TaxSrv wrote:
- quote -

I don't know about that, Fred. I seem to recall there are
some reporting requirements banks are under, and I'm not
talking just about the over 10,000 cash transaction
activity.

ChEAr$,
Harlan

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stevie cho wrote:

- quote -

If a U.S. person receives more than $100,000 in a year from
non-U.S. gifts or bequests, the U.S. person must file Form
3520. There is no tax due -- the form is purely
informational. Failure to file the form, however, could
result in a penaly of up to 25% of the amount of the gifts
or bequests received.

--Chris Ballard

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stevie cho <steviechoi[at]yahoo.com> wrote:

- quote -

It doesn't matter if there is a "red flag" so long as what
you are doing is not illegal.

Sure, they might ask you where the money came from; make a
copy of the appropriate documents.

--ron

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"stevie cho" wrote:

- quote -

The bank cannot legally disclose this information to IRS,
unless you are under audit and IRS issues a summons to the
bank, with copy to you. The one exception is a deposit or
withdrawal of currency, of more than $10,000. These
currency transactions must be reported to IRS by the bank.

Fred F.

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thanks alot guys, my grandmother doesn't live in us and is
not an us citizen. i just thought if depositing $$ into my
checking acc would raise red flag to the IRS.

stevie

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stevie cho <steviechoi[at]yahoo.com> wrote:

- quote -

It would be a gift.

If your grandmother is a US citizen, there are some gift tax
(or lifetime exclusion) ramifications, and she'll need to
file a gift tax return.

I don't know the situation if she isn't a US citizen.

Seth

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stevie cho wrote:

- quote -

Gifts are not taxable income.

ChEAr$,
Harlan Lunsford, EA n LA

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"stevie cho" <steviechoi[at]yahoo.com> wrote

- quote -

No. Gifts you receive are generally not income to you.

--
Paul A. Thomas, CPA
Athens, Georgia

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stevie cho wrote:

- quote -

Gifts are not taxable income to the recipient.

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"stevie cho" <steviechoi[at]yahoo.com> wrote:

- quote -

Gifts are not taxable to the one getting them.

Wayne Brasch

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"stevie cho" <steviechoi[at]yahoo.com> wrote:

- quote -

No. Gifts are never taxable income, regardless of amount or
source. If your grandmother is not a US citizen she will
have no US gift tax responsibility either.

Whether you want to tell her you had a better use for the
money is up to you.

--
Phil Marti
Clarksburg, MD

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steviechoi[at]yahoo.com (stevie=A0cho) wrote:

- quote -

No. A gift is never income to the recipient.

On the other hand, if the gift is more than $11K in one
year, it can have consequences for the _giver_. Not severe,
just the requirement of filing an additional form ... but
that would be your grandmother's issue, and she's probably
aware of how to handle it.

Bill

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Hi my grandmother that lives oversea has a banking account
in the state. she's giving me money as late graduation gift
to buy a new car. i would like to invest this money instead.
i'm working and my income is in the 25-28% tax bracket. if
she writes a check to me and i deposit it into my checking
account, would that be considered taxable income? i think
the amount will be between 20k to 30k. thanks

stevie
steviechoi[at]yahoo.comnospam

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