A member of family will visit and wishes to gift me a five figure sum in cash. It's savings that she has kept aside and is intended to assist with my first house purchase. What would be a reasonable sum to deposit in my bank at one time and how often?|||Whenever you deposit substantial amounts of cash into your bank, the bank would be alerted to possible money laundering implications. If the money from your relative has been honestly obtained and decalred as earnings of some kind, I dont see the problem in depositing it all at once.|||Fengirl is absolutely right - if the money has been legally earned and tax has been paid then there is no reason why you can't have it all in one go.|||Up to $13,000 on or after January 1, 2009 will not be taxed.
http://www.irs.gov/businesses/small/arti鈥?/a>
BUT:
Any time more than 9,999.99 dollars is deposited or transfered in a bank the bank has to report it to the federal goverment.
Please read the above link. Because a donation for the same amount can also be made to your husband or child and not be taxed.
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