I wanted to pay off my mortgage, but I heard that the banks are required to report any deposit over $10,000 to the IRS. Is that limit per deposit or in a certain time period. How much can I deposit in a month and not have it be reported to the IRS?
Banks are required to report cash transactions in excess of $10,000 to the government. This is to prevent money laundering and terrorist financing. A person making a large deposit or deposits need not worry when they're not doing anything illegal.
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
Banks are required to report cash transactions in excess of $10,000 to the government. This is to prevent money laundering and terrorist financing. A person making a large 