Maximum cash deposit
What is the maximum cash deposit that you can make before the bank will report it to the government. I remember something about this awhile back and forgot the amount.
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I think it's 10 grand. 0 -
quote:Originally posted by HobbyGuy
$10K it is. Technically $9,999.99 before they must report it.[^]
No, it is 10,000 on the dot in a 12 month span. Report due at 10,000.010 -
So the bank tracks the amount of your cash deposits for the year and then when you reach 10,000.01 they report it. I thought it was for individual deposits. 0 -
So did I.
D.0 -
Send it to me in small bills. I'll take care of it for ya. [;)] 0 -
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10K automatic red flag!0 -
It is a utter falacy to thing the Gub'Ment does not have the ability to know to a very high level of confidence what you do with a huge percentage of your money. Debit card, credit card, checks and cash transactions are all on the electronic super highway. All they have to do is dig just below the surface.
Transactions in cash over $9,999.99 are autonmatically reported to the IRS. That does not mean they are unaware of the $13.56 you got from cashing in beer cans.0 -
quote:Originally posted by bpost1958
It is a utter falacy to thing the Gub'Ment does not have the ability to know to a very high level of confidence what you do with a huge percentage of your money. Debit card, credit card, checks and cash transactions are all on the electronic super highway. All they have to do is dig just below the surface.
Transactions in cash over $9,999.99 are autonmatically reported to the IRS. That does not mean they are unaware of the $13.56 you got from cashing in beer cans.
I just mail my beer cans to the IRS and tell them to send back my share0 -
quote:Originally posted by Spider7115
quote:Originally posted by bpost1958
It is a utter falacy to thing the Gub'Ment does not have the ability to know to a very high level of confidence what you do with a huge percentage of your money. Debit card, credit card, checks and cash transactions are all on the electronic super highway. All they have to do is dig just below the surface.
Transactions in cash over $9,999.99 are autonmatically reported to the IRS. That does not mean they are unaware of the $13.56 you got from cashing in beer cans.
I just mail my beer cans to the IRS and tell them to send back my share
[:D][:D][:D]0 -
quote:Originally posted by Spider7115
quote:Originally posted by bpost1958
It is a utter falacy to thing the Gub'Ment does not have the ability to know to a very high level of confidence what you do with a huge percentage of your money. Debit card, credit card, checks and cash transactions are all on the electronic super highway. All they have to do is dig just below the surface.
Transactions in cash over $9,999.99 are autonmatically reported to the IRS. That does not mean they are unaware of the $13.56 you got from cashing in beer cans.
I just mail my beer cans to the IRS and tell them to send back my share
I hope you think to empty them first[:D]0 -
they told me it has been reduced to 3500, or any amount suspicious
i myself don't care, it is a simple form to fill out, i have filled them out, one i stated a car, the other i stated the money was for firearms, never heard a word, last year i went to a bank with a check for 22,000 bucks, the lady honestly asked me how i wanted the bills, i about crapped, so i took half in cash, and the rest in a cashiers check, and no form was presented0 -
Deposit $10K and the bank will automatically file a CTR (Currency Trernsaction Report). Deposit $9,999.99 and they will file the much worse SAR (suspicious Activiites Report) and those are the ones which cause red flags to pop up because it is pretty clear that you are trying to hide something by staying just under the CTR cap. In all honesty the bank will be a lot more worried about their auditor taking an interest in them than they will be about the IRS bothering with you if you start making a lot of deposits just under the cap. If your bank does not file an SAR in that instance then their auditor will suspect money laundering for sure. 0 -
I believe the reporting amount dropped to 5K or less. 0 -
I had a gun auction and afterwords I was told not to take more than $2500 in checks to the bank to cash. If more than $2500 then it would go into a report and maintained at the bank. More than $5000, and the bank had to report it to the Feds. One of the clerks at my auction, is also a full time bank teller. 0 -
i think its 10,000 OR anything that seems suspicious to bank personel. for instance, one time a lady went into a bank and asked the teller "how much can i deposit without filing out the forms" the teller answered $10,000. So the lady said, "okay, i went to deposit $9,000". After the lady made the deposit the teller reported it as suspicious.
