Friday, August 12, 2011
How much money can i deposit to bank w/o tax form requirements?
Just to clarify...banks are required to report transactions of cash in excess of $10,000, but they must also report what are called suspicious transactions. For example, if you deposit cash totaling more than 10k over the course of the day at different branches or tellers, their computer systems will kick out a red flag and odds are you'll get reported. These regulations are not designed to make you pay more taxes- they are an effort to prevent money laundering, and more recently, the funding of terrorism, as outlined in the Bank Secrecy Act and the USA Patriot Act.
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