Tax/Legal Implications of Large Deposits into Personal Bank Accou
Hello all! So I was wondering if anyone could help me with advice or possible experience with what the legal or tax implications might be when my investors give me large checks which I deposit into my bank account after we have worked out a deal. Example: I have 3 investors ready to invest with me on a deal and they each give me a cashiers check for 30K which I in turn deposit into my account and then withdraw or transfer to someone else to begin the purchase process. Ive heard about transactions over 10K being subject to possible scrutiny by the bank but just want to hear from anyone who has done it or is doing it. Or if there is some other more acceptable method of collecting investors money I would greatly appreciate it. Im just starting my syndication adventure and want to make sure Im doing it correctly since I'm dealing with large amounts of other peoples money. Thanks BP!!