Oh yeah, if you stole the money in a bank heist make sure ot remove the bands on the wad of bills designating which bank they were stolen from.0 -
quote:Originally posted by MVP
What is the maximum cash deposit that you can make before the bank will report it to the government. I remember something about this awhile back and forgot the amount.
nope they recently lowered it too 5000.000 -
It is still $10,000. Cashed a $8,000 check today and took the cash. I had asked a couple or three weeks ago what the limit was and they told me $10,000. It does not matter if it is cashing checks and taking the cash, withdrawing cash from a savings account or depositing cash to an account. If it is $10,000 or more they have to report it. If you receive a $10,000 check and deposit it to an account then no report is necessary. 0 -
10,000 over 1 year? who doesn't deposit that much with their paychecks?
I went to the casino and bought in all the chips I wanted, but when I went to cash out $4000 chips, they filled out some kind of form to send to the govt. I asked how much I could cash out without the dang form. they wouldn't tell me.
all this snooping and distrust is b.s. how long will it be before they offer cash rewards for snitching on your family members.0 -
9,999.75 is the highest ticket amt you can win in WV gaming, without triggering the FORM. Any winnings over $900 in a single hit gets a W-2G. 0 -
quote:Originally posted by MVP
So the bank tracks the amount of your cash deposits for the year and then when you reach 10,000.01 they report it. I thought it was for individual deposits.
No, they track individual (not corp.) deposits over 10K. Just dont do it in the same week, or month, if you can help it. Companys do it everyday.
Just bury it in mason jars..[:D] or better yet, buy more guns. [:0]0 -
I deposited a check for $10k from a real estate transaction. The teller asked for details and I told him it was none of his bussiness. He immediately backed off and apologized.
JM[8)]0 -
quote:Originally posted by Spider7115
quote:Originally posted by bpost1958
It is a utter falacy to thing the Gub'Ment does not have the ability to know to a very high level of confidence what you do with a huge percentage of your money. Debit card, credit card, checks and cash transactions are all on the electronic super highway. All they have to do is dig just below the surface.
Transactions in cash over $9,999.99 are autonmatically reported to the IRS. That does not mean they are unaware of the $13.56 you got from cashing in beer cans.
I just mail my beer cans to the IRS and tell them to send back my share
WHY didnt i think of that no more trips to recycle yard thanks SPIDER[;)]0 -
Ha I never even came close enough to know 0 -
But they won't ask you if you are here legally! 0 -
What with everything in the banking industry being computerized they probably got a Key to press that says "To the Gubment" and any transaction that is suspicious or over the certain amount gets reported automatically when they hit that key..[:0][:o)][:o)] 0 -
quote:Originally posted by buschmaster
all this snooping and distrust is b.s. how long will it be before they offer cash rewards for snitching on your family members.
I think they've been doing this for years.0 -
$10K is the magic number if I remember correctly. Its been a while since I've had a deposit large enough to worry about it. 0 -
Having done this not so long ago, i can tell you that any single transaction (deposit or withdrawal) in cash of 10k or more, there is a form to fill out which is forwarded to the appropriate gov't agency. 0 -
The rule has been expanded to include ANY suspicous cash activity and the reporting is done without your needing to sign anything. If you took $2000 cash out of your savings account every Wed for two months it'd be reported.
Last March I withdrew $23,000 in cash from my checking account and a bank vice president had to personally count out the money. It had been wired into my checking account from a NY bank, who got it from a Canadian bank, who got it from a bank in the Virgin Islands, where it originated from a brokerage firm in Lithuania...Ya think that set off any alarms? [:D]0 -
Gee! I know how to find out,call the bank.[:D] 0
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