What is the largest deposit you can put into a bank account without it being reported to the IRS?

Question

Also, if I transferred 10K from one banks savings acct to another banks savings acct, does that trigger a report? What does it mean to have a deposit amount reported to the IRS?

Thank you.

Answer 1

I think you are concerned about money laundering triggers.

If you wanted to deposit more than 10K in cash at a bank things could get interesting, but if you're not engaged in any illegal activity I wouldn't worry about it.

I wondered if I would get a phone call or something when I transferred about 50K from a brokerage account to a bank for the down payment of a house.   Other than a short interrogation by some guy in a black suit it wasn't too bad.  Just kidding.

Really, not even a phone call.

Answer 2

the deposit itself doesn't get reported by the bank any interest earned on it would however and who ever made you the check out would be reporting to the IRS

Answer 3

The larget deposit or withdrawl in CASH you can make is $10,000.00. If you make a cash withdrawl or deposit of $10,000.01 A CTR (Cash Transaction Report) must be filled out by the bank and sent to the IRS. This is done to track money laundering and has been very strick since 2001. The IRS is also watching for terrorist who may be moving money in our US banks to fund terror cells. If you are not doing anything illegal than you shouldn't worry. But the best way for you to transfer your money from one bank to another without the bank placing a hold is to get a cashiers check from the bank you are withdrawing from and take it to your deposit bank. Hope that works for you.

And the $3,000.00+ thing is only if you are purchasing an instrument with cash. Such as traveler's checks, cashiers checks, ect. Some banks may keep track of you withdrawing or depositing $3,000.00+ but I think this is more to see if you are doing multiple transactions for large amounts in one day at different branches that would add up to the $10,000.00+ to do a CTR.

Answer 4

IRS people are ****. They just want to spend all your money on Iraq wars.

Answer 5

If the check is for a large amount, it will probably be held out so a bank officer can look at it and maybe put a hold on it for a few days but it's not usually reported to the IRS.  There are always exceptions, of course.

Any cash deposit over $10,000 has to be reported to the IRS.