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06-28-2011, 07:37 AM #1
- Join Date
- Aug 2005
- Location
- White Plains, NY
- Age
- 41
- Posts
- 7,788
Silver- 2002 Trans AM
Transferring a large sum of money question
I would like to transfer some of my earned money from my bank account to my parents bank account with out raising any red flags from the IRS. I want it as a Surprise for my parents. Is there a safe method to do it? my parents and I have two different banks.
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06-28-2011, 07:44 AM #2
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- Aug 2005
- Location
- Thornton, CO
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- 23,773
Red Tint Jewelcoat- 2008 Trailblazer SS
Wire transfer
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06-28-2011, 07:50 AM #3
One time it was explained to me that a bank teller can always initiate a "red flag" on anything they think is suspicous. (I'm not saying you're a drug dealer) but as far as large sums of money goes, they can notify the IRS.
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06-28-2011, 08:10 AM #4
- Join Date
- Aug 2005
- Location
- White Plains, NY
- Age
- 41
- Posts
- 7,788
Silver- 2002 Trans AM
that's what I am worried about. I don't want my parents to pay taxes on something I already paid for. This is my hard earned cash.
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06-28-2011, 08:15 AM #5
Not a tax guy by any stretch of the imagination, but my understanding is that you can gift to each of your parents the sum of $13,000.00 annually without any tax implications.
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06-28-2011, 08:18 AM #6
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06-28-2011, 08:18 AM #7
- Join Date
- Aug 2005
- Location
- White Plains, NY
- Age
- 41
- Posts
- 7,788
Silver- 2002 Trans AM
this will be $25K transfer.
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06-28-2011, 08:20 AM #8
Straight from the website of the beast:
How many annual exclusions are available?
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.
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06-28-2011, 08:23 AM #9
FSANE gives $12,500 to each of his parents and he should be ok from what I have read.
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06-28-2011, 08:49 AM #10
- Join Date
- Aug 2005
- Location
- White Plains, NY
- Age
- 41
- Posts
- 7,788
Silver- 2002 Trans AM
last revised in 2009? So If I transfer $12.5 twice it wont matter because they have a joint account?
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06-28-2011, 08:50 AM #11
- Join Date
- Aug 2005
- Location
- Thornton, CO
- Posts
- 23,773
Red Tint Jewelcoat- 2008 Trailblazer SS
Can you wait until 2012 for the second half?
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06-28-2011, 08:53 AM #12
- Join Date
- Aug 2005
- Location
- White Plains, NY
- Age
- 41
- Posts
- 7,788
Silver- 2002 Trans AM
I want it to be a surprise.
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06-28-2011, 09:45 AM #13
I think 12.5k would be a huge surprise. Give them another huge surprise next year too
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06-28-2011, 10:13 AM #14
Well it depends on which kind of drugs you sell...
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06-28-2011, 11:21 AM #15
- Join Date
- Aug 2005
- Location
- White Plains, NY
- Age
- 41
- Posts
- 7,788
Silver- 2002 Trans AM
I don't sell drugs, I import Mexicans
I just got two nice gigs and an interview for a 3rd one next week. starting to make the money I deserve. My parents been there for me from day one. Payed for my Radiography school. Help me with Mortgage when my cheating fiance left me and help me with medical debt.
So $12,500 is not enough to pay them back. I want to repay them for everything. I know they wont accept it, that's why I want to make a one time deposit into their bank account.
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06-28-2011, 11:55 AM #16
Buy a fire PROOF safe, transfer money into it, no issues, no paper/electronic trail...
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06-28-2011, 02:31 PM #17
Cash out, hand over cash. Problem solved.
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06-28-2011, 02:43 PM #18
- Join Date
- Sep 2005
- Location
- TEXAS... U mad?
- Posts
- 6,158
Black / Stryker Blue- 2K WS.6/ 2K9 G8GT
Do they have a savings account also????
Put 12.5 in checking....
and 12.5 in savings...
Win when they see checking balance....
Win AGAIN when they see savings balance!!!
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06-28-2011, 06:01 PM #19
IIRC, anything at $10K and above has a "hold" on it.
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06-28-2011, 06:07 PM #20
- Join Date
- Sep 2007
- Location
- oklahoma
- Posts
- 195
Red- 98 Trans Am Ws6
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