I have $12,000 in cash that I need to deposit into my savings account. What is the limit I can deposit without declaring it as income to the IRS, $10,000?
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Banks are required by law to report cash transactions in excess of $10,000. They have no choice. These reports are used by various law enforcement agencies to thwart money laundering and terrorist financing activities. When unemployed John Doe is depositing large amounts of cash every week, eyebrows should be raised.
To deposit $12,000 once, a Currency Transaction Report will have to be created, but it won't cause you to be audited by the IRS. As to declaring it as income, that isn't what this report does at all. If could be that you sold a car or other property of yours. There are many explanations.
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Banks are required by law to report cash transactions in excess of $10,000. They have no choice. These reports are used by various law enforcement agencies to thwart money laundering and terrorist financing activities. When unemployed John Doe is depositing large amounts of cash every week, eyebrows should be raised. 