I used $15k from my bank account to pay for a relative’s US trip and they want to pay me back in cash. I don’t think they have paid taxes on it.
What can I do with it? Can I deposit it in bank? Will I attract unwanted attention or get in trouble?
- Lyft gundaYou paid for their trip with post tax money, they're paying you back. What's the confusion here? Are they paying you $100k for spending $15k? If yes, then you have a problem. If not, go deposit in your fkn account. No big deal
- Bank of The West / ConsultantGSWmoreWow people are making it so complicated. The banking rule is that any cash deposit over 10k in a given day (one transaction or multiple combined) needs to be reported (to detect and prevent money laundering)
Take the cash and deposit it $5k each with interval of few days and get a letter from them just in case. Chances of you getting audited etc is very slim.
- Walmart.com / Engtuqj30Jesus Christ.... Talk to a CPA. Do not follow any advice in this thread that isn’t “Talk to a CPA”.
What could be a simple reimbursement of expenses could have you running afoul of several laws based on the advice in this thread.