Transferring a large sum of money question

[FSANE]

Cash is out of the question. First of all they cant just go to the bank and deposit the money and secondly they would never accept it like that.

I just came up with an idea. Years ago my parents, my sister and I we all had a joint account. When I was 18 I used to have a job that payed cash, so I used to give the money to my mom to put it into an account. so if that account is still open, then it has my name and my parents name on it.

So IRS cannot say that I have to pay taxes on the $25,000 I already paid on. It would make sense to do a money transfer from one account to another without any red flags right?

[Zapper2003]

I give up.

[allbaugh_04]

Let's just say I've transferred money through a cashiers check to myself at another bank and it was for more than what you are doing. So yes, you can.

[FORD RECOVERY EXPERT]

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!!!

I'm with this guy...

[1MileCrash]

the best thing to do to keep the money tax free and not have to go through the FBI background check waiting period is to have your bank cut you two cashiers checks for the required amount. those checks can then be directly deposited without delay or taxation in the account of your parents choosing.

my grandma gifted all us grandkids $10k for a couple years a few years back and that's how we had to do it so we could get the money without delay.

[allbaugh_04]

the best thing to do to keep the money tax free and not have to go through the FBI background check waiting period is to have your bank cut you two cashiers checks for the required amount. those checks can then be directly deposited without delay or taxation in the account of your parents choosing.

my grandma gifted all us grandkids $10k for a couple years a few years back and that's how we had to do it so we could get the money without delay.

Not true, depending upon the amount there is a hold. The bank didn't inform me of what specific amount though.

[1MileCrash]

Not true, depending upon the amount there is a hold. The bank didn't inform me of what specific amount though.

did a transfer of $13k last year with a cashier check. no waiting period whatsoever.

[Detroit Power]

Heh, just wired a little over $31,500 this morning into an attorney's escrow account.

:-)

[Red97GTP]

What if they add your name to their account that they want the money deposited into?

[DrMilhouse]

They're account number changed. I'll PM you the new one.

[allbaugh_04]

did a transfer of $13k last year with a cashier check. no waiting period whatsoever.

I've done amounts triple that and one less than that and every time there was a waiting period to use the funds.

[cuervo25_1]

wait can you get a non taxable savings bond or IRA or the like in another persons name? if so do it that way as long as they don't need the money immediatly and no health problems that you foresee. That way not only is it non taxable but they can build more money on it from intrist.

[1MileCrash]

I've done amounts triple that and one less than that and every time there was a waiting period to use the funds.

so break it down into smaller amounts. all i'm saying is that i have transferred large amounts of money with no waiting periods.

[tnthub]

The last time I did something like this was a few years back. At the time the amount was 10k that triggered a potential tax problem. What I did was have my wife and myself "gift" the money in $9,500.00 amounts.

What the gift eats into is your million dollar lifetime gift exclusion.