My parents are giving me 30k to invest into the stock market. But they are giving me cold hard cash. So I would have to deposit it into my chase bank account and then ach into my brokerage. I know the limit without paper work is under 10k and also doing multiple large thousand dollar under 10k will definitely raise suspicion.
I wouldn’t mind doing form 8300 if I do deposit all at once Problem is that I assume I would need to prove that this isn’t Illegally obtained money. So they would want a paper trail. Problem is that there is no paper trail. My parents never trusted banks or in the mid to late 90s so they would cash there checks for cash. And of course a large sum of cash has accumulated. It wasn’t until mid 2000s that they finally opened a bank account but they never cared to deposit the cash savings. Now they want to give me cash but I don’t think there is any paper trail to prove it is legal because if they asked where it came from and I said my parents then my parents bank accounts won’t even reflect because they’ve never made a cash withdraw or it wouldn’t add up? What should I do