Is it true that any bank deposit over $10,000 is automatically reported to IRS?

Question

Is it true that any bank deposit over $10,000 is automatically reported to IRS?

Answer 1

I heard something about that, so if I were going to deposit it I would just put in 9,999, and buy myself a gum ball with whats left.

Answer 2

yes

Answer 3

Yep, but only for CASH transactions.  The IRS wants to know ere the10K came from.

Answer 4

Yes.

The Bank Secrecy Act of 1970.

FinCEN Form 104 Currency Transaction Report (CTR): A CTR must be filed for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through or to a financial institution, which involves a transaction in currency of more than $10,000. Multiple currency transactions must be treated as a single transaction if the financial institution has knowledge that: (a) they are conducted by or on behalf of the same person; and, (b) they result in cash received or disbursed by the financial institution of more than $10,000. (31 CFR 103.22)

Answer 5

Yes, it is!