Legal Question in Banking Law in Iowa
Large amount personal check cashing procedures
I recieved a gift check from father in a large amount. I am not sure of the legalities of the process of endorsement or tax info.
Asked on 2/18/08, 11:09 am
1 Answer from Attorneys
David Anderson
Anderson Business Law LLC
Re: Large amount personal check cashing procedures
You should obtain a "gift letter" from your father,lest the IRS make assumption that it is taxable. How much is it? If over $12K he will need to file a Gift Tax return.
Answered on 2/18/08, 11:26 am
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