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05.24.08, 06:13 AM Toddler
8 replies
Am I going to get audited? Just moved and my checking and savings balances were very low (especially after paying the security deposit and first month's rent). Then, it was my b-day and my grandmother gave me a substantial cash gift and my parents also gave me cash (although not quite so much). Then, I got paid for tutoring (was owed over $1k -- and this is "under the table") and then my security deposit from my old apt. was returned. So, in the course of a month, I went from barely having the minimum in my accounts, to many times that. Will "someone" notice that? (Not a VBA -- will mostly be used for rent, tuition, or furniture.) [ Reply | Watch | Flag ]
Toddler 05.24.08, 06:13 AM Flag
 

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Was it over 10,000 [ Reply | More
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General Topics 05.24.08, 06:20 AM Flag
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I doubt it. What about about ppl who get home equity loans or freelancers whos bank account fluctuate. I don't think one good month is going to trip a wire. [ Reply | More
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General Topics 05.24.08, 06:22 AM Flag
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OP: My rational side agrees -- especially b/c this $ is going to be used, so the balances will go down soon. But neurotic side thinks that it could be a problem. [ Reply | More
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General Topics 05.24.08, 06:24 AM Flag
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Yes. Taxable gift maximum is now $12,000 (and that was what my grandmother gave). Other amounts are less. [ Reply | More
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General Topics 05.24.08, 06:23 AM Flag
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So she'd get taxed... doesn't mean she'll get audited. [ Reply | More
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General Topics 05.24.08, 06:25 AM Flag
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sorry... I though this was a NP [ Reply | More
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General Topics 05.24.08, 06:27 AM Flag
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OP: No, I won't get taxed. Maximum is $12,000 from one person (which is why my grandmother gave that amount). You're "allowed" to get multiple gifts. (The other checks were less anyway and from different parties.) [ Reply | More
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General Topics 05.24.08, 06:28 AM Flag
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you won't get audited. this info doesn't go to the IRS. The bank will file a couple different reports regarding your account based on both any cash transaction above $10K and also based on usual activity. But nothing will happen that you will notice. Signed, banking attorney. [ Reply | More
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General Topics 05.24.08, 07:23 AM Flag
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