Hypothetically. If I were to have won several thousand dollars cash, can I deposit that into my bank without any issues? Specifically, does the bank report that?

They report anything over 10k to the govt(irs?), As well as deposit patterns that appear to be avoiding the 10k threshold.
I'd say hypothetically it wouldn't be an issue

Open up a car wash

Transactions under $10K are reported if a cashier's check is purchased with cash.

so, if it is in excess of 10K it should not all be deposited then? I can get close to 10K but not exceed in a single or multiple deposits?

You only have one bank account?

good point. I only have one brick and mortar one. I have several accounts (two savings and two checking) at my primary bank. Can I deposit up to 10 in my personal and up to 10 in my business?

Pretty sure cash deposits of less than $10,000 will flag if there are several of them. Computers have lowered the cost to flag and review.

My mother in law gave us a little less than $30k last year in cash. I deposited random amounts at multiple different branches over a 2.5 month period. Kept it all under $7k at most for a single deposit. And never a round number. Worked fine for me.

Sad to say but avoiding the 10k threshold is structuring and technically a crime.

Here is what can happen:

https://www.agweb.com/article/farmer-refuses-roll-rips-lid-irs-behavior?fbclid=IwAR02bMJeK8s-OUIhonA5tVAogSlwRnovHDspnBj4NPgUrIoC7B9Oyz4f42I

unless you're laundering money or a drug dealer don't worry about, stay under $10k tho

thanks for the input. It is not much over 10K and I haven't done anything illegal so I don't have anything to worry about.

Restaurants and service businesses that take lots of small transactions make cash deposits every day. You can likely go to the bank 5 days in a row making random deposit numbers and it won't trigger anything.

Or give 4K to a buddy, have him write you a check (assuming you have friends that can cover a 4K check) and deposit that separate from your cash deposits.

If anyone asks about it in the future (they won't) just play dumb and say you sold some old furniture or electronics or something.

Send me some via PayPal and I'll gladly help with this issue

lawless89 said:

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My mother in law gave us a little less than $30k last year in cash. I deposited random amounts at multiple different branches over a 2.5 month period. Kept it all under $7k at most for a single deposit. And never a round number. Worked fine for me.

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Since there were two of you, you could have just deposited it all at once as a $15k gift from MIL to you and a $15k gift from MIL to your spouse, and paid no taxes, nor triggered any gift tax for your MIL.

If it's only several thousand dollars, just temporarily use that when you would otherwise use your credit or debit cards. Or use it for the next big purchase you make.

I'm curious what business the mother-in-law is in that she has ~$30K cash.

I once sold a car for $18,500 and the buyer paid me in $100 bills. I don't think the bank asked any questions when I deposited the cash.

They don't need to ask questions, they would just file the proper form with the IRS. The IRS would be the one asking questions.

Ham Slice MRE said:

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Sad to say but avoiding the 10k threshold is structuring and technically a crime.

Here is what can happen:

https://www.agweb.com/article/farmer-refuses-roll-rips-lid-irs-behavior?fbclid=IwAR02bMJeK8s-OUIhonA5tVAogSlwRnovHDspnBj4NPgUrIoC7B9Oyz4f42I

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Holy crap this stuff is sickening. Eff the feds.

Exactly right. The depositor is not required to be informed that a currency transaction report is being filed. And as previously mentioned, "structuring a transaction" with intent to avoid reporting is illegal, too. Any bank employee or CPA that instructs their clients to do so are being negligent.

The bank employee would be in serious trouble for such.

Yeah, you definitely don't want to look like structuring. The best advice is to either use it for purchases or deposit it at once. There's no penalty for depositing over $10k, it just has to be reported. Bad things happen if the government accuses you of structuring.

Ranger222 said:

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Send me some via PayPal and I'll gladly help with this issue

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That's not how paypal and cash work.

lawless89 said:

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My mother in law gave us a little less than $30k last year in cash. I deposited random amounts at multiple different branches over a 2.5 month period. Kept it all under $7k at most for a single deposit. And never a round number. Worked fine for me.

