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by lookoutyo on November 18th, 2008

lookoutyo

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Hi, What is the cash amount a bank will flag if withdrawn or deposit?

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Answers. 3 helpful answers below.

  • by jdib78 on March 2nd, 2009

    jdib78

    That first answer was almost right. The bank is legally required to report any transaction which involves depositing or withdrawing more than $10,000 cash. It has nothing to do with the calendar year. It's all about a single business day. For example, if you deposit $6000 cash in the morning and go to another branch later and deposit $5000 cash, your total deposits for the day will aggregate to $11000 and the bank will report the deposit to the IRS. Nothing happens when this is filed. The IRS just wants a record of it in case you try to cheat on your taxes. It also helps when investigating money launderers. Keep in mind, if you deposit amounts just below the $10000 threshold over a period of a few days in an effort to avoid reporting, it's called "structuring," and it's a federal offense, punishable with jail time and a huge fine. So I wouldn't recommend it, because the bank will catch it and file a report on you with the feds. The best thing to do is just deposit or withdraw your large amounts of cash just like you would for your smaller amounts. It's really not a big deal.

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  • by krazymike on November 18th, 2008

    krazymike

    Judging from the category you put this question in, you mean an amount that will cause a bank to report to the IRS.

    Although I do not know of a specific amount for banks, I know that any entity receiving $10,000 in cash or more within a calendar year's time for goods or services from another single entity must report it to the IRS. (IRS Form 8300)

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  • by Mr. Knowitall- The Poli Sci Guy on March 2nd, 2009

    Mr. Knowitall- The Poli Sci Guy

    yep, 10k

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