Cincinnati, OH asked in Tax Law, Banking and Divorce for California

Q: Have 30k in cash given to me by mother. What is best way to get into bank and will there be tax liability?

Going through divorce. My mother is helping to pay part of the settlement agreement, but in cash. What's the best way to get this into the bank?

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1 Lawyer Answer
Zaher Fallahi
Zaher Fallahi
Answered
  • Tax Law Lawyer
  • Los Angeles, CA
  • Licensed in California

A: You can deposit and the bank will issues 8300 for it, but shouldn’t be a problem. No tax liability. Mom will have gift tax filing requirement. If there are concerns, consult a tax attorney with Bank Secrecy Act (BSA) experience. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).

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