https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Fri, 07 Aug 2026 02:48:37 +0000 https://boards.hellobee.com/topic/checks-over-a-certain-dollar-amount-how-likely-to-get-audited#post-1399552 Tue, 04 Feb 2014 22:41:11 +0000 tequiero21 1399552@https://boards.hellobee.com/ <p>@yoursilverlining: thx for the heads up. I'll have to look into this. We are looking to buy within a few months, but we know we want it in our account for at least a month. </p> https://boards.hellobee.com/topic/checks-over-a-certain-dollar-amount-how-likely-to-get-audited#post-1399551 Tue, 04 Feb 2014 22:40:44 +0000 MamaG 1399551@https://boards.hellobee.com/ <p>Exactly what @yoursilverlining said. </p> <p>I've never been in your shoes, but wouldn't have thought about audit risk. It's a legitimate repayment of a debt. </p> https://boards.hellobee.com/topic/checks-over-a-certain-dollar-amount-how-likely-to-get-audited#post-1399544 Tue, 04 Feb 2014 22:36:32 +0000 yoursilverlining 1399544@https://boards.hellobee.com/ <p>@tequiero21: if your mom gives you the money back (gift or repayment of a loan) and you buy a home soon after she'll will probably have to certify to your mortgage company that the money is a gift or otherwise not subject to repayment. Our mortgage lender wanted background on all deposits over $1k, outside of our employers, made within a few months before we bought our house. So, I'd probably talk to a tax professional or an attorney about how best to document. </p> https://boards.hellobee.com/topic/checks-over-a-certain-dollar-amount-how-likely-to-get-audited#post-1399527 Tue, 04 Feb 2014 22:29:54 +0000 tequiero21 1399527@https://boards.hellobee.com/ <p>@Raindrop: we are looking to buy a house, so we would like that cash now.... Rather over 2 years or even a few months... </p> https://boards.hellobee.com/topic/checks-over-a-certain-dollar-amount-how-likely-to-get-audited#post-1399409 Tue, 04 Feb 2014 21:37:07 +0000 T-Mom 1399409@https://boards.hellobee.com/ <p>@tequiero21: If you want to be safe, you can ask your mom to write a letter stating that the check is in repayment of a loan, and have it notarized. That way you have it in case of audit (but i know that's what you are trying to avoid). I'm not a tax professional but this is what my mom did when she gave me a large sum of money which I repaid by taking out a loan. </p> https://boards.hellobee.com/topic/checks-over-a-certain-dollar-amount-how-likely-to-get-audited#post-1399396 Tue, 04 Feb 2014 21:32:19 +0000 Raindrop 1399396@https://boards.hellobee.com/ <p>Even though it's legit. I would probably do what @MamaMoose: sugguested and do 5-9 k checks over the course of 2 years (aka 14k to both you and your DH (28k total each year)). </p> https://boards.hellobee.com/topic/checks-over-a-certain-dollar-amount-how-likely-to-get-audited#post-1399370 Tue, 04 Feb 2014 21:22:48 +0000 tequiero21 1399370@https://boards.hellobee.com/ <p>@MamaMoose: it's more than that. Like closer to 50k. But since it's a repayment, it's not a gift.</p> <p>@chopsuey: yeah, I know everything over 10 gets reported, but I don't want to raise any flags. I'm considering maybe multiple checks of 5-9k? Lol </p> https://boards.hellobee.com/topic/checks-over-a-certain-dollar-amount-how-likely-to-get-audited#post-1399319 Tue, 04 Feb 2014 21:00:22 +0000 MamaMoose 1399319@https://boards.hellobee.com/ <p>Yeah anything over 10k is likely to catch an eye.</p> <p>ETA the gift tax exclusion limit is currently 14k, in theory your mom could gift both you and your husband 14k for a total of 28k so even if the IRS tried to deem the check a gift it would have to be over 28k (assuming it's made out to both of you) </p> https://boards.hellobee.com/topic/checks-over-a-certain-dollar-amount-how-likely-to-get-audited#post-1399312 Tue, 04 Feb 2014 20:58:13 +0000 chopsuey 1399312@https://boards.hellobee.com/ <p>I think checks over 10k get audited.<br /> Not sure what the chance of actually getting audited is though.. pretty slim I'd say? </p> https://boards.hellobee.com/topic/checks-over-a-certain-dollar-amount-how-likely-to-get-audited#post-1399203 Tue, 04 Feb 2014 20:34:46 +0000 tequiero21 1399203@https://boards.hellobee.com/ <p>Anyone know for sure? I loaned my mom a significant amount of money. She's paying me back. I actually paid off her cc directly. She's paying me back with cash she received from selling her home. It's all legit. Not a gift, so not reporting it. But it's a big amount she's paying us back and I just don't want to be flagged for audit. Any thoughts? </p>