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You committed a crime of structuring and very likely had a SAR (Suspicious Activity Report) filed on you to FinCEN (Financial Crime Enforcement Network).

Banks utilize analytics software and are starting to incorporate machine learning to identify trends in suspicious activity. The actions you described are so obvious to the BSA/AML group that they very likely picked up on it. And if you try to utilize multiple banks to structure and the banks are Section 314(b) participants, they are allowed to share BSA/AML information with each other.

If you have a legitimate business or personal reason to have the cash to deposit - just deposit it and be done with it.

RockOn said:

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If you have a legitimate business or personal reason to have the cash to deposit - just deposit it and be done with it.

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This is the correct advice.

txaggie79 said:

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RockOn said:

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If you have a legitimate business or personal reason to have the cash to deposit - just deposit it and be done with it.

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This is the correct advice.

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Glad I read this. I was wondering why everyone is so caught up in avoiding the $10k limit. If you have $11,500 to deposit, why not just deposit the money and avoid this issue?

I don't think the risk is worth it to avoid the tax hit. Or are there other advantages besides the chance of getting away with tax fraud?

Ham Slice MRE said:

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Sad to say but avoiding the 10k threshold is structuring and technically a crime.

Here is what can happen:

https://www.agweb.com/article/farmer-refuses-roll-rips-lid-irs-behavior?fbclid=IwAR02bMJeK8s-OUIhonA5tVAogSlwRnovHDspnBj4NPgUrIoC7B9Oyz4f42I

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Disgusting

txaggie79 said:

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RockOn said:

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If you have a legitimate business or personal reason to have the cash to deposit - just deposit it and be done with it.

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This is the correct advice.

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Well my MIL is a huge heroin drug dealer and got the money from that side business, so I didn't want to get her in trouble.

Quote:

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Glad I read this. I was wondering why everyone is so caught up in avoiding the $10k limit. If you have $11,500 to deposit, why not just deposit the money and avoid this issue?

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From my experience, the layman thinks the 10k limit is about the IRS in terms of collecting taxes on that "income". No ones thinking about the money laundering part really.

Cuterebra said:

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txaggie79 said:

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RockOn said:

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If you have a legitimate business or personal reason to have the cash to deposit - just deposit it and be done with it.

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This is the correct advice.

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Glad I read this. I was wondering why everyone is so caught up in avoiding the $10k limit. If you have $11,500 to deposit, why not just deposit the money and avoid this issue?

I don't think the risk is worth it to avoid the tax hit. Or are there other advantages besides the chance of getting away with tax fraud?

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Are you seriously asking why we don't want to avoid forking over 30%+ when we can avoid it? Dumb question

CTRs have no effect on how much income tax you pay. At least no effect on honest folks!

EliteZags said:

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Cuterebra said:

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txaggie79 said:

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RockOn said:

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If you have a legitimate business or personal reason to have the cash to deposit - just deposit it and be done with it.

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This is the correct advice.

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Glad I read this. I was wondering why everyone is so caught up in avoiding the $10k limit. If you have $11,500 to deposit, why not just deposit the money and avoid this issue?

I don't think the risk is worth it to avoid the tax hit. Or are there other advantages besides the chance of getting away with tax fraud?

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Are you seriously asking why we don't want to avoid forking over 30%+ when we can avoid it? Dumb question

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Either you legally owe taxes on that money or you don't. Whether or not you put it in a bank doesn't change what you owe, just whether or not you can get caught.

And in a couple of the scenarios here, they were untaxable gifts anyway, so there's no reason to try to avoid anything.

aggietony gets it...elitezags does not

I agree with other posters that it A) isn't worth the risk and B) you should pay what you legally owe (and better time would be spent finding legal loopholes).

That being said, people far overestimate how much the IRS really cares about their token deposits that "could be considered structuring". They don't care about you making $5-6k deposits a handful of times over a 3 month period. They've got far more bigger fish to fry and the juice isn't worth the squeeze on you even if they did suspect something.

In summation:

* You probably aren't fooling anyone.
* The risk isn't near the reward.
* They most likely don't care about your chump change.