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Started By
Message
How much cash can you deposit without being flagged by IRS?
Posted on 7/13/22 at 10:53 am
Posted on 7/13/22 at 10:53 am
I recently shut down my business and sold off some excess inventory for cash. It's around 30k total. I read that no more than 10k can be deposited at once? If I spread it out over multiple days will that still get flagged?
27
Posted on 7/13/22 at 10:55 am to bdavids09
Why do you care? Are you trying to commit some kind of fraud?
Posted on 7/13/22 at 10:55 am to bdavids09
You can deposit it, you just have to answer questions about where it came from. From what you said, you have a legit answer.
If you spread that out from a legit transaction it may look even more shady.
If you spread that out from a legit transaction it may look even more shady.
Posted on 7/13/22 at 10:57 am to bdavids09
Spread it out over weeks/months instead of days.
$10k is the IRS limit.
$10k is the IRS limit.
Posted on 7/13/22 at 11:04 am to bdavids09
quote:
If I spread it out over multiple days will that still get flagged?
That will get you flagged way before a single high deposit will.
Posted on 7/13/22 at 11:06 am to Shepherd88
thanks
Posted on 7/13/22 at 11:09 am to bdavids09
10k cash deposited by a customer in any financial services account will generate a CTR filed. Most financial companies also have surveillance software (Actimize, Protogent, etc.) to monitor for structuring. These tools are very effective and will likely generate a SAR filing.
Your best bet is to use two or more different banks. Spread the cash out across banks; and then move it via ACH transfer to your primary operating account at your preferred bank.
Your best bet is to use two or more different banks. Spread the cash out across banks; and then move it via ACH transfer to your primary operating account at your preferred bank.
This post was edited on 7/13/22 at 11:10 am
Posted on 7/13/22 at 11:14 am to schexyoung
I like how the post describing how one can avoid government surveillance get down voted. Like we are the fricking problem. 
Posted on 7/13/22 at 11:32 am to bdavids09
quote:
I recently shut down my business and sold off some excess inventory for cash. It's around 30k total. I read that no more than 10k can be deposited at once? If I spread it out over multiple days will that still get flagged?
If it was part of a business, it had cost associated with it, it's not like you netted 30k. What are you worried about from a tax standpoint?
Posted on 7/13/22 at 11:50 am to bdavids09
Just pay everything for the next 6 months in cash or however long it takes.
Posted on 7/13/22 at 11:53 am to schexyoung
quote:
Your best bet is to use two or more different banks. Spread the cash out across banks; and then move it via ACH transfer to your primary operating account at your preferred bank.
Or just pay your taxes. Our country is fricking broke.
Posted on 7/13/22 at 12:09 pm to bdavids09
“I’m from the government and I am here to help.”
Posted on 7/13/22 at 12:09 pm to j1897
quote:
Or just pay your taxes. Our country is fricking broke.
That’s pretty unamerican.
This post was edited on 7/13/22 at 12:12 pm
Posted on 7/13/22 at 12:11 pm to Bawwitdabaw
quote:
$10k is the IRS limit.
This is the old norm.
New norm is $500-$600
Posted on 7/13/22 at 12:35 pm to Hussss
FALSE. CTR reporting thresholds haven’t been updated since their introduction in the min 1970s.
Posted on 7/13/22 at 12:41 pm to schexyoung
Doesn’t matter when the CTR was last updated. I can tell you from experience. I can also tell you that I tried to deposit only $1k cash into someone’s account at Wells Fargo and they would not even accept it. Made me write a check.
Cash in general is treated criminally now. I can promise you that.
Cash in general is treated criminally now. I can promise you that.
Posted on 7/13/22 at 12:57 pm to Hussss
It’s that Unabomber costume. I told you not to wear that out in public! 
Posted on 7/13/22 at 1:07 pm to I Love Bama
quote:
Just pay everything for the next 6 months in cash or however long it takes.
This. But I'm assuming the OP is talking about things like equipment or inventory that he had leftover from the sale? I'm not sure why you'd be in a hurry to deposit it, if its that big of a worry then I'd drop the entire amount (or most) and expect to need to report it to the IRS.
Posted on 7/13/22 at 1:22 pm to j1897
quote:
Our country is fricking broke.
I hope you are joking.
Posted on 7/13/22 at 1:26 pm to kengel2
You can do math, right?
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