Over what amount do banks report deposits to the IRS?

Question

Also, is it only for cash deposits, or can the deposits be checks or money transfers as well which would trigger the banks to inform the IRS?

Answer 1

$5,000
http://www.occ.treas.gov/sar.htm


Quote:
This page provides a link that allows banks and other filers to download software for use in preparing and filing Suspicious Activity Reports (SAR). Under 12 CFR 21, national banks are required to report known or suspected criminal offenses, at specified thresholds, or transactions over $5,000 that they suspect involve money laundering or violate the Bank Secrecy Act. Similar regulations by other regulators apply to other financial institutions.

Answer 2

I used to work for BofA... we would have to report anything over 3K in cash deposited into any account. If you withdrew $10,000 and more in cash, we would have to report that, meaning we would fill out forms.

Answer 3

If it's five thousand in cash in a month,they report it. If there's more than ten thousand from checks in the account,it gets reported too.The source of the money transfers is checked too.

Answer 4

10000 cash

Answer 5

I actually heard that this is now $5000, and it doesn't matter if it is cash or otherwise.

Answer 6

Any deposit of $10,000 or more, regardless of method of deposit, is flagged.

Answer 7

$10,000 or above, Cash would definitely be suspicious

Answer 8

i suppose it is after $10,000 and way more

Answer 9

Any kind of deposit, $10,000.00 or more

Answer 10

$10,000.