it's not like you'll go to jail or anything.
2007-01-14 04:33:59 · answer #1 · answered by Lauren 2 · 0⤊ 0⤋
Put only a few thousand in at a time. I was told $10,000 will bring about questions from the bank.
Your parents can EACH give $10,000 ANNUALLY as a gift with no tax consequence BUT it must be TOLD to your tax preparer. So $20,000 this year will ok... hold your $5000 till next year or go shopping.
2007-01-14 04:54:09 · answer #2 · answered by Kitty 6 · 0⤊ 0⤋
put in $5,000 you will not have a red flag at the bank
2007-01-14 04:33:05 · answer #3 · answered by peanut 4 · 0⤊ 0⤋
you should invest your money instead. Talk to a expert.
2007-01-14 04:28:34 · answer #4 · answered by giselle g 2 · 0⤊ 1⤋