Cash Deposit Into Bank Account(s)

I know that if you deposit 10k + into a bank account it has to be reported to uncle sam.

What if you break it up into increments over time? Like 500 here, 1000 there? Or deposit it into different accounts at different banks? Will it still raise a red flag to uncle sam?

Just trying to figure out how to put some sock drawer money into the bank without raising a flag and getting taxed for it.

Of course I'm asking for a friend...

 

Will it get taxed? I thought it just gets reported so if it continues to happen then they might take a closer look and make sure you, I mean your friend, aren't laundering money or not reporting income.

 

With a fill up these days of over a hundred bucks nobody is going to give a rat's ass if you put a couple grand in the bank 3 or 4 times in the next couple of weeks.

Asking for a friend, have you been audited in the last couple of years?

 

I believe it also gets reported if you take out more than $10k.

 

I don't know?! That's why I'm asking

 

How much cash on hand does your "friend" have?

If you do break it up, don't do even amounts like 9000/7500 etc. More like 8945.77 or 7238.14.

 

I don't think my friend has been audited. No

 

In cash, right? I just requested a check for about $20K and nothing was said about reporting.

 

That's the thing about reporting- they don't always report the reporting to you

 

If you put close to 10K in often, they consider it structuring deposits to avoid the reporting. Grand here, two there no biggie. spread it out over time.

 

I think that is correct but don't know for sure. A friend of mine bought a car with cash (a good bit over $10k) and the dealership said they had to report it. He was kind of irritated by it. I told him not to worry as I'm sure he's already on a "list" for something anyway.

 

If you deposit multiples and it adds to over ten grand in a year it will also be reported.

 

Just use the cash to buy gas and groceries for a few months. Use your regular paychecks to move to savings.

 

could also see what the CD rates are if you dont need it for a year. Then make a $9,994.32 deposit...lol

 

Buy a motorcycle.

 

I am in California I CANNOT go to a bank and put cash in anybody's bank account .. ANY friends,employees or, family.
Not of any denomination.

The only caveat is if it is a business account and $10, 000 used to be the threshold for scrutiny but did they not just pass legislation to bring that down to $600 transactions?

I'm pretty sure that's what just recently happened

 

LOL The devil has spoken. I need to get rid of 1 or 2 before I get another one. My fucking garage is full to the gills. Its stupid

 

I'll hang on to it for you, no reporting at all.

 

Find a local coin shop, and/or a local gunsmith.

Turn that fiat into silver, and or brass&lead and something that said brass&lead fits through.



Or hookerz & blow.

 

Buy gold coins