So my family's Chinese and every Chinese New Year since I was a kid my relatives would give me lucky red envelopes with cash. I'd say a couple hundred bucks a year. Over the years my mom would put the money in a safe deposit box for me when I was older. Well I'm nearly 30 now and I'd rather do something with the money rather than let it rot in a metal box.
I don't know exact figures, but I imagine there's over $10,000 in there now. Can I just deposit all of it into my bank account? Doesn't anything over 10k generate a note to the IRS? Can I just say it was a gift from various relatives if they ever come asking? Or just deposit it in increments?
Submitted January 26, 2017 at 02:03PM by nowist8 http://ift.tt/2kp4cc9
