2006-11-09 05:20:23 · 10 answers · asked by steve p 1 in Business & Finance ➔ Taxes ➔ United States
stop doing that
they going to find you.
2006-11-09 05:29:20 · answer #1 · answered by J.C. 4 · 0⤊ 0⤋
Banks report all your transactional information and balances to the IRS, even when cash is not involved. If you tell the IRS that you earned $40,000 this year, but your bank accounts show deposits exceeding this number during the year, you may be audited.
If you deposit, withdrawal, or exchange More than $10,000 in currency (ie. cash and coin) in one business day, the bank will also file a currency transaction report too. Again, it has to involve cash in excess, not equal to, $10,000 for the banks to file the CTR.
Also, most banks use automated systems with thresholds set well below $10,000 to detect structuring - a form of money laundering where you purposely attempt to avoid a CTR being filed on you by depositing or withdrawing cash amounts under $10,000 over the course of several business days.
Thus, don't try to fake out the banks or the IRS. The only reason why some people get away with it is sheer luck - the cops can't catch all the speeders on the highway, but it could be you.
2006-11-09 05:23:49 · answer #2 · answered by Matt K 4 · 2⤊ 0⤋
Large transactions are reported the help detect money laundering and other financial crimes. They are NOT presumed to be income. The amount that triggers such a report is currently $10,000/day. Any transactions that appear to be structured to avoid this limit are considered 'suspicious transactions' and are reported as such. Computers make spotting such transactions much easier. The bank where I work collects information on all transactions over $3000 to determine if they add up to $10,000 or more per day. If you have multiple flags in a short time, I expect the computer would call them to the attention of fraud prevention for a possible suspicious activity report.
2006-11-09 12:51:40 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
A cash deposit of $10,000 requires IRS notification by the company (not you). if you were buying a car and put down 10K, the car dealership would have to notify the IRS. Normally home loans require at least 10K down, I'm not sure if the IRS is notified of these deposits...that would be a lot of calls to the IRS...
2006-11-09 05:30:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Somenone told me if you deposit over $6,000 in a 24hr period they make a record of it.
2006-11-09 05:22:55 · answer #5 · answered by sedrick a 2 · 0⤊ 0⤋
$10,000
2006-11-09 05:24:09 · answer #6 · answered by steve d 4 · 0⤊ 0⤋
$10,000
2006-11-09 05:22:06 · answer #7 · answered by god knows and sees else Yahoo 6 · 0⤊ 0⤋
$10,000
2006-11-09 05:21:59 · answer #8 · answered by Anonymous · 1⤊ 0⤋
$10,000.00
2006-11-09 07:43:39 · answer #9 · answered by Anonymous · 0⤊ 0⤋
10K
2006-11-09 07:26:52 · answer #10 · answered by acmeraven 7 · 0⤊ 0⤋