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Do deposits to your bank under $5,000, be it cash or money transfer online, get reported to the IRS? |
Do deposits to your bank under $5,000, be it cash or money transfer online, get reported to the IRS? The person who says 11,000 is wrong because it is against the law not to report any cash over 10,000 in deposits OR withdrawals. (Bank Secrecy Act) If you continually make 5000 deposits, the bank could file a suspicious activity report if they have reason to believe you are laundering money. If you get traveler's checks or official checks (cashier's checks) with 3000 or more in cash, that is recorded as well. Some people try to get around it (which looks even more suspicious) by depositing or withdrawing, say, 9000 at a time. This can be reported if the bank sees fit. Money transfers online do not involve physical cash, so they aren't reported. Same goes for writing a check from one acct and depositing it into another. Source(s): I'm a banker No. Over $10,000 does. usually the rule of thumb is that anything over 10,000 gets reported. anything under that is assumed to be payroll or whatever. not too many people make over 10k per paycheck. also any combination of transactions during one business day that exceed 10k are also reported. no should not. No. We only report transactions over $11,000 |
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