I know a girl who works under the table.?

Question

She has all this cash at home because she is afraid to deposit it. Approx $52,000, for fear that she could go to jail for working under the table.

I'm just curious how the heck she will be able to justify handing a mortgage company ALL that cash when she buys her dream home someday?

I mean, wouldn't she get caught right then and there? I know this goes on every day...And it amazes me that these people are getting away with it.

How should she handle all this cash? I mean, if she puts it in the bank, wouldn't someone question all that income showing up in her account, when she has no job!?

Answer 1

The rules for bank reporting are only for amounts $10,000 or over made in a single-banking day that would benefit the account holder, regardless of whether she has two separate accounts at the same bank. For example, if she makes a deposit of $5000 in a checking and $5000 in a savings account (even at different branches) a red flag would be raised and the bank would be required to submit a report to the IRS. This is also true of wire transfers, etc.

If she purchases a monetary instrument (cashier's check, money order, or traveler's checks) the amount for reporting is $3000 in a single banking day.

She may get away from the reporting by depositing $5000 every two or three days, but that does not necessarily get her off the hook. A bank can still fill out a SAR (suspicious activity report) depending on the frequency and size of her deposits (cash always raises a red flag) and she will be under investigation.

If she does not have a history of sustainable balances or income verification, she will not be able to obtain a mortgage.

Answer 2

No you don't put it all in the bank at once. Usually a mortgage company wants proof that the money really is yours for example by having it in the bank for a few months or a year. I would deposit it slowly over a long time so as not to throw up any red flags. People babysit and do yard work under the table all the time and don't get caught.

Answer 3

if she had any kind of legit job at all like running a cash register somewhere she would be ok ... the problems would come if she ever got a legitimate buisness started with a liscense and then got audited by the irs ... then they will clean her out ... as long as she stays under the table and never officially owns her own buisness she should be ok ... it would be safer to have some sort of regular hourly job though even if its just a couple of days a week , that she could use for filing taxes... other than that just put a couple of grand a month in the bank ... nobody will ever care ... and that way she can get a good return on it in interest ... they have pretty good options at most banks after you get 10-20thousand in ... ya .. she just dont want to make any moves that will get the irs crawling all up in her sit ... legitimate small buisness owners are their favorite target.

Answer 4

She should have been depositing it this whole time. Now at that amount it will look bad. If she was only depositing a couple hundred a week, then no biggie. She could be working for family, baby sitting, doing odd jobs.. a lot of places pay cash. It's not a huge deal. She might want to start depositing it slowly.

Answer 5

Why would it be anyone elses business...people get away with it all the time...the bank doesn't care where the money came from, but the government might..you have to prove income if you apply for a mortgage or car loan

Answer 6

Jealous much? She should put it in slowly and yes she will have a problem trying to get a bank loan so it will even itself out.

Answer 7

She should deposit it in the bank a little at a time.

Answer 8

Turn her in and get the $2000.00 Cash Reward or blackmail her for the other 50!!!

Answer 9

How come girls that work under tables don't claim their income?

Answer 10

Yeah I'd cross them.