Depositing funds over $10,000
I am considering buying a investment property. My father wants to be a silent partner and invest $25,000.
We want to deposit the $25,000 in my credit union savings account before I apply for a loan so as to make us look stronger so to speak. I don't want to get caught up in a tax issue, so I was thinking we would deposit the money in 3 separate checks so as not to trigger the $10,000 report to the Fed, we also wish to treat the $25,000 as a loan. I want to keep this all on the up and up.
Is there any thing I need to watch out for, please advise.