Or is something else involved?
I keep reading about having issues with depositing money but not checks.
Please let me know what to do!!!
Chris:
1. You photocopy the check and put it with your records.
2. You say thank you to the person who gave you the gift.
3. You cash the check, you spend it.
The internal reports for deposits over $x (it isn't $10,000 anymore) are of NO CONSEQUENCE to you. In the incredibly unlikely case that you get audited, you produce the photocopy.
This is *yawner*.
Trust me, I've cashed bigger checks than you, I get audited EVERY year and it never comes up.
If you deposit it into a bank other than what the check is written on (i.e. you deposit a Bank of America check into US Bank), then your bank will probably put a hold on the funds until it knows it has collected them from the other bank.
However, if the bank the check is written on is in your area you could cash the check. If you feel like carrying that kind of cash around! Of course, anytime an excess of $10,000 crosses a bank counter, they have to fill out a CTR, currency transaction report. They just collect a bunch of info on you to make sure you're not a money launderer or terrorist.
If you don't need it right away, deposit it. There's no other forms required for that then a deposit slip. Its so much simpler.
Would you be able to request the gift to be made on four or five separate checks?
Once I deposited a $20,000 check from my lawyer in an ATM at the bank and there was absolutely no problem.
The best people to ask about this is at your bank. Different banks might have different policies.
who sent you this gift (did it come froma forgein country)
why did you get a such a big check ?
the check could be a counterfiet check
also the bank will report your check to the IRS since its over 10,000
dollars as income
too bad yuou diidnt tlell us
There is no problem depositing the check but the giver may be hit with gift tax on anything over $13,000.
If the check is real - it should not be a problem but you won't get the money right away after the check is clear.