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Bank Reporting Question
cbxjeff
Member Posts: 17,443 ✭✭✭✭
In the past, banks were required to report deposits of $10K or more. It was proposed that the dollar amount be lowered to something crazy - like $600. Did this change ever occur or is it still $10K?
Thanks folks,
It's too late for me, save yourself.
Comments
I thought it was withdrawals--not deposits?
Informative article Dano - thanks. Lord knows the feds need all the money they can get. I wish they would put as much effort into there level of spending also.
And fiery auto crashes
Some will die in hot pursuit
While sifting through my ashes
Some will fall in love with life
And drink it from a fountain
That is pouring like an avalanche
Coming down the mountain
Give him the chair, Mr. Perfect.
Deposit what you can... Withdrawal it out if you have it.
All Propaganda to scare folks...
Was not all propaganda! Some parts did in fact take place. It is not dependant on ONE transaction, but ALL transactions thru the entire year. If you move more than 600 thru PayPal or other online paysites, then they WILL send you a 1099 and report it to the feds. Not sure what the exact amount was for personal checking, but they did implement it!(it is over 600) but still something that everyone will hit(like $10,000 worth of transactions per year!)
https://news.bloombergtax.com/tax-insights-and-commentary/new-form-1099-reporting-coming-in-2022
Face recognition is suppose to happen 2022-2023 tax yr. That will get interesting. Might have to get a dog to file for me .
Uncle Joe has his minions tracking you. Common sense…stay off grid where practical.
Jeff, just send you money to me. I'll make sure that no one sees it.
mark christian: What a guy, what a friend, what a human being. 😉
Putting In deposits regularly of less than the threshold is watched more than making deposits over the limit btw. It is called "structuring".
Banks have people that their job is watching for that, maybe not at that exact branch but "overall".
It's not the checks, it's the cash amount they're looking at. Anything over $400 gets the 3rd degree treatment, "do you have a job?," "where do you work" I believe anything over $1500 gets reported to the IRS and may ask you where did the money come from? The guy at the gun club paid for a new corolla with cash and he got a letter in the mail from the IRS asking where the money came from. He told them he earned it, which is not the correct answer as he got an audit.
Misinformation. Banks have to file special paperwork when cash deposits are over $10,000. If you are a business they also do not care. If you make weekly deposits of $9900 like an idiot you probably can plan on the IRS asking some questions.
$400?? That is nothing anyone cares about, I carry that around in my wallet normally.
10,000.00 and over is what it is right now, IRS gets the nod.
Ever try to get cash for much any amount, say cash a check for 10k?
"Don't have the cash but will order it for you"
Banks carry very little cash on site .
In the recent past single cash deposits of more than 5000 dollars got reported as did total cash deposits over10,000 dollars in a three month period. Then there are the structuring regulations. I do not know where this new stuff is going to settle out.
The financial power wielded by the Federal government is an invaluable tool in combatting illicit activity by rogue states, trans-national organized crime, money laundering, and other nefarious activity. It's a weapon that we NEED as a nation. Unfortunately, like most government power, it can and is often applied in ways that are abusive, unbending, and unapologetic to its own (innocent) citizens. $10,000 may be the official reporting threshold for banks, but if the bank or govt (of course they are monitoring) algorithms flag a suspect pattern in your deposit or withdrawal habits, say good-bye to your money!
Think maybe you are better off just not using the banks and keeping your cash at home? Well, don't get caught with a large amount of it in one place, or it will be "civil forfeiture" time. No charges, no warrant. They just take your money, and you bear the cost of proving in court that it is NOT illegal money.
Oh, and don't think it is just the IRS playing this game. It is agencies at every level of government. To make matters worse, local and state agencies are incentivized to seize cash because they get large kick-backs from the Feds.
Sorry....got on a bit of a rant there. Out.
civil forfeiture = they take it simply because you have it.
from what I hear any thing over 600.00 for the year big brother wants his cut and they do not look at your expenses or cost only you deposited xx amount . I was told any one selling any thing and make over 600.00 you are considered a business no matter if yard sale internet sales what ever or how ever you sell any thing especially if it goes thru any type of payment system it will and your suppose to claim it
just one more step to a cashless society so every penny is accounted for and big brother gets there share
a buddy I posted about a couple weeks back about being so far left even admited he has a BIL that several + years ago he would repair and sell cars on the side for extra money he took some cash into the bank he had saved up at home ,they really gave him the going over about how and where he got cash to deposit in there bank
I'm liking John Wick's method of paying for things better and better all the time.
Not to worry. Pretty soon after they get total control..........then everything will be FREE! Soooooo........no worries! Right?! (Insert green font)
A checking account needed for payments / purchases and plenty of cash in my pocket has always worked for me, there's deals out there to be had using cash.
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
Some banks carry very little cash on site. Fixed it for you.--------------Ray