Can I deposit $2001,00. and take $9999.00 in less cash without filling out a form for the IRS?
2007-07-03 05:42:12 · 8 answers · asked by charlotte q 2 in Business & Finance ➔ Taxes ➔ United States
It is only a rent check, folks!
2007-07-03 10:28:32 · update #1
Theoretically yes. You can take up to $10,000 in cash, but $10,000.01 will trigger a currency transaction report. But doing anything like that may draw attention, especially in these days of the Patriot Act. Hmmmm, what are you up to anyway?
2007-07-03 05:58:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I don't think the bank would notify the IRS either way. The bank assumes you are taking care of taxes on your end.
What you are thinking of is the money laundering provisions in the criminal code. If a transaction or series of transactions is in currency of $10,000 or more, then the feds are sent a notice.
2007-07-06 11:06:12 · answer #2 · answered by r2mm 4 · 0⤊ 0⤋
Check has to be less than $10,000 to avoid IRS notification
2007-07-03 05:49:38 · answer #3 · answered by MrCool1978 6 · 0⤊ 0⤋
If the check is for something legal, why is it a problem if the IRS is notified?
2007-07-03 06:16:24 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
Nope - because the banks are required to report amounts larger than I think $5000 to the IRS, regardless how you break it up.
2007-07-03 05:47:58 · answer #5 · answered by Mike Frisbee 6 · 0⤊ 1⤋
Anything over $10,000 might be reported. Can you get two checks for smaller amounts instead? Also depends on who it's from as they might have to report it also.
2007-07-03 05:49:14 · answer #6 · answered by Kristy K 4 · 0⤊ 0⤋
No. Now stop trying to break the law.
2007-07-03 05:57:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The bank does all the notification.
2007-07-03 05:47:37 · answer #8 · answered by Spade, Sam Spade 6 · 0⤊ 0⤋