Everyone,
I had someone contact me about making a deposit of $15,000+. The gentleman who contacted me is self-employed and who is paid mainly in cash. He is buying a home and needs to have $15,000 for closing costs. He has on his person or held somewhere safe cash in excess of $15k. Now he says he has reported all of his income and paid taxes on it.
His concern is about how this will look. His lender is also concerned about a $15k deposit right before closing. His lender (according to him) suggested that his mother write him a gift check for $15k and that he give her $15k in cash. Now his mother is concerned about having $15k in cash on hand and so the reporting problem just passes over to her.
I have no idea what I would say to him or if I should refer him to someone else for advice on how to avoid problems. Other lawyers probably would say, just break it up into two deposits but I think that is problematic.
So any thoughts are helpful on how to approach this.
Sincerely,
Jim Wade