I got a monatary gift by a check . The person had it cut from the bank not his personal account?

Question

I do i show the bank when I cash it that it was a gift? Can I just cash it? And not be taxed? Do I have to have proof that it was a gift?

Answer 1

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Answer 2

If you are in the US, a check is just an instrument to transfer money from someone's account to someone else.  If it is a valid check and you are the person it is written out for, you can just cash it or deposit it in your own account.

Answer 3

You don't get taxed by the bank. They don't care where or why you got the check as long as it doesn't bounce.

Cash away.

Answer 4

The  banks  care  Not  about    gifts  Nor  taxes .

Either  deposit  the  check  in   your  account  or

Take  it  to  the  issuing  bank  with  your  ID .

If  ,  however ,  it  is  a  large  amount ,  walking  around  with  cash

Is   a   very  very  very  bad  idea  because  those  people

Are   often  known  as  the  "victim"  at  the  police .

As   they  are   the  ones  that  usually  get   robbed .

Deposit   it  in  your  account  .

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Answer 5

Take it, sign it, & get the money.

The bank doesn't care about anything else.

It should actually be EASIER to cash than a personal check.

Hmm...it seems odd though...is he hiding something?