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Bank Deposit large over 10K

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  • Bank Deposit large over 10K

    I have buyer that will be paying cash for my car today I'm selling around $19K. Has anyone received any type of problem after depositing large sum of money from their bank in form of audit? If so, what kind of issue(s) I may run into. I just don't want to be in some "FBI" watch list.

    We downsized to a used SUV that we paid cash for.
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    www.mo-moneyman.com

  • #2
    Seems the IRS will be informed but not much else.

    When a deposit of $10,000 or more in cash is made, the bank receiving the deposit must report it to the IRS. Large deposits are legal but can sometimes be indicative of money laundering and criminal activity. Deposit reports create a paper trail to help deter illegal activity of any kind.


    I have heard horror stories about the IRS freezing accounts that have multiple $10,000+ deposits and withdrawals and ruining small businesses as a result. Just one large deposit probably will not affect you.

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    • #3
      If you have accounts at two banks, you can deposit $9,500 into each and you won't get reported to the IRS.

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      • #4
        Well....I Sold the car. The buyer's bank couldn't withdrew over 10K without notifying the bank in advance. I guess bank only let you draw $5K without advance notice. Anyway, I ended depositing $12K in cashier's check, and the rest were in $7K cash. The questions and no audit!
        Got debt?
        www.mo-moneyman.com

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