If I took a large amount of money to the bank to deposit it would I have to fill out any information that would require me to pay taxes on it then or sometime in the future? I have heard something like this before but I don't know if it is true or not, anybody in here familiar with banking at all? Help if you are. Thanks.
Where is the money coming from? Is is money you got for performing a job? Did the person who gave it to you report it? Need more information.
if it's greater than $10,000, i think the bank is required to report it. if it's just under $10,000, say $9,000, the bank may still report it, but it will definitely be "flagged" if this is a deposit out of the ordinary. if you make 2 deposits of $9,000 within a week or month, you may be found guilty of "stacking".
macalu sorta touched on it, but the IRS requires a form (forgot the specific name of it) to be filled out when a cash deposit of 10,000 or more is deposited. And no, you can't do like 2 deposits in the same day (one for like a thousand and the other for the rest). Can't you get a cashier's check for the amount instead of cash?
You have to fill out that form if it's all cash like everyone else says, but it has nothing to do with taxes. The goverment just likes to be aware of large cash deposits in case it's drug money or something like that. A cashiers check would be MUCH easier.
Get them to do a wire transfer or a certified check, then you know it is done right and the dude won't screw you over on the funds.
Well you do get asked a bunch of questions if you make a large cash deposit. I deposited about $33,000 in cash in my bank account a couple of months ago and they asked me questions. They also checked 2 forms of ID. Postive identification is usually not required for a deposit. I didn't have to sign anything. I probably raised some eyebrows at the bank, but that was the extent of it (to my knowledge). The money cleared immediately and was available to me.
Call your bank and get all of the details from them. Regardless of what anyone tells youy here, the bank has the final say.
