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.
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