Cash deposit in excess of $10,000?

Question

If I were to deposit cash in excess of $10,000, is the bank required to report it to the IRS? If so, is the limit per transaction or for one year period? It looks like the form 8300 is for business owners...., and I am not a business owner.

The cash is not earned illegally. It's the money I saved while I worked overseas. Actually, I probably need to wire transfer it to my bank in US, since I don't feel safe carrying large amount of cash. If it is a wire transfer, it is not considered cash deposit and thus does not fall under the reporting to IRS rule, right?

Answer 1

yeah banks are required to do a ctr report for anything over $10,000 to help stop money laundering. You could only do that amount 1 time a day. They will do an investigation on where you got that money especially if you don't have a lot in the bank and then all of the sudden its there... and you can break it up either into 2 $5,000 because they'd still do the report I know its crazy but thats how it goes.....

Answer 2

The first question I thought is the same thing the bank and the government is wondering--why do you have so much cash just lying around? Some people do work with cash, but even as worthless as the green stuff seems to be today, that's a lot of green stuff.

Why not make two or three deposits? Try to break them up a little: $5,175 on Monday, $1,834 on Thursday, and $2,991 on a week from Wednesday might save you a bit more grief.

Can't feel safe holding onto it that long? Then we come back to the first question, don't we?

Answer 3

I question whether the banks actually verified the check was "legit." It may have been drawn on a valid account, but it could still be a counterfeit version of a check with a valid account number. It can take weeks or even months for a bank to determine whether the item is counterfeit or fraudulent. I also question that the bank told you to commit fraud. Banks are inanimate objects. Was it a bank teller who suggested this idea? If so, h/she is uninformed and unethical. If you deposit the check, knowing it could be fraudulent, you are guilty of check fraud, money laundering, and possibly forgery. In the county where I live, the local prosecutors office would prosecute you if there was any evidence that you knew or had reasons to know the check was fake. Finally, what makes you think the bank could not find you?

Answer 4

First and foremost, Why are you transferring 10K in currency. The norm for transferring is via check or wire.

Yes, all banks are required to file your cash deposit or cash withdrawal in excess of 10K.

Do not structure your deposits/withdrawals to avoid the reporting process. Banks are closely monitoring all amounts of currency deposits and withdrawals within any time frame. Not just a single day.

Banks are now forced to Risk Assess all their customers and assess him/her a rating.

If it's an honest transaction, let the bank report it. If it's something illegal, you shouldn't be doing it!!

Answer 5

They are required to report the transaction to the US Department of Treasury (who will then notify the IRS). It is against the law to try and get around this by making multiple smaller transactions and the bank will reposrt once they see a customer making smaller transactions.

Many people think this law is to prevent tax evaders and it is but more importantly to catch drug dealers, arms dealers and other low lifes.... So unless you want to be lumped into those categories...I suggest you pay your taxes on the money

Answer 6

Per transaction, but if you want to transfer it all at once, just fill out the form.

I think you are better off putting the money in a money market account for the interest. It's not guarenteed, but so far nobody has lost money in a money market account even during the worst of times.

Answer 7

yes, as mentioned in here already they are required and to stop money laundering.

Answer 8

See the US PATRIOT act.