Submitted by otterlyeeg t3_z7vpiw in personalfinance
My grandma was thinking ahead when she left her grandkids our inheritance, knowing that the IRS flags everything over 10K- thus she was sure to leave us the money in two parts instead of one lump sum check. I’m wondering how much time you think is best to put between the two check deposits so as not to bring attention to it?
EDIT: Thank you to everyone who has replied- I genuinely didn’t know anything about this (structuring, IRS flagging, inheritance) so I really appreciate the replies. I have gone ahead and deposited the second check at your advice! I appreciate the advice!
TIA!
DeluxeXL t1_iy8b2r4 wrote
> knowing that the IRS flags everything over 10K
This is false.
Just deposit whenever convenient.
> thus she was sure to leave us the money in two parts instead of one lump sum check.
Presented checks are recorded in bank statements. There is a record of the transaction whether it's a $3000 check or a $8000 check. It doesn't matter whether they are deposited separately or together.
Note: If your bank doesn't allow you to deposit more than a certain amount per day through mobile phone, splitting the checks won't get you into any trouble. Checks aren't physical cash and are recorded regardless of amount.