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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.
Wire transfer
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.
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.
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.
this will be $25K transfer.
i believe it's $11,000 gift... the only way to do it with out being taxed (don't know about being audited) is to write them a check and have in the notes something like "paying back school loan" or something...Quote:
Originally Posted by pajeff02
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.
FSANE gives $12,500 to each of his parents and he should be ok from what I have read.
last revised in 2009? So If I transfer $12.5 twice it wont matter because they have a joint account?
Can you wait until 2012 for the second half?
I want it to be a surprise.
I think 12.5k would be a huge surprise. Give them another huge surprise next year too :)
Well it depends on which kind of drugs you sell...
I don't sell drugs, I import Mexicans :lol:Quote:
Originally Posted by allbaugh_04
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.
Buy a fire PROOF safe, transfer money into it, no issues, no paper/electronic trail...
Cash out, hand over cash. Problem solved.
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!!!
IIRC, anything at $10K and above has a "hold" on it.
Quote:
Originally Posted by pajeff02
Correct you get up to 13000 (Cant remember exact number) to any person you want without having to pay a gift tax.