Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
inheritance check
Old 04-26-2019, 05:35 AM   #1
Recycles dryer sheets
kitesurfer2's Avatar
 
Join Date: Nov 2014
Location: jax
Posts: 380
inheritance check

i've got this check that needs to go in gthe bank. once upon a time, rumor was not to deposit more than $10k at one time or the IRS flag would go up and trigger a 'watch'. any one know for sure? i've got over 50k and was thinking a stack of cashiers checks to be deposited every other day.
__________________

kitesurfer2 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-26-2019, 05:42 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 22,678
Quote:
Originally Posted by kitesurfer2 View Post
i've got this check that needs to go in gthe bank. once upon a time, rumor was not to deposit more than $10k at one time or the IRS flag would go up and trigger a 'watch'. any one know for sure? i've got over 50k and was thinking a stack of cashiers checks to be deposited every other day.
That’s for cash which, unlike checks, has no history or source information (can’t be traced). And actually the warning is not to make multiple deposits of close to but less than $10,000 in cash that makes it look like you are trying to “structure” cash deposits to avoid the bank reporting to the Feds.

We deposited a $50K check once from an inheritance. No problem. Did the bank have to fill out extra work? Don’t know. Supervisor was called over to OK the deposit, no inconvenience for me.

Deposited gift checks for siblings exceeding $10K - nothing different in deposit process.

No, don’t structure your check deposits.
__________________

__________________
Retired since summer 1999.
audreyh1 is offline   Reply With Quote
Old 04-26-2019, 05:42 AM   #3
Thinks s/he gets paid by the post
VanWinkle's Avatar
 
Join Date: Oct 2017
Location: Brighton
Posts: 1,158
I don't know for sure, but I deposit checks over that amount(10,000) several times each year and have not had any IRS problems.
__________________
Retired May 13th(Friday) 2016 at age 61.
VanWinkle is offline   Reply With Quote
Old 04-26-2019, 05:58 AM   #4
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 1,992
Over the years I've deposited many checks over 10k. Real estate sales, car and boat sales, and a couple of inheritances. The banks did not appear to do anything out of the ordinary. Also, I have had no correspondence from the government.
__________________
Just plodding along on Dividends/Interest, SS and a small pension.
foxfirev5 is offline   Reply With Quote
Old 04-26-2019, 06:06 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 22,678
Quote:
Originally Posted by street View Post
I just went through this process but with cash. I had cash stocked up a safe and I finally wanted to have less and decided to put the money in a bank. I went and talked to bank president and told him the situation.
He said I have two choices >> put the total amount in at once or deposit amounts under 10000. If total amount is deposited then they would have to fill out the paper work for the feds. If I did amounts under 10000 then no paper work has to be filled and they don't add up amounts so there would be no issues.
He said even if I put total in and they filled out paper work if you have nothing to hide it is a non issue. He advised me to deposit the total amount because he knew there was no unlawful doings with us.
I opted for amounts under 10000 till I had what I wanted to deposit.
Wow, the bank president actually told you that it was OK to structure your cash deposits to avoid the bank reporting requirements? I don’t think that was good legal financial advice. https://www.money-education.com/reso...00-is-criminal

And the bank does have to report smaller amounts of cash deposits from an individual customer if they total over $10,000 over a short amount of time.
Quote:
Exploring Reporting Requirements
Banks and businesses must file a form 8300 within 15 days after receiving the $10,000-plus payment. If the customer makes multiple smaller payments, the 15 days countdown starts as soon as the total paid exceeds $10,000. The bank or its parent must notify the person who made the transaction that he's been identified in the report, provide a contact number for follow-up questions and state the total amount of cash involved. Notification doesn't have to go out until Jan. 31 of the year after the company filed the 8300.
https://budgeting.thenest.com/bank-r...its-23318.html
__________________
Retired since summer 1999.
audreyh1 is offline   Reply With Quote
Old 04-26-2019, 06:06 AM   #6
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Posts: 2,298
IIRC a bank check or cashier's check may get some looks. But if you are legit it should not be a real issue.
bingybear is offline   Reply With Quote
Old 04-26-2019, 07:16 AM   #7
Recycles dryer sheets
kitesurfer2's Avatar
 
Join Date: Nov 2014
Location: jax
Posts: 380
thanks all!
kitesurfer2 is offline   Reply With Quote
Old 04-26-2019, 07:20 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Aug 2016
Location: Northern Virginia
Posts: 1,076
Quote:
Originally Posted by kitesurfer2 View Post
i've got this check that needs to go in gthe bank. once upon a time, rumor was not to deposit more than $10k at one time or the IRS flag would go up and trigger a 'watch'. any one know for sure? i've got over 50k and was thinking a stack of cashiers checks to be deposited every other day.
Not an issue. People deposit large checks every day from home sales, work bonuses, loan proceeds, car sales and, well, inheritances! Large sums of cash are a different matter.

