IRS Question

[PatsFan1283]

I wonder if community banks comply with the rules like that as much as the big banks. They rely on customers trusting them and usually have good relationships with many of the local depositors. Seems like it wouldn't be smart to flag stuff as much for them.

 

[KingEleven]

Split them up between a check cashing store and the bank and you'll be fine.

thanks for the feedback Ace...

 

[PatsFan1283]

Another thing you can do is save $ from whatever else you do and then spend the $ this person owes you on living expenses.

Everyones situation is different so it is tough to answer questions like this. In general, I do think as long as you aren't extremely careless that the IRS doesn't really care. Not a lot of $ into going after KingEleven for 5k deposits.

 

[RoofTop]

The bank will have to send in paperwork to IRS after you make that large of a deposit. You will just need to show source of the funds



Splitting it up into a bunch of 5k deposits won't work and will most likely just raise more suspicion

Just curious, why would a bank have to send anything to the IRS? Seems odd to me.

 

[KingEleven]

Just curious, why would a bank have to send anything to the IRS? Seems odd to me.

from what I understand they report transactions 10k and larger to help combat money laundering, illegal activities, etc

 

[Bourn]

Do y'all know how many people in the U.S. make cash deposits of 25k or more? A shit load!!

Now if you start taking large green duffle bags in every month like Tony Montana then you will have an issue.

 

[PatsFan1283]

Yeah, but how many of them are business owners or making good $ and how many are drug dealers who have a listed job as making 27k a year.

It depends who you are and what you do.

Also, I think it probably depends on which bank you use, but that is purely speculation on my part. Like I said, I'd think community bank XYZ doesn't really want to bust small business owners in the area for making 5-7k deposits every few months. A lot of cash operation businesses obviously don't report anything close to what they take in (this getting harder because of more CC use obviously, think restaurants)

 

[MoneyMiller]

Guys, I think a lot of you are over estimating the intelligence of the banks & irs. The key is to be patient and take ur time. Grind the pencil pushers out