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Moving Cash: What Happens with Taxes?

I would like to move my $200,000 savings out of a safety deposit box and into the bank. This is money that I reported and on which I paid taxes. What can I expect from the bank in terms of questions? Will I need to provide paperwork of some kind?


You can expect that the bank will ask for a reasonable explanation for how you came to have so much cash. It will also be legally required to report the cash transaction on a Currency Transaction Report, for which it will have to obtain your street address, date of birth, social security number, full name, and type of employment. The bank will also have to record information from a current government-issued identification card, such as a driver's license.

Since you said that you have already reported any income, the filing of the Currency Transaction Report should not result in any additional tax liability. You may also find this other Q&A helpful.

Published on BankingQuestions.com 9/04/09