Thank you so much for the useful information and for replying so quickly. Really appreciate all of your help. Also just another question, if I make a check deposit into my bank account which is more $10,000 dollars, do I need to report it to the IRS myself, or does the bank report it? And does it count as income. How exactly does that process work?
Let's say, for example. I receive a check from a living family member which is $25,000. And I go to my local bank and deposit that check. How does this reflect my taxes at the end of the year? Do I have to add this $25,000 to my total income?
Thank you so much!
