To buy something from someone, not as a gift.
2007-11-10 01:36:26 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The US Patriot Act requires banks to investigate and report transactions that large to ensure that the source of the funds is legitimate (i.e. not terrorist funds).
2007-11-10 03:14:26 · answer #1 · answered by Other Guy 3 · 0⤊ 0⤋
No taxes however banks and businesses are required by law to report single cash or cash-like transactions of $10,000 or more to the US Treasury Department. Aggregate transactions of $10,000 over short periods of time are also reported. The purpose is to fight money laundering, drug trafficking, terrorism funding, and other illegal activities.
The Treasury Department has tasked the IRS with collecting this data. As long as everything is properly documented, there's nothing to worry about.
Banks use sophisticated tracking software to catch these aggregate transactions. One popular package is know as Yellow Hammer; it is used for fraud and aggregate tracking and identification.
2007-11-10 02:30:25 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