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  Home >> Checks/Money Orders >> Checks You Received  
Time Between Deposits for No IRS

I have two balance transfer checks that are for $6,000 each. How long do I need to wait between depositing them so that my bank won't report it to the IRS?


Banks are required by law to report large cash transactions. There is no requirement that they report transactions by check.

That said, it can only be hoped that a business or person is not looking to try and move money between accounts to avoid payment of income taxes. "Cooking the books" to hide income and avoid paying taxes may be a criminal offense, and neither BankingQuestions.com, nor your bank, would want any part of that.

In many cases people simply want privacy in their financial transactions and that is fine. Large cash transactions that are reportable to the government are designed to thwart terrorist financing and money laundering. No reputable person or business should worry about the occasional report because sales were good, or that they sold a car for cash, for example.

Published on BankingQuestions.com 3/13/08