There is a 10k trip wire where cash transactions > $10k are reported to the Fed, but I do not know if it is IRS specific. And merchants and banks do not have to wait until the $10k is hit if they suspect somebody is trying to play games. Hence, if you go to a bank one day and deposit $5k, then the next day deposit another $6k, the bank could opt to report that as it is apparent the depositor may be trying to evade the $10k report matter. I do not know about any withdrawal amount that could trigger a required report, but it would not surprise me at all. Mike Wohlrab advises in a separate eMail the $5k trip wire is in place.
In my case I anticipate having to pull $20k in cash for a "reward" for someone in a few months (for instance, just an example of course <g>). To get away with that without tripping any wires I would need to electronically send a few thousand here and there between accounts, then over a few weeks withdraw a few thousand here and there from the various banks. If anyone is looking at these withdrawals on an inter-bank collective basis (using my SSAN as a common reference point), despite being from different banks, I may just end up getting reported for suspicious activity. Allegedly this is to prevent easy funding of drug trafficking and terrorist activity. But I feel it is flat out an invasion of my privacy. If I want to pay someone a $20k reward for a job well done, it is not my responsibility to make certain they pay taxes on that amount. I should not have to act in a "suspicous or criminal-like manner" with smaller disbursements over a few weeks from several banks to get what I want done. Yet that is exactly what is going on. Bottom line, if you need to do a large cash transaction, do it. You may end up being interrogated or sent to Gitmo <g>. But if you have a plausible reason for the transaction there ought not be any problem, but expect to be questioned. If it was me, and were I to be questioned, I would demand to have one of my attorneys present as I do not trust these spook fuckers in the least with their leading questions designed to trap a person into an alleged lie. Then the real trouble begins. I have known a few car delaers who have had to report large cash purchases, and the customers later gripe about soon after getting questioned about the source of the emoney, etc. In one case a customer was a businessman who just wanted to get his girlfriend a new car without his wife finding out. Well, the spooks went to his home and took him out for questioning. The wife got suspicious, and he ended up getting divorced by his wife as the media got wind of the event and put the pieces together, then published it. The customer was trying to sue the dealer for starting the whole ball rolling, invasion of privacy. Craziness... I hope the cash transaction you are looking at doing can't be (mis)interprested as having anything to do with a potentially illegal or questionable activity. If it is even a little edgy looking you are really asking for trouble. If the IRS does get wind of a "large" cash deposit that is unusual looking you may end up getting audited just because. Were it me I would open a few accounts at different banks over a period of time, then make smaller deposits into each one and do some check transactions in smaller amounts ($500 or so) between them if you must have all the money in a single account. Keep it split up, better yet. Personally I have 14 accounts between 5 different banks, some of which are business accounts. I intentionally move cash between the banks just to make certain if I do have a sizeable transaction for any reason it does not look unusual in the overall scheme of things. Why? Because I can. Seriously, it is because if I do have a large injection or withdrawal of funds, even if spread over several interbank accounts it will not be as likely to trigger anyone's attention. Are you getting paranoid yet? Good. That is the other point, folks. There is not anything that we do that can't be traced one way or another, and it sucks. And it is going to get worse unless we start to take a stand on things as seemingly minor as cameras at traffic intersections looking for folks jumping a red light (or running yellow lights after the local authorities decrease the timing of yellow lights to boost fines - in the name of increasing safety of course). For the elected officials who allow these things to occur, vote the jerks out, and let the current folks know your position re: potential invasion of privacy. I hate what I see happening with our rights under the pretense of security from terrorists. Gil > -----Original Message----- > From: [EMAIL PROTECTED] > [mailto:[EMAIL PROTECTED] Behalf Of MB Software Solutions > General Account > Sent: Tuesday, November 04, 2008 11:37 AM > To: [EMAIL PROTECTED] > Subject: Amount of money deposited into banks and IRS > > > Isn't there a certain amount (like $10,000 or something) where when > banks get that amount, they report it to the IRS? I'm trying to find > out what that number is. Was having a discussion with others and wanted > to know. > > tia, > --Michael > > > > > [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
