My girlfriend wants to deposit her 15,000 check in my bank account what are the penalties for me?
My girlfriend just got her workers comp settlement check and she doesnt have a bank account. I told her she can put it in my account. Will this have any negative affect on me as far as taxes or anything. Were in CA.
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WHAT possible penalty could there be to you ? IRS does not tax bank
accounts. Insurance settlements are valid reasons for deposits over
10K, and are not generally of interest to the IRS. Banks do not
have to report these deposits. There is NOTHING going to happen to
you for allowing this deposit. Your girlfriend should be more
concerned if you decide not to let her take the money back out of
your account… maybe she should consider that … Further more…
the IRS is interested in cash deposits over 10K, not checks…
.don’t know where MrsJune gets that one.
The bank will probably send a note to the IRS because it is over $10k. that is all. This is to track money laundering.
First off, you guys are not married, and that’s a lot of money to be holding for someone. I would suggest she open her own acct to be on the safe side. Now, as far as the bank goes, you might want to speak with someone at your bank before preceeding with your plans. If your bank see no real danger, then by all means, do what makes you comfortable.