I've accumulated around $10,000 in cash from wedding gifts. I'm going to start school soon and need money to pay for tuition every three months. I decided to put the money in a three month CD in order to earn some interest between the tuition payments. Will my $10,000 be reported to the IRS? If it is reported to them, how long after I deposited the funds should I expect it will take to hear from them about it?
Untitled
All cash transactions of over $10,000 are reported on a Currency Transaction Report (CTR). Ordinarily, one should not expect to hear from the IRS after a CTR is filed. The IRS usually does nothing with an individual CTR filing other than file the information.
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All cash transactions of over $10,000 are reported on a 