Buying a cashier's check for a large amount & sending overseas. Could I get in trouble with the IRS?

Question

Hi, I need some help.
my friend asked me to do her a favor and purchase a cashier's check for her. She said she doesn't have an account with my bank and she needs the cashier's check to be from my bank and since she's not an account holder, she can't purchase one. I said I would, she came over to drop off the money and it is $10,000. That freaked me out because she's sending this oversees and I don't want this to come back to me in the future. Not sure where this money came from and where's going. Woud I get in trouble with the IRS for this money that doesn't belong to me? Please HELP!

Answer 1

Any teller who sells a cashier check that is paid for in over three thousand dollars cash is required to do a report on the customer who bought it. (for the government) I would tell your friend sorry. You can't do it.

Regarding the post above mine: Any deposit or withdrawal for 10,000.00 (Cash) or more is subject to a report. Any purchase of a cashier's check with cash over 3000 is subject to the same report.

Answer 2

Make the check for $9,999. Banks have to report transactions of $10,000 or more.

Better yet, since you have little red flags popping up all over this, have your friend open an account at your bank... some banks will give you a $50 or $75 bonus for 'bringing a friend'.

BTW, anyone can purchase a cashier's check, account holder or not.

Stay out of it.

Answer 3

The IRS will be notified and you will be responsible for any taxes assessed. The greater question is WHY is your friend sending $10,000 out of the country? It sounds like she is about to do something illegal or get scammed out of a bunch of money. Besides, if someone has $10,000, they should also have a bank account. She should be able to get a cashier's check on her own. The fact that she wants you to get it for her raises big red flags. Don't do it!!! And try to talk her out of even sending it. It all sounds like trouble.

Answer 4

There is one thing that has not been mentioned on here yet. All tax implications on your end aside, if the cash your friend is giving you is from some illicit source, or simply pre-tax dollars, you would be committing money laundering. This is a serious felony with prison sentences. The Treasury is very good at uncovering this. Why do you think there are so many mobsters in jail right now? It's not because they got busted for murder or RICO cases. The feds are better at following the money trail.

Answer 5

I havent read the rest of your story but I will tell you right now your friend is a LIAR. You dont have to have an account at a bank to get a cashiers check you walk in with money in hand tell them you need a cashier's check for yada yada they charge you a fee and print out your check. DONT GET SUCKED IN TO YOUR FRIENDS LIES.

Answer 6

Any transaction of $10k or greater is reported to the IRS by the bank.
Why does the transaction have to be at YOUR bank?
Why can't she but 10K in Traveler's checks?
Why can't she electronically deposit it to the account for the person receiving it?
Why would a bank restrict purchases with cash to account holders only? Banks are generally pretty greedy.
I would be suspicious of this person and her motives.

Answer 7

While not the best legal advice, your more likely to get in trouble with the IRS with something going through your account as you will need to report it. Why not get money orders in increments instead, she can do this her self. Theres is a limit on the amount but it varies from place to place.

Answer 8

Why is she sending such a sum overseas? Something sounds fishy. Is your friend responding to one of those lottery/nigeria/special rep scams?

Just tell your friend NO.

Answer 9

Yes, you will have trouble...

Amounts over $4k and $5 being transfered will cause ripples even within the US.

Answer 10

complex matter. query on to a search engine. just that can help!