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Get your taxes done using TurboTax
Banks have to report deposits of cash over $10,000. But they're not reporting it as income. They're just letting the IRS know that someone was handling a large amount of cash. The IRS knows that most such deposits are legitimate. If the gift you received was a check, not cash, the bank will not report it.
In any case, there is no way for you to report a gift that you received on your tax return. The IRS does not want you to report it. You do not pay income tax on a gift.
‎October 21, 2021
8:36 PM
2,299 Views