Topic: Federal Reporting for Cash Deposits
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Answers to Common Questions
When will a bank report a cash deposit?
A Bank will report a cash deposit under the following circumstances: a. If the amount deposited is huge (Usually over $5000 or more) b. If the funds are deposited from an overseas bank account c. Numerous deposits of small value (less than ... Read More »
Source: http://wiki.answers.com/Q/When_will_a_bank_report_a_cash_deposit
What is the limit of cash deposits before it is reported to the I...
officially it is $10,000.00 but if it is something out of the ordinary of a lower amount, they will report that as well Read More »
Source: http://wiki.answers.com/Q/What_is_the_limit_of_cash_deposits_befo...
How do you deposit cash without being reported?
You cannot. All banks report large deposit transactions on its accounts. Banks have the right to ask you for the source of the funds that you are trying to deposit into your account (Usually only for large deposits or multiple small deposit... Read More »
Source: http://wiki.answers.com/Q/How_do_you_deposit_cash_without_being_r...
More Common Questions
Answers to Other Common Questions
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 paying your taxes and so forth. In most cases they do a comp...
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Source: http://wiki.answers.com/Q/How_much_cash_can_you_deposit_before_it...
Each bank may have a different valued "finder’s fee" depending on the worth ...
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Source: http://www.chacha.com/question/what-is-the-reporting-value-to-any...
Actually, it won't get reported to the federal reserve. It will get reported to the Treasury Department. But it is $9,999. And you also can't get on a plane with more cash than that unless you declare it in advance with the Treasury Departm...
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Source: http://answers.yahoo.com/question/index?qid=1006052419108
It sounds as though you're referring to the rule that financial institutions must report transactions over $10,000 to the federal government. This is to discourage money laundering via large transfers of cash. Find out the rules by calling ...
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Source: http://answers.yahoo.com/question/index?qid=20110703204323AAMRpFI
You would be taking a big risk in doing this - income tax evasion carries stiff penalties, fines and jail time and not worth the tax evasion. All large sums of money and even smaller amounts to certain countires are reported to the IRS in t...
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Source: http://answers.yahoo.com/question/index?qid=20100114153014AAV9uKj
You have to itemize in order to take a deduction for charitable donations. If you take the standard deduction, you don't get to add on other deductions that would go on Schedule A for a 1040. You can't itemize on a 1040EZ. You'll find rules...
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Source: http://answers.yahoo.com/question/index?qid=20061230140657AA1Iwo3
Yes, financial institutions are required to file Currency Transactions Reports (CTR) for withdrawals of $10K or more in cash and/or certified checks. They are also able to report any other suspicious behavior which may in fact not reach the...
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Source: http://answers.yahoo.com/question/index?qid=20070704203010AAWnbeA
