Cashing large checks???

I want to say that irs form 8500( I think) states that cash payments or deposits have to be recorded as income. Cash refers to cash, money order, certified check. I believe it also states that personal checks and wires are not considetrd cash payments. Iirc.

 

THis shit pisses me off....its a free country ...you should be able to cash a trillion dollar check... ... so tired of big brother watching every little thing

 

Interesting.

 

The wifey said anything over 10k they fill out a form for. She also said they like a phone call for such a large sum as they have to "order" their money every week and may not have that much on hand at any given point, at least not to satisfy you and the rest of the customers during the week. She also pointed out most people dont just cash 50k and run, they'll open an account and deposit it in there and then remove a portion of it. She said if they can verify the source they "may" cash it depending on the institutions policies, they all differ.

 

its IRS form 8300. it was put in place to stop drug dealers from laundering money through auto transactions back in the 80's. it is still used today, but it wont trigger the IRS to do any weird shit to you unless you're shady in the first place, like having not filed a return, reporting very very little income, self employed with no income, etc. if you have a $50k check written to you from a bank, they are not required to file form 8300 and send it to you. its traceable already from the banking institution.

i have full confidence the bank the check is drawn from will cash it for you if you notify them in advance and funds are available when you go. nothing big about it, plenty of people have more than that in the bank. its not that big of a transaction.

 

About two years ago I would cash my company checks at the bank they were written out of. Normally they were around $10-15K and I never had any issues. A couple of times they were over $20K and the bank said it was fine but I "cleared them out" and to please call ahead so they could "order" the cash in advance of me coming. Odd I thought, but they were more of a business bank and the lady said they didn't keep a lot of benjamins on hand normally. I did have to fill out an IRS form several times which was not a big deal.

 

I just find it interesting because this is the first time i have heard of any kind of form or any of this stuff for checks over $10k. I have never filled out anything.

 

Complete and utter BS, unless you live in an uncivilized part of the US I don't know about. A simple bank receipt covering the cash amount should prevent any seizure altogether, if you didn't have it present with you for some stupid reason, then be sure they give you a receipt so when you do show up at their stationhouse with your receipt you'll get your money back. Some people watch too many movies.

THAT article is your proof?!?!?

:up:



In my experiences with much lesser checks, some banks can be aholes not wanting to cash the check even if it's their own......worse case scenario they'll make you open an account, no biggie.

 

+1.



That said, call the bank ahead of time, ask for the manager and let them know what you're cashing. They'll be able to do it with no problem, but they need to make sure they have it readily available in their vault. I cashed a large check not too long ago for some construction work and that was the deal.

 

Nope. Cash in the reporting sense refers to cash only (as in folding money). It's not reported as income either. The transaction is simply reported.

 

Go in and talk to a manager. Expect to get about 10K in cash and the rest get a cashiers check from you to you that you can then deposit in your bank account.

Some banks will make you do the form and some wont. The IRS notification IMO is more of a way for them to seize funds if you owe them.

 

Move this one to the Dungeon. I'll tell you all kinds of horror stories.

 

staging has to do with pre-meditatedly making deposits under $10k in succession to avoid the form when ultimately it is your goal to deposit more than $10k. So like... if you went in 6 days in a row one week and brought like $8359 each time to avoid that form, that is staging.

its hard to prove, and if you went to a different branch each time, or gave it a few weeks to cover, nobody would probably notice. if the same teller saw you every day in a row, they might say something.

 

Is a personal check considered cash for reporting on Form 8300?
(Personal checks are not considered cash)

A customer wired $7,000 from his bank account to the dealership's bank account and also presented a $4,000 cashier check. Does the dealership complete Form 8300?
(A wire transfer does not constitute cash for Form 8300 reporting). Since the remaining cash remitted was below $10,000, the dealer has no filing requirement.

Quotes from irs.gov. It was bugging me that I didnt remember. Not that it applies to my current situation anyway.

Thanks

 

Really, I could care less about the govs concerns. Im just happy get my chit straighten out and can afford to go racing again!!!

 

I think you should do the beeb a favor. Hand somebody your phone and make sure they record you asking to cash the check while wearing sunglasses and a hat and telling them you want the cash in small, non-sequential bills...then put it on YouTube and post the vid for us to see.

 

i deposited a 20k over the summer.....it was from another country even. cleared overnight.

and that 8500???? how does this apply to inheritances???? because i remember about 5 years ago i deposited a 20k check.

neither time was there any extra anything.

 

he'll be ok with it here. lets hear some 4th amendment violations from the police.

 

Bwahahaha... my litle bro isnt working today. May take him with me and I'll wear my Ted Kaczynski hoodie when I go!

 

I regularly deposit 100-150k a month but thats work. Payroll, materials, fuel, etc come out of that and it goes quick. This other is personal and need to get stuff paid off before the next round of bills hit.