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Is it possible to opt out of Social Security? Id really like to do this... I am 110% sure I can manage my money better than the Feds.
Additional Details
Lets not bring too much politics ...


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Hello again:
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Michael M
$10,000 gift from Mom &Dad?
Mom & Dad gave me a $10,000 dollar bank draft as a gift. If I present the check for "cash money" will I be required to sign an IRS or other Government form due to the size of the transaction?
I am resident of Vermont,USA, Thank you
                     
 




Jss
Rating
Just enjoy the gift. No tax or gift tax return required by you or your mom and dad.
Read: http://taxipay.blogspot.com/2008/03/us-gift-tax.html


bostonianinmo
Rating
A $10k bank draft isn't cash, so unless you cash it (as opposed to depositing it) no CTR is required. Gifts are not taxable to the recipient so you won't pay any tax. Since it's below the $12k annual exclusion per donor per recipient, no Gift Tax return is due either.


Doctor Deth
what does it matter? - it's a tax free gift. there are no tax implications.


src50
Rating
Cash gifts are not taxable income to you.


johnsontinaa
no you wont


Guess Who
You should invest the money and put it in the bank, not get it out.

What a lovely mum and dad :)


Judy1
How nice of them!

When you deposit the money it will be reported to the IRS, but there are no tax consequenses for you or for your parents - neither of you has to report it.


chatsplas
Rating
YEP. $10,000 and over in cash.
Why not deposit most (at least half) of it into your bank account? A gift is not taxable income. Why would you want to carry around that kind of money? Keep it safe, let it earn interest, invest it.


Maris
Yes you will.


(:P)
Rating
Probably but since it was a gift of $10,000 or less, it is nontaxable to you and them. Hopefully, you got a piece of paper stating that it was a gift in case later IRS wants to know where you got it.


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