Threaded View
Subject
- Posted on
Cash deposit or withdrawl & reporting to IRS
- 07-04-2007
sale-365187030 posted on July 4, 2007, 11:44 pm
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.
Paul Thomas, CPA posted on
Re: Cash deposit or withdrawl & reporting to IRS
Yes. Any cash transaction, or series of cash transactions, gets reported.
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$10,000 in cash, either deposited or withdrawn, gets reported.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.
--
Paul A. Thomas, CPA
Athens, Georgia
Re: Cash deposit or withdrawl & reporting to IRS
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:
Site Timeline
- » cost accounting: your favorite sites
- — Next thread in » General Accounting
-
- » advice for new accountant
- — Previous thread in » General Accounting
-
- » report and the concept of finance
- — Newest thread in » General Accounting
-
- » Take all my unrealized capital gains this year?
- — The site's Newest Thread. Posted in » Taxes General Forum
-
XML Sitemap