banks have to report any transaction that are 10k +, if your single deposit is 10K or more, check money order cash or direct depo, it will get reposrted, others, u can do 9k a week and ur good, as just dont do 9k cash, i m banker and a business owner both, so i have had my fair share of this, i own a gas stastion and made that mistake of depositing the weekends deposit all at once over 10k, they made me fill out a form and it gets reported, now i work at BofA and learned all about it, just stary away from 9k cash depos, and u'll b aite, wires over 10k get reported to....
just to clarfy, the wires get on a list, if u have too many, or too many too soon, say 1 a week over 10k u get on the list, after a few they will call u to verify, then they put u on the list
the irs if i m not mistaken asks for this info, and like all info its public when tax time comes, so if u get audited it will get pulled
and the trick to say it was a gift sometimes doesnt work
tread carefully
the irs if i m not mistaken asks for this info, and like all info its public when tax time comes, so if u get audited it will get pulled
and the trick to say it was a gift sometimes doesnt work
tread carefully
Not true, not everyone is comfortable with large sums of money in the home. He may be a gambler trying to avoid paying taxes.
It's legit income it's royalties from my music. Right now I'm running under the 10 grand mark, but I may be busting it soon. I got 2 banks so thinking I can split the deposits. I can get a check but not cash obviously, and I see more problems trying to cash a 7 grand check then depositing it.
Thanks for the info guys I figured gamblers would know.
Thanks for the info guys I figured gamblers would know.
