I received $7,000 as a gift. How do I hide it from the IRS?

Question

I already deposited it in the bank. Is there a way to keep the IRS from finding out?

Answer 1

I do believe the amount of deposit that has to be reported by the bank to the IRS is $10,000. Since you fall under this, they shouldn't have reported it. If you want to hide it, you would need to remove it immediately.

Answer 2

A gift is not taxable to you, so there is no need to hide anything from the IRS. The interest that you will earn from the $7,000 gift however will be reported to the IRS as interest income at the end of the year, generally as long as it's over $10.

Answer 3

you are one smart cookie!! I might ask have you ever seen a cookie crumble? People can be charged with a felony for aiding and abbetting someone who willfully cheats the IRS and you got the willfull covered real well, in writing. Fortunately in your case, as people have told you above your gift ain't taxable. I could give you some advice on how to hide money that is taxable from the IRS, but i won't.

Answer 4

Gifts, whether in cash, check or property are not subject to income tax. And the giftor can not deduct them from their income taxes.

There could be a gift tax liability if the gift exceeds the current annual exemption of $12k. In any event that liability is on the giftor not the recipient.

You have no reason to hide anything

Answer 5

I have never seen so many wrong answers to one question!
The recipient of a gift does not have to report it to the IRS and owes no tax on it.
The giver should file a gift tax return,if giving more than 12,000 to any one person in a year.

Answer 6

You don't hide it and you don't need to. Gifts under the federal limit are not subject to tax. (I believe it is up to $12,000 now). And even if it was over the limit, the person who gives the gift pays the tax not the giftee.

Answer 7

Gifts are not taxable. Period.
If Person A gives more than $10,000 in one year to Person B; the gift tax will affect Person A only. It will reduce the amount of their estate that they can pass on tax-free when they die.

Answer 8

No. Once you deposit more than $5,000 this money is flagged to the IRS. So you will have to tell your accountant you received the $7,000 as a gift for next year taxes. But because the money is so low you probally will not have to pay any taxes on it because most gifts are not subject to the gift tax.

Answer 9

The IRS allows a one-time (lifetime) gift of up to $11,000 (currently) that is tax exempt.

Hiding income from the IRS is tax evasion. You are asking us to be co-conspirators in that tax evasion. I'm not going to jail for you.

Anyone who gives you any advice on how to hide income is a fool. You think IRS agents never come thru here? You think they can't subpoena your info from Yahoo! if they find this?

Answer 10

if it was a gift I don't believe the IRS can do anything with it anyways.