Whatever you do, do not invite suspicion by carving up your payments. You are not a drug dealer, just a good law abiding citizen.
Montecfo is offline   Reply With Quote
Old 04-26-2019, 07:23 AM   #9
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 1,636
Quote:
Originally Posted by Montecfo View Post
Not an issue. People deposit large checks every day from home sales, work bonuses, loan proceeds, car sales and, well, inheritances! Large sums of cash are a different matter.

Whatever you do, do not invite suspicion by carving up your payments. You are not a drug dealer, just a good law abiding citizen.


+1
rayinpenn is offline   Reply With Quote
Old 04-26-2019, 07:27 AM   #10
Recycles dryer sheets
Revlefty's Avatar
 
Join Date: Oct 2013
Location: Bradenton
Posts: 269
OK, it's not 10k, but I just took a wad of bills to the bank to get them exchanged for $20s. I told the cashier they were tips from my work as an exotic dancer. the cashier said, "You must be pretty good!" Sure, I've gt the body for it!
Revlefty is offline   Reply With Quote
Old 04-27-2019, 03:19 AM   #11
Recycles dryer sheets
kitesurfer2's Avatar
 
Join Date: Nov 2014
Location: jax
Posts: 380
Quote:
Originally Posted by Revlefty View Post
OK, it's not 10k, but I just took a wad of bills to the bank to get them exchanged for $20s. I told the cashier they were tips from my work as an exotic dancer. the cashier said, "You must be pretty good!" Sure, I've gt the body for it!
got pics? haha
I deposited and they put a hold on it for 10days. no issues, so far.
kitesurfer2 is offline   Reply With Quote
inheritance check
Old 04-27-2019, 04:51 AM   #12
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 1,636
inheritance check

Having worked in banking - Banks are required to report cash transactions of $10,000 and above. They also are to be “on the lookout” for many deposits just under $10,000 - known as “smurfing” (Yes like the cartoon). Why - it is an attempt to identify money laundering . You know Bad Guy wants to deposit the spoils from drug dealing or some other illegal activity. Banks are required to have robust AML (Anti Money Laundering) programs and training. Good guys, (like us) have noting to fear.

What most people don’t know if the banks believe they’ve identified fraudulent activity they file (all very secret) SARS reports (Suspicious Activity Reports) the government uses the information to track and identify Fraudsters.

What we do have to be vigilant about is the amount of Fraudsters out there. For example:

Just took down my pool and the filter was only a few years old. Put it up on craigslist. Within a few hours someone called (English not perfect) said ill text you a code just send it back to me. I said “No this is a cash deal you come you look, if you like you hand me $50 and we are done- No opportunity for a fraud here” he said he had been scammed I said no deal. It was a very clever attempt to get into my Phone.. Scary.

Sold it a day later for a nice gent who handed me $50.. Guess what I gave him all the leftover chemicals .. pool nets etc. He got a great deal and I got rid of unneeded clutter.
rayinpenn is offline   Reply With Quote
Old 04-27-2019, 08:28 AM   #13
Thinks s/he gets paid by the post
GalaxyBoy's Avatar
 
Join Date: Jul 2009
Location: The Beautiful Blue Ridge Mountains
Posts: 1,572
As executor of DF's estate I wrote myself a large check from the estate's account and immediately deposited it by snapping a picture of it on my phone. Easy peasy, no problemo.
GalaxyBoy is online now   Reply With Quote
Old 04-27-2019, 09:06 AM   #14
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,573
Quote:
Originally Posted by Revlefty View Post
OK, it's not 10k, but I just took a wad of bills to the bank to get them exchanged for $20s. I told the cashier they were tips from my work as an exotic dancer. the cashier said, "You must be pretty good!" Sure, I've gt the body for it!
This post is worthless without pictures..
JPatrick is offline   Reply With Quote
Old 04-27-2019, 09:48 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 7,215
Quote:
Originally Posted by kitesurfer2 View Post
got pics? haha
I deposited and they put a hold on it for 10days. no issues, so far.
Wow, that is a long hold.
I was just with a guy the other day and he deposited a personal check for $175K.
The teller said they would put a hold on the funds for 2 days.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is online now   Reply With Quote
Old 04-27-2019, 12:59 PM   #16
Thinks s/he gets paid by the post
Lakewood90712's Avatar
 
Join Date: Jul 2005
Posts: 1,967
One time large check doesn't trigger anything .

Depositing a string of just under 10 k checks over days is something that might.

Just deposit the large check.
__________________

__________________
" A person is smart, but People are dumb, dangerous, panicky animals, and you know it " Agent "K", Men in Black
Lakewood90712 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Gut-check this plan to Bounce our Last Check...! DINK-FIRE Hi, I am... 5 08-23-2018 06:13 AM
Law school debt (check), debt paid down (check), retirement (...) WhatsinaName Hi, I am... 7 08-13-2014 02:13 AM
Fan lined up?check.Excrement ready to hit? check poboy Other topics 130 04-23-2006 08:48 PM
Living Check To Check: Saving Too... MYPROcheckGRESS Young Dreamers 38 02-16-2006 03:36 PM
My parents and their inheritance Jane Other topics 42 08-15-2004 09:23 AM

» Quick Links

 
All times are GMT -6. The time now is 02:08 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.