When does a bank report a deposit to the IRS?

Answer

If you make a deposit that exceeds $10,000 your bank is required to report the deposit to the IRS. As long as you have a legitimate reason for a large deposit, you should not have any problems with your bank or the IRS. If you had several deposits of less than $10,000 each they should not be reported to the IRS.
Q&A Related to "When does a bank report a deposit to the IRS?"
If you deposit $10,000 or more at once
http://www.chacha.com/question/how-much-money-can-...
Congress passed the Bank Secrecy Act of 1970 in order to locate instances of money laundering and tax evasion. IRS rules on bank reporting requirements primarily help law enforcement
http://www.ehow.com/info_8049309_much-account-befo...
20,000 if you spend or deposit or buy anything valued over 20,000 your red flagged, big bother will start to snoop around and determine whether or not the income is legit, if your
http://wiki.answers.com/Q/How_much_cash_can_you_de...
If the account pays interest, then the IRS/Treasury knows almost to the penny. The bank reports the interest and a little math gives them the principle the interest was paid on. The
http://answers.yahoo.com/question/index?qid=200910...
About -  Privacy -  Careers -  Ask Blog -  Mobile -  Help -  Feedback  -  Sitemap  © 2014 Ask.com