The past three or four years I've taken my ATM limit of cash out of my account fairly regularly($1200). I've amassed a good amount of cash to put away for emergencies. Now my stock account has margin calls and I need to put it back. How can I
re-deposit it without IRS notification?
Untitled
You have cash. You want the cash deposited into your bank account. Just make the deposit. Banks have to report cash deposits greater than $10,000, so they report it. That shouldn't be a big deal. If you earned these monies and paid taxes on it already, you shouldn't be concerned. These reporting laws are designed to create a paper trail that assists law enforcement officials in tracking terrorists financing and drug dealers.
If you sold a car and the buyer offered cash and you accepted it, you wouldn't need to keep that money. You would deposit it and if ever asked could explain its source. You should be able to do the same here.
Do not make multiple deposits of lower amounts to evade reporting. That draws even more suspicion and makes it appear as though you are hiding something. Honesty is the best policy.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
You have cash. You want the cash deposited into your bank account. Just make the deposit. Banks have to report cash deposits greater than $10,000, so they report it. That shouldn't be a big deal. If you earned these monies and paid taxes on it already, you shouldn't be concerned. These reporting laws are designed to create a paper trail that assists law enforcement officials in tracking terrorists financing and drug dealers. 