I would like to give my son $10,000 to help pay off his student loans. Would his deposit be reported to the IRS? Would the IRS consider this taxable income? Is there a better way to go about giving him the gift?
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Banks are required to report cash transactions exceeding $10,000. A gift of $10,000 would not have tax consequences. Check with your tax advisor for details.
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Banks are required to report cash transactions exceeding $10,000. A gift of $10,000 would not have tax consequences. Check with your tax advisor for details.
