under $10,000

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I understand bank always report cash deposit over $10,000 to irs but what about cash payments for bills? fyi, i'm paying the bill with cash directly at the teller, i'm not depositing the money in the checking account.

I've worked at a bank for 6 years. We only do a Currency Transaction Report (CTR) if it is $10,000.01 or more. If it is $10,000 exactly, your teller will be glad she don't have to do all the paperwork. But don't make a cash deposit into your checking account for even a dollar, because it will all get added together.

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I have a tenant who pays her rent in cash, i have accumilated $4,000, which i want to deposit into the bank, but i have heard that large amounts of cash are "suspicious", (due to drug traffic, money laundering, etc.), so deposits of cash above a certain amount are reported to some entity or other. what is the "safe" limit to avoid being "reported" to big brother? does this vary from one state to another? i live in texas.

The magic number is $10,000. And there's nothing wrong with depositing that much or more in cash. As long as you report the income and it's legit, the Feds really don't care. I gotta ask though, why would you have $4,000 in cash laying around the house and not earning interest? Very bad cash management and God forbid you get robbed.

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Hello, 1) what is the max amount that you can deposit in cash at a canadian bank without being reported to cra? i heard it was $10 000 but i'm not sure. 2) do the limits change when depositing a cheque? thanks.

If you deposit more than $ 10 000 you have to fill in a form and explain why you have so much cash. the rules are more difficult for cheques or bank transfers. See here: http://www.fintrac.gc.ca/publications/FINS/2006-04-07-eng.asp

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I wanted to deposit cash into my checking account, how much can i deposit at a time without the bank reporting it to the government?

According to the IRS form 8300 it must be $10,000.00 or more.

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If they do, can i say i receive as gift? will they ask me who i receive it from? if i give them a name, will they audit on that person? also what fincen is going to do with the bank ctr reports?

Nope, I have deposited larger amounts & never been audited but they (the IRS) eventually would find out I had the cash when I would file my tax returns since the cash from from a home sale or life insurance policy . Though there were never any questions asked. Mary in Camden, MI.

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I know that if you want to deposit more than 10,000 dollars in cash into an american bank, the bank must notify the irs, but who would a mexican bank have to report a 100,000 dollar deposit to if i am a resident of america. also, if they do have to report it to a mexican equivalent of the irs, would that organization have to report it to the us (assuming the us govt. doesn't suspect any misconduct in my bank account and then asks the mexican govt. for my account details). also, what if i decide to deposit the "maximum without notification" by mexican standards (this is 9999.99 dollars in the us). will they still have to notify the u.s. govt. either directly or through their own revenue service simply because i don't live in mexico? i ask because i was under the impression that you can open an offshore account in cash. please don't answer unless you're sure of your answer. thank you:)!!!

You can do it. The deposit itself will not be reported to IRS. And, nobody is going to detect 10 packs of $100 bills when you drive to mexico in your car. The risks are as follows: 1. You'll have to exchange the money and keep it on the account in local currency. If Mexican currency tanks against the dollar, you'll be out of a chunk of money. 2. IRS may not catch you taking the cash offshore, but they will catch you when you try to use the money. VISA/MC and debit transactions are monitored for this purpose. This is how people get caught. 3. $100k in Mexico is a lot of money. The place is corrupt, crime is rampant, there is no FDIC (even if there is some government deposit insurance, it's very small and may not work for foreigners). You may end up losing it all and there will be nobody to complain to.

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We are selling our truck and will deposit $12k by check into our account. i know we will probably have a hold put on the check, but are there any other issues i may run into? someone was telling me it gets reported to the irs, but from what i can find, that is only if it is a cash deposit.

I am not sure if a large currency transaction report would be required. Even if it is, you have nothing to worry about. The purpose reporting large transactions is NOT taxes. It is to detect money laundering. You can document a legitimate source for the funds. Worst case, you have to provide that documentation to a Federal official. That said, I would not accept a personal check in this amount. Insist on a Cashier's check. Better yet, sign the paperwork at the buyer's bank and have their Notary attest to the signatures. Than you KNOW the Cashier's check is legit. In response to the suggestion to have the buyer write 2 checks for $6000 each: That will GUARANTEE the bank submits a Suspicious Activity Report, as is looks like you are TRYING is avoid reporting. You are more likely to be ignored with one large deposit than multiple smaller ones. Banks keep internal record to detect 'structuring' of transactions to avoid reporting requirements.

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W/ out it being reported to the irs? i heard that if the gift is under $10,000 (and my balance is under 10k), it's fine and legal. & that it doesn't get reported to the irs for possible money laundering/drug money.

yes .. but not at one time .. just do it over a few weeks a $1000.00 at a time. i know people who opened a safe deposit box at a bank and put the money there and slowly deposited it to there bank account . that way it don't get flagged for the government . any deposit over 2,500 draws a flag and is reported ..at some banks others it is $3000..it is not the total amount in the account just the amounts of the deposits that draws a red flag.

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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.