Bank deposits and IRS reporting

[Elite0429]

Are you worried that if you get audited you will have to pay income tax on the proceeds?

never been audited, so wasn't sure if that would raise a flag to say hey lets audit this guy.

[Charles]

Banks are required to notify of amounts $10,000 or greater in cash. The primary reason is to prevent money laundering Cartel drug money.

Deposit the money and move along or invest in cocaine and hookers and have a blast.

[fishinguy]

You have to fill out a form if you are depositing 10k or more in cash. It does not mean that it is reported as income. Don't even worry about it just deposit the money.

[sambo73]

when we sell a tractor or some equipment for $10k or more, we have to fill out a form and send to IRS that details how much in $100 bills. whoever buys it has to put down ssn and other info...most will pay $9999 in cash and check for the rest

[meltingfeather]

don't worry about it.
unless you've got a ton of other flags there are bigger fish to fry and that alone is not going to trigger an audit.

[outlook8]

I deposited $21k today and withdrew $10k cash today...am I on the watch list now??

[Leemo]

Too avoid is legal
Too evade is illegal

Deposit on!

[jerp]

It is not necessarily the IRS, its more about the feds looking for money laundering. After any deposit or withdrawal of $10,000 or more the bank has to file a CTR (cash transaction report) which is no biggie - lots of people do that daily for legitimate reasons. If a customer regularly makes cash deposits just under $10k the bank is legally required to file a SAR (suspicious activity report) That is called “structuring deposits” and is illegal, and can draw scrutiny from the feds. Once again what they are looking for is money laundering.

[BigL]

It is not necessarily the IRS, its more about the feds looking for money laundering. After any deposit or withdrawal of $10,000 or more the bank has to file a CTR (cash transaction report) which is no biggie - lots of people do that daily for legitimate reasons. If a customer regularly makes cash deposits just under $10k the bank is legally required to file a SAR (suspicious activity report) That is called “structuring deposits” and is illegal, and can draw scrutiny from the feds. Once again what they are looking for is money laundering.

Saved me a lot of typing. This. Deposit it, your fine.

[PYBUCK]

I deposited $21k today and withdrew $10k cash today...am I on the watch list now??

You might be on a crooks list now if he sees what you posted

[SCREAMINREELS]

It's 10K that gets watched my bank told me they had to write something down for anything over a 10K cash entry. You would have the bill of sale so you have no reason to worry if anything actually came of it.
They told me if I ever get asked I just need to have a good reason of why I had that much cash

[Austin]

It’s not the IRS that banks report to. Put the money in the bank and go on with life

[joeperot]

there are just too many lists to avoid nowadays

[Tom]

I have deposited and pulled out much more than $10k for cars, guns, vacations etc and have never been asked what it was for. If so I would tell them NUNYA.

[Hammerdown]

One Nickel at a time to be on the safe side!