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Cash deposit or withdrawl & reporting to IRS

I know that Bank of America or Washington Mutual automatically report to IRS if cash deposit is at least $10,000. How about withdrawl? If u withdrawl more than $10,000 at one time, will it get reported to IRS? Does it matter what city or state you're in? I want to buy a used car & this guy wants all cash in amount of $14,000. How about if I were to write a personal check in that amount? Coincedentally that's exactly what I have in my check account, $14,000. Is there a limit on how much I can withdrawl at one time either by cash or personal check from my personal checking account if I had for example $100,000 without being reported to IRS?

Thanks in advance.

Reply to
sale-365187030
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wrote

Yes. Any cash transaction, or series of cash transactions, gets reported.

Yes.

Since it's one of the items requested on the form, then it matters.

Checks aren't cash.

$10,000 in cash, either deposited or withdrawn, gets reported. You can't break the amount into smaller amounts and slip under the radar, as the teller would pick up on the total of two $7000 cash withdrawals and the report would be prepared and filed.

Reply to
Paul Thomas, CPA

Thanks Paul. Just to confirm, if I write a personal check from my personal checking account(Bofa or Wamu) in the amount of $14,000 to the seller, IRS won't know about it or bank won't report to IRS? Just for curiosity, what if the personal check amount is much more than $14,000? Does it make any difference in the amount?

Thanks again

"Paul Thomas, CPA" wrote:

Reply to
sale-365187030

wrote

Checks are not cash......only cash gets reported.

The amount of the check doesn't matter.

Reply to
Paul Thomas, CPA

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