for example if someone wires 5 G's to me , does the bank have to report that to IRS? Or is it 10 G's?
Help
Thanks
2006-07-12 01:54:40 · 3 answers · asked by LikeTotallyDude 2 in Business & Finance ➔ Personal Finance
10 Gs, 5 Gs is not reported to the IRS.
2006-07-12 01:58:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Not sure what you're asking. Banks have to file Currency Transaction Reports if you withdraw or deposit over $10,000 in cash in one business day. So for them to file a report, you have to deposit or withdraw $10,000.01 or more. Wire transfers, to my knowledge, are not reported via CTR. However, if the activity is deemed suspicious, the bank can report it regardless.
2006-07-12 09:08:22 · answer #2 · answered by Rich B 3 · 0⤊ 0⤋
Everyone is responsible for reporting cash transactions over $10,000 to the secret service. It is not a question of how much you have on deposit, how much your receive or how much you withdraw by check.
2006-07-12 12:05:10 · answer #3 · answered by Common Sense 7 · 0⤊ 0⤋