What amount of cash can I withdraw from my savings without the bank flagging it or notifying the IRS?
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If you withdraw more than $10,000 in currency from your account, your bank will be required to file a Currency Transaction Report with the IRS. You should know that the mere fact that a Currency Transaction Report (CTR) is filed does not make the transaction taxable.
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If you withdraw more than $10,000 in currency from your account, your bank will be required to file a Currency Transaction Report with the IRS. You should know that the mere fact that a Currency Transaction Report (CTR) is filed does not make the transaction taxable.
