When a transaction of $10,000 or more occurs it is mandatory for the institutions involved to report this to the IRS. I just heard that this "limit" has been lowered to $5000 since the beginning of 2007 Does this statement hold any validity? If so what can 1 expect to occur if for example a few $8000 transactions occurred without this new knowledge?
2007-01-23 13:12:53 · 5 answers · asked by James B 1 in Business & Finance ➔ Personal Finance
no this is not true what so ever. you can officially stop worrying.
2007-01-23 13:40:35 · answer #1 · answered by Import Car Salesman 3 · 0⤊ 0⤋
Working for a Financial Institution, following Federal guidelines and proceedures, this has not changed. We must take photo id and information from the depositor for any amount over $10,000.01 However, if 2 deposits in the amount of $5,000.01 are made on the same busines day, the second depositor must be responsible for giving information and identification.
2007-01-23 13:34:14 · answer #2 · answered by ladyharryman2000 1 · 0⤊ 0⤋
That is not true. The limits have not changed. Therefore, you would have nothing to worry about unless the financial institution involved believed you are getting or sending the money to launder money or fund illegal activities.
2007-01-23 13:31:05 · answer #3 · answered by Michele 2 · 0⤊ 0⤋
No the rules on that have not changed. The reason it has to be reported to the IRS, to make sure money laundering isn't going on
2007-01-23 14:08:45 · answer #4 · answered by cirnrab 3 · 0⤊ 0⤋
I guess it would depend on what the money was being used. If you sold a car you owned mothing would happen. If it involved someone making a profit that would be different
2007-01-23 13:24:37 · answer #5 · answered by rallman@sbcglobal.net 5 · 0⤊ 0⤋