10k will get reported, yes - just like when you win 10k or more at a casino, there's that little pink form to fill out. i agree that if you routinely have a lot of cash on hand a quality safe is a worthwhile investment (having lived without a bank account for 6+ years it allowed me to sleep easy).
already making plans for the winnings from your 3 step plan? GL tonight
already making plans for the winnings from your 3 step plan? GL tonight
I deposited $15k on two separate occasions and told them it was proceeds from the sale of my half of a house (which it was). I ask the teller if it will be reported and they told me no. I'm a familiar face as I do all my banking business at the same place. I think they use their own judgement.
I guess I'll find out soon enough, because I didn't mention it on my tax return.
I guess I'll find out soon enough, because I didn't mention it on my tax return.
a one time, personal deposit of 10k+ (cash) would/should warrant an irquiry from the IRS.
just a tip, if anyone here plans on depositing large sums of cash (100k/yr +) and has ANYTHING going that makes them "under the table" cash, (cash you dont plan on claiming) be cautious in daily interactions, buy a safe, and dont deposit (all) that cash.
just a tip, if anyone here plans on depositing large sums of cash (100k/yr +) and has ANYTHING going that makes them "under the table" cash, (cash you dont plan on claiming) be cautious in daily interactions, buy a safe, and dont deposit (all) that cash.
I was a bank teller when I was going to college. This was 15 years ago though. Laws might have changed.
Although I never had to fill out the form, we were told we had to inform the bank manager and fill out a form for any CASH deposit over 10K.
The key word is CASH deposit. Check deposits were exempt.
Although I never had to fill out the form, we were told we had to inform the bank manager and fill out a form for any CASH deposit over 10K.
The key word is CASH deposit. Check deposits were exempt.
the banks are required to report anything they "feel" is "suspicious" (SAR)
if you put 10k in CASH (not checks) over any 30 day period, they MUST report that. (CRT)
be carefull, even if they money is legit and you've paid taxes on it, if you try to spread out those cash deposits over time you can be charged with structuring.
Title 31 of the United States Code, section 5324, provides (in part):
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<SUP>So to answer the OP question: if it's 10k in CASH, YES the bank is gonna file a CRT on that transaction. If it's a CHECK they MIGHT file a SAR on the transaction if they think somethings up.</SUP>
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<SUP>by law the bank can not tell you if they have ever filed a SAR on you. just like an undercover cop is not gonna tell you he is a cop if you ask.</SUP>
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<SUP>these reports the banks file are all "cover my ass" reports anyway. 10's of 1000's of them are filed all the time. Unless you're the target of some investigation I wouldn't worry. It's not like there is some guy in the IRS or FBI reviewing the things as they come in.</SUP>
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<SUP>more info here: http://en.wikipedia.org/wiki/Structuring</SUP>
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if you put 10k in CASH (not checks) over any 30 day period, they MUST report that. (CRT)
be carefull, even if they money is legit and you've paid taxes on it, if you try to spread out those cash deposits over time you can be charged with structuring.
Title 31 of the United States Code, section 5324, provides (in part):
No person shall, for the purpose of evading the reporting requirements of section 5313 (a) or 5325 or any regulation prescribed under any such section, the reporting or record keeping requirements imposed by any order issued under section 5326, or the record keeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508— [...] (3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions.
Section 5324 further provides that a violation of this provision may be punished by a fine or up to five years in prison, or both.<SUP id=cite_ref-3 class=reference>[4]</SUP>
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<SUP>So to answer the OP question: if it's 10k in CASH, YES the bank is gonna file a CRT on that transaction. If it's a CHECK they MIGHT file a SAR on the transaction if they think somethings up.</SUP>
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<SUP>by law the bank can not tell you if they have ever filed a SAR on you. just like an undercover cop is not gonna tell you he is a cop if you ask.</SUP>
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<SUP>these reports the banks file are all "cover my ass" reports anyway. 10's of 1000's of them are filed all the time. Unless you're the target of some investigation I wouldn't worry. It's not like there is some guy in the IRS or FBI reviewing the things as they come in.</SUP>
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<SUP>more info here: http://en.wikipedia.org/wiki/Structuring</SUP>
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