RockyMtn
Thinks s/he gets paid by the post
usually around a $100. Gotta cover those golf bets!
Yes, the bank is required to file the report. The IRS has an additional requirement, if you receive $10k or more in a single transaction, you too are required to file this transaction with them.
TrapperJohn & Flyboy
Here's the IRS policy for reporting $10,000 cash. It's true. Form 8300. It's an honor system I suppose.
*BTW, you didn't say you deposited $10K CASH, maybe you deposited a $10K check?. If you did transact in cash, this may apply.
https://www.irs.gov/Businesses/Smal...300-and-Reporting-Cash-Payments-of-Over-10000
Filing Form 8300
Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file Form 8300. A "person" includes an individual, a company, a corporation, a partnership, an association, a trust, or an estate. A "person" must file a Form 8300 with the IRS if any part of the transaction occurs within any of the 50 states, the District of Columbia, or a U.S. possession or territory (American Samoa, The Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. Virgin Islands).
If you are required to file Form 8300, you must do so by the 15th day after the date the cash transaction occurs. A "person" can file Form 8300 electronically or by mailing the form to the IRS at: Detroit Computing Center, P.O. Box 32621, Detroit, Michigan 48232.
+1 on this. When I sold my airplane the guy paid me in cash and I deposited it (it was waaayyyy more than 10K) with no issues or paperwork from the bank. It's been about 3 years since I made that large cash deposit and I haven't heard a peep from Uncle Sugar.
As for cash, I rarely have more than $100 on me. I really only use cash at my barber shop so a hundred bucks can hang out in my wallet for a pretty long time.
Sent via mobile device. Please excuse any grammatical errors.
Yes, the bank files the report when you are depositing that amount of cash. But if you sold, say, a car, and the proceeds were delivered to you in cash, you would be required to fill out the report, AND, your bank also would be required to report it if you deposited it all in one go.
What blows me away is that any of us would just walk up to a random teller with $10,000 in cash to deposit. Or do you go through the drive-through?
When I am depositing that much, I generally sit at one of those desks in the front with a person who is presumably higher up the food chain. We exchange pleasantries, and in the process let her know how I came across so much cash legally. She counts the money and brings me a receipt. If there are forms to fill out, she probably does it after I leave.
Why should one stand in line with the rabble? Depositing that much money, you are doing a favor to the bank and should be treated like royalty IMO.
Plus, with 5% cash back, it's cheaper...For example all the gas stations around here now require cash payers to pay first then pump so now I use the cc for gas just because it's faster.
The Law requires a financial institution to report $10k of cash in a transaction or a series of transactions. Because of this, most banks track cash in excess of $3000 so that you can't just break up a large cash deposit into a series of smaller deposits. The bank examiners are always asking about this (and we didn't handle cash!). The IRS doesn't usually follow up with the customer, it is the bank that has the potential problem. If the IRS suspects a problem, it goes to the Secret Service, FBI, DEA or the US Marshall Service for a visit (only heard about this at some training classes, never experienced it!).
Plus, with 5% cash back, it's cheaper...