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11 or 12 years ago, I loaned my adult son $15,000 for a real…

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11 or 12 years...

11 or 12 years ago, I loaned my adult son $15,000 for a real estate investment. I was not part of the buyers. The property sold his month and my son returned to me $30k as part of his share....

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Do I have to report this when I file my taxes this year? Also, may I deposit the full 30k in my savings account at one time without raising the ire of the govt?

Submitted: 4 months ago.Category: Tax
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12/11/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 4 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,406
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions.

Yes, you would need to report this income when you file your taxes. You would only need to report the $15,000. From your description it sounds like it would be reported at interest income.

Yes, you can deposit the $30K at once. Amounts that are greater than $10,000 trigger filings for the bank. The government keeps track of deposits greater than $10K in an effort to track illegal activities. Your deposit would not be anything to worry about.

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