I am buying a used car with straight up cash soon, I just want to see if I can pay 15 000 in cash wihout any trouble. Maybe the tax man would need some signature or something...
2007-11-27 17:02:25 · 16 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes, they do.
I am an investment rep and if I receive over 10k in cash I have to report it because of the Patriot Act.
You will get flagged for that amount the first time you deposit it, but if you don't have any terror connections, you'll be fine.
2007-11-27 17:06:57 · answer #1 · answered by harvardbeans 4 · 0⤊ 0⤋
If you live in the US, banks are required by law to fill out a form and declare any cash deposit over the amount of $10K. I think it has to do with making sure the money isn't coming from a dirty source, like a criminal enterprise, and is being deposited as a first step to laundering it.
I don't know if you will have to sign something or not, but I do know that if your money is "clean", you won't have any trouble. Where I live, a lot of people save up and pay cash for things like vehicles. I never like to have that much in actual cash on me, so I always go to the bank and get a bank check for large amounts, but if you have the guts to carry it, you should be fine.
Congrats on the new car--have fun!
2007-11-27 17:08:28 · answer #2 · answered by Bronwen 7 · 0⤊ 0⤋
This is just a hunch: sure, the bank will take that large deposit, but I'd bet they are required to report to the feds (IRS) any cash deposits exceeding a certain amount (5K? 10K?...), so be prepared a) to account where the money came from and b)to show the IRS agent where you paid taxes on it. I think car dealers have to report cash buys which exceed 5K..but I'm not completely sure of that. Get accurate information before you buy that car!!
2007-11-27 17:14:20 · answer #3 · answered by gorge momma 3 · 0⤊ 0⤋
Congrats on purchasing a car the RIGHT WAY! Just make sure to keep you get a receipt when you make the deposit. Take a friend with you to watch your back when you travel to the bank.
If you want to pull the $15000 back out of the bank you may run into trouble. Most banks have a limit on the amount of cash you can get from a teller. My bank has a $2500 limit (per day).
2007-11-27 17:23:17 · answer #4 · answered by Debt Slayer 4 · 0⤊ 0⤋
banks deposits 15 000 cold hard cash
2016-02-03 03:17:20 · answer #5 · answered by ? 4 · 0⤊ 0⤋
You will most likely need to get a money order or cashiers check. That is safer than walking around with cash anyway. That is what the dealership will want. Most banks and reputable dealers can arrange a wire transfer of the money straight from your bank account.
The dealership I used to work for wouldn't accept actual cash as a form of payment. They would take certain amounts for a downpayment, but not $15,000.
2007-11-27 17:06:33 · answer #6 · answered by Meghan 7 · 0⤊ 0⤋
Any cash deposit over $10,000 the bank must report to the IRS and sometimes to drug enforcement agencies. You'd be better off making two deposits of $7,500 each. Less of a hassle.
2007-11-27 17:07:27 · answer #7 · answered by mollyflan 6 · 0⤊ 0⤋
As far as I know, banks allow any deposit amount in cash. But if I am correct any deposit over 10,000 is reported as suspicious activity.
2007-11-27 17:06:20 · answer #8 · answered by ________ 3 · 0⤊ 0⤋
just get a cashiers check to pay for the car, but yes banks will deposit the money... if it's a loan from someone you may need a note stating where it's coming from.
2007-11-27 17:05:49 · answer #9 · answered by yes, you have a problem. 4 · 0⤊ 0⤋
when it's a large amount like that
they are pretty anal where the money comes from ..
you can just seperate and deposit at different branches
and different time ...
like 2000 a every time or something ...
2007-11-27 17:05:25 · answer #10 · answered by Anonymous · 0⤊ 0⤋