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Home >> Checks/Money Orders >> Checks You Received
Implications of Fiance's Check in My Account
My fiance races horses. He recently received a check for $11,600 from winnings. It was under his name, but my bank allowed him (us) to deposit it into my account with proper verification, etc. Will this have any negative effects on me? I know since the amount is over $10k, it is reported to the IRS, but what does that mean? What will happen if I decide to withdraw all the money at once, and what are the procedures?
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 Not only should the transaction have no effect on you aside from inflating your bank balance for a time until the money is spent, but it will not result in a report to the IRS. Banks only report cash transactions of over $10,000 to the IRS. As far as withdrawals are concerned, consult the bank. There shouldn't be any special considerations, however.
Published on BankingQuestions.com 4/23/09
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