Buying a house with cash (not a check, but actual $100 bills) - totaling about $60K. What r the implications?

Question

Let's say I want to buy a house - an investment proprty (e.g. not primary residence). Lets say it costs $160K. To pay for it, I want to pay $100K off my documented savings account, and $60K in cash -- NOT a cachiers check, but actual $100 bills (all 600 of them). Let's say they are my "cash savings" from last 10 years that I kept under the mattress. :) Will this be reported to the you-know-what federal tax agency, and they'll come asking questions of the source of that money? And would the title company even accept real cash as payment, anyway?

Answer 1

Yes, any cash transactions over $10,000 must be reported to the IRS

Answer 2

Anything over $10K is suspect.  I used to deal with customs while in the Air Force.

Answer 3

Mortgage co will not take cash, and yes it will be reported to irs...

Answer 4

no one wants to handle cash!

by federal law, any transaction over US$10,000 is reported.

Answer 5

Technically, cash is "legal tender for all debts, public and private", and, technically, it is illegal for anyone not to accept it.  If someone ever refused cash as payment, you could, technically, call the police.  Mortgage companies say they do not accept cash, and if you wanted to push the issue, you could sue them and pursue things through legal channels.  It would not only be a daunting task, but probably draw some unwanted attention to the matter.  

All the comments made by others regarding the IRS are true... but no one would have cause to call the police, and they would not respond to such a call anyway.