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New Member
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Jan 12, 2008, 10:53 AM
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Depositing large sum of money raises questions?
I received $13,000 from my ex-husband. It's not child support, it's "guilt" money because he has had nothing to do with his daughter for over 30 years.
Can I deposit this without the government asking a lot of questions? And from what I understand, it's a gift and I don't need to report unless it was from overseas or gambling money.
Please help!
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Uber Member
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Jan 12, 2008, 11:02 AM
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If it wasn't court-ordered then yes, it is a gift and you may be subject to gift tax. When you deposit it, because of the amount, your bank will report it to the IRS.
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Uber Member
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Jan 12, 2008, 11:06 AM
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I thought that too, that any amount over $10,000.00 is reportable. But I was not quite sure if that had changed.
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Expert
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Jan 12, 2008, 04:27 PM
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Yes, so you will want to keep it under that 9999 figure and broken up into severarl smaller payments.
And if he is still feeling guility, we need a new tires for car truck we use in our elderly ministry
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New Member
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Jan 12, 2008, 04:35 PM
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Well, I hope I'm not in trouble. We deposited it. I had gone to the IRS site, and found this: for Line 21
NONTAXABLE AMOUNTS:
Child Support
Life Insurance proceeds
Gifts and bequests are non-taxable. However, if you received a gift or bequest from a foreign person of more than $13,258, you may have to report that info... etc. etc.
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Uber Member
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Jan 13, 2008, 07:01 AM
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Well I read where the statutory monetary exclulsion for 2007 is $12,000.00 (due to inflation). Hopefully Atlanta Tax Expert will see this question and give his opinion.
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Uber Member
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Jan 13, 2008, 07:08 AM
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Hello beth:
The assumption has been made so far, that the $13K you received is in CASH. If that's so, then the advice you received is valid. However, if it was a check, then you deposit it and go on with your life. There is no reporting requirement for checks.
I don't know if you'll have to pay taxes on it, but that's another question.
excon
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