Any issues with very large cash deposits?

fisemper

fisemper

Recycles dryer sheets
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Apr 24, 2020
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AL
I have cash on hand that I put away in case of emergency. It has been a few years and I am planning on putting most back in to invest. Should I be worried about making a large deposit five digit deposit? I don't have ATM receipts but I am sure my bank goes back 5-6 years with electronic statements.
 
Deposits of 10K or more requires filing a form 8300 with the IRS. I've never done it so don't know the process but I'm sure the bank is very familiar with it.
 
I have done 10K-20K before, but I'm going a good bit over that. I just want to be prepared.
 
The bank should tell you what is required. I think they file the form, but you might be required to fill it out. If you originally pulled the money out via ATM then it should be easy to show if the records go back that far. I have PDF copies of bank statements going back many many years.
 
I sold a car in the spring of 2023..$9000 in cash all in hundreds. Took them to our bank to deposit expecting to fill out paperwork and was surprised when the teller wasn't (surprised). No forms. no questions. YMMV.
 
They do not have to tell you they are filling out a SAR (suspicious activity report) or CTR (currency transaction report). They can do it automatically or later without you knowing.

boeshaarlaw.com

Currency Transaction Reports: Has One Been Filed on You? - IRS Tax Attorney | Seattle Tax Lawyer for IRS Help

Plenty of otherwise innocent people are unaware that some of their large deposits or withdrawals to or from their bank are discreetly flagged in what is called a Currency Transaction Report (CTR). This report is completed by employees of financial institutions when cash transactions of $10,000...
boeshaarlaw.com boeshaarlaw.com
 
I figure if I don't make an unfamiliar banker nervous about a transaction from time to time, I'm not doing the stealth wealth routine very well. I want them to think, "Look, plain car, ordinary clothes, old shoes. What's this person doing with thousands of dollars?"
 
fisemper said:
I have cash on hand that I put away in case of emergency. It has been a few years and I am planning on putting most back in to invest. Should I be worried about making a large deposit five digit deposit? I don't have ATM receipts but I am sure my bank goes back 5-6 years with electronic statements.
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So you no longer expect an emergency? Wondering what changed in your calculation on how much cash you should hold.

As for putting it back, I understand that cash may cause some scrutiny but it’s legal tender and you can show it was obtained legally so I would just go for it. I think an alternative of putting in smaller amounts over time would bring on more questions/scrutiny so I wouldn’t bother with that.
 
Actually putting in smaller amounts of cash over time is illegal and will bring far more scrutiny as it will be assumed that you are trying to avoid reporting. https://www.usnews.com/banking/articles/if-you-deposit-a-lot-of-cash-does-your-bank-report-it-to-the-government#:~:text=This is known as structuring,across more than one bank.
The IRS regulation, in part, reads this way: "Structuring is illegal regardless of whether the funds are derived from legal or illegal activity. The law specifically prohibits conducting a currency transaction with a financial institution in a way to circumvent the currency transaction reporting requirements."
"Structuring will get you in hotter water than depositing $30,000," says Morris Armstrong, a Cheshire, Connecticut-based enrolled agent for representing taxpayers before the IRS.
Click to expand...
 
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I have done 5 figure cash all Benjamin's and never filled out anything or was questioned. I do know at one time anything over 10K there was action taken by bank of the large deposits.
I had no paperwork or was questioned or contacted by anyone.
 
TheWizard said:
I put $3000 to $6000 per month into my Vanguard taxable investment account and have never been accused of wrongdoing...
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In cash?

ACH, electronic transfers, checks deposited are not a problem because they are traceable. I do huge transfers all the time.
 
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street said:
I have done 5 figure cash all Benjamin's and never filled out anything or was questioned. I do know at one time anything over 10K there was action taken by bank of the large deposits.
I had no paperwork or was questioned or contacted by anyone.
Click to expand...
From the article I linked the bank is required to report it.
 
audreyh1 said:
From the article I linked the bank is required to report it.
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Yep, I'm sure they did. I still wasn't contacted by anyone of the large transaction with cash, Benny's.
 
Back when I was poor and broke, I used to dream about finding a briefcase full of $100 bills. These days, I am not sure how I would get them in my accounts clear of scrutiny.
 
street said:
Yep, I'm sure they did. I still wasn't contacted by anyone of the large transaction with cash, Benny's.
Click to expand...
Some of the articles make it sound like you are going to get into big trouble depositing a large amount of cash. No, you are just being monitored for a pattern, and you can get in trouble if you structure it to try to stay below the radar.
 
I deposited large amount just under $10,000 multiple times from cash winnings at the casino. One time I deposited $28,000. You don't have to fill out the form, but the teller does and he/she will ask you a few questions. Surprisingly the question was never: Where did you get this money? Rather that ask what is your profession? What is your age? ...things like that. Eventually after doing this a dozen times I get a nasty letter in the mail from my credit union telling to please stop or they may close my account. I think you're better off with one huge deposit rather than a number of $9000 deposit.
 
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