Can someone gift me a large amount of money to spend on my mother without my mother losing public benefits?

[NeilTheCop]

"Could my aunt simply wire the money to my account ?"
As $80K well exceeds the $10K threshold that banks are required to report, it may ring some alarm bells with the Feds. They are a notoriously suspicious lot.

 

[Chyvan]

That $10K threshold is for CURRENCY as in dollar bills that come in the door.

 

[Shadowbunny]

That $10K threshold is for CURRENCY as in dollar bills that come in the door.

And the wiring threshold is $3,000.

 

[Chyvan]

And the wiring threshold is $3,000.

That's if someone walks into the bank with $3,000 in CURRENCY, and does the wire.

 

[cbg]

And the gift tax limit is $14,000.

 

[Chyvan]

It's $15K as of 2018, and you still have your lifetime exclusion.

 

[justalayman]

And the gift tax limit is $14,000.

They were speaking of the suspicious transfers under the bank secrecy act.


The bank must report a wire transfer if over $3000 regardless of whether it was based on cash walking in the door using a curency transaction report


The bank CAN report any transfer it deems suspicious using a suspicious activity report.

 

[Chyvan]

The bank must report a wire transfer if over $3000 regardless of whether it was based on cash walking in the door using a curency transaction report

Cite your source.

A bank is NOT required to report a $3,000+ wire. A bank is only required to keep a monetary instrument log for certain cash transactions. I can't prove a negative. Wires are done all the time in real estate deals. Do you really believe the government wants to deal with these reports?

Why are you guys trying to scare him it thinking he's going to have all kinds of trouble with gift taxes and reporting.

I agree that bank can report anything it wants to on a SAR.

 

[quincy]

Cite your source.

A bank is NOT required to report a $3,000+ wire. A bank is only required to keep a monetary instrument log for certain cash transactions. I can't prove a negative. Wires are done all the time in real estate deals. Do you really believe the government wants to deal with these reports?

Why are you guys trying to scare him it thinking he's going to have all kinds of trouble with gift taxes and reporting.

I agree that bank can report anything it wants to on a SAR.

One source: https://budgeting.thenest.com/us-bank-transfer-limits-32363.html

 

[Shadowbunny]

Cite your source.

https://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_025.htm

 

[Chyvan]

The rule requires each bank involved in funds transfers111 to collect and retain certain information in connection with funds transfers of $3,000 or more.

I'm not seeing the word "report."

 

[justalayman]

The rule requires each bank involved in funds transfers111 to collect and retain certain information in connection with funds transfers of $3,000 or more.

I'm not seeing the word "report."

This is from Quincy’s link



Currency Transaction Report

While you can make large transfers depending on your bank’s policy, the bank must report wire transfers over $3,000 and any transaction over $10,000. These Currency Transaction Reports (CTRs) are filled out, usually electronically, by the bank and forwarded to the Financial Crimes Enforcement Network (FinCen). Failure to fill out this report can result in regulatory action, including fines and sanctions, against the bank. The bank is responsible for filling out the report, but it does not have to inform the customer unless he or she requires such

 

[Chyvan]

Help me out and find the part that says that a bank must REPORT wire transfers over $3,000 and quote it.

The original quincy link isn't authoritative. It was written by a guy with these crendentials, "Carl Carabelli has been writing in various capacities for more than 15 years. He has utilized his creative writing skills to enhance his other ventures such as financial analysis, copywriting and contributing various articles and opinion pieces. Carabelli earned a bachelor's degree in communications from Seton Hall and has worked in banking, notably commercial lending, since 2001."

 

[justalayman]

Help me out and find the part than says that a bank must REPORT wire transfers over $3,000 and quote it.

I just did

 

[Chyvan]

I just did

You quoted from an article on "thenest" by a creative writer with a degree in communications that worked in lending. That's not exactly something I'd use to back up a claim.

I'll accept his link to the ffiec. I just need him to quote the section that pertains to REPORTING $3,000+ wires.