Can I deposit $8000 into savings account?

My parents gave me $8000. A gift. Can I deposit $8000 into my savings account without getting in any trouble with IRS?

16 Answers

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  • Anonymous
    2 weeks ago

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  • Anonymous
    4 weeks ago

    The bigger problem is that people think it's normal for others to regulate things like this. 

  • 4 weeks ago

    As general advice, if the money is legitimate, never worry about the IRS, regardless of amount or where you move it.

  • 4 weeks ago

    Yes. The person who receives a gift isn't supposed to pay tax on it anyway (the person who gave the gift normally pays any tax) and if the total of all the gifts for the year is only $8000, then there is no tax.

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  • 4 weeks ago

    If you had $800,000 thousand, you could deposit it without getting in trouble with the IRS.

    Up to $9,999 doesn't even get reported to the Federal government, unless it is part of a series of transactions that appear to be an attempt to avoid reporting.

  • GFH
    Lv 4
    4 weeks ago

    Either a deposit made by cash or check is okay.  However, if you deposit cash for 10,000 or more, then a law-enforcement agency is advised about your deposit. 

  • Judy
    Lv 7
    4 weeks ago

    Yes. It might be reported to the IRS, but since you'd be able to show where you got it, you wouldn't be in any trouble. Besides, I'm guessing they gave you a check, not cash for that kind of amount, so it wouldn't even be reported.

  • 4 weeks ago

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  • Anonymous
    4 weeks ago

    Of course.  The problem is when you do lots & lots of cash transactions over $10k each. Then the IRS might come sniffing. Ive done it half a dozen times and they have never said a thing.

    Unless you are a drug dealer or money launderer, they don't care about small amounts.

    Still, a check is far safer.

  • Anonymous
    4 weeks ago

    Yes you can.....it's $10,000 and up

    • John4 weeks agoReport

      Actually, even if it's over $10,000 you won't get in any trouble with the IRS unless it was money you made illegally.  There certainly is no law against depositing large amounts of cash.

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