should I cash it or deposit it in a new account at a new bank or bring it back to the bank that issued it and start a new account ? I dont need problems.
2007-11-19 12:01:31 · 8 answers · asked by richard r 1 in Business & Finance ➔ Taxes ➔ United States
Reporting of large transactions is NOT income tax related. Financial institutions report such transactions to aid in detecting money laundering. A single large transaction won't even qualify a a blip on the radar. What you describe is NOT a taxable event.
2007-11-19 13:11:20 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
you call around to see who cashes cashiers check but there is a small fee. you take it to the bank that is on the cashiers check and go and cash it that way also a small fee. fees are any from $1-$6 depending on the company and how much the check is for.
2016-05-24 06:20:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The banking system will issue a fincen report if the amount is over $10,000 and a copy will go to the IRS. No big deal if your income supports such transactions....
2007-11-19 12:32:19 · answer #3 · answered by Anonymous · 1⤊ 0⤋
NO
Now if you were to make a deposit in cash over 10,000, that will set off bell and whistles.
2007-11-19 12:33:37 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If the money has been through the tax system(payroll check), then no. If the money has not been through the tax system then yes, they may come looking
2007-11-19 12:06:27 · answer #5 · answered by boilermakersnoopy433 4 · 0⤊ 0⤋
not to worry!Your bank sends the IRS all the little details and you'll get a statement in PLENTY of time to put it down on your INCOME TAX FORM!!
2007-11-19 12:08:07 · answer #6 · answered by FLATTOP 4 · 0⤊ 2⤋
No.
But it is not safe to keep large cash with you.
2007-11-19 18:36:38 · answer #7 · answered by MukatA 6 · 0⤊ 0⤋
only if they are tracking you for some reason. if they suspect you are a money launderer. they have laws regarding the drug business.
2007-11-19 12:04:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