Check deposit reporting

Banks don't necessarily report any size checks to the IRS or Treasury Department.

Seth

AFAIK banks don't report anything about deposit activity to the IRS. They report cash deposits of $10,000 or more to someplace in Treasury. There's also something about reporting a series of lesser deposits if it looks like they're one big one split up to avoid reporting. It's part of money laundering law, not tax law.

Phil Marti VITA/TCE Volunteer Clarksburg, MD

CITE

EXPCITE

TITLE 31 - MONEY AND FINANCE SUBTITLE IV - MONEY CHAPTER 53 - MONETARY TRANSACTIONS SUBCHAPTER II - RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS

HEAD

Sec. 5316. Reports on exporting and importing monetary instruments

STATUTE

(a) Except as provided in subsection (c) of this section, a person or an agent or bailee of the person shall file a report under subsection (b) of this section when the person, agent, or bailee knowingly - (1) transports, is about to transport, or has transported, monetary instruments of more than $10,000 at one time - (A) from a place in the United States to or through a place outside the United States; or (B) to a place in the United States from or through a place outside the United States; or (2) receives monetary instruments of more than $10,000 at one time transported into the United States from or through a place outside the United States. (b) A report under this section shall be filed at the time and place the Secretary of the Treasury prescribes. The report shall contain the following information to the extent the Secretary prescribes: (1) the legal capacity in which the person filing the report is acting. (2) the origin, destination, and route of the monetary instruments. (3) when the monetary instruments are not legally and beneficially owned by the person transporting the instruments, or if the person transporting the instruments personally is not going to use them, the identity of the person that gave the instruments to the person transporting them, the identity of the person who is to receive them, or both. (4) the amount and kind of monetary instruments transported. (5) additional information. (c) This section or a regulation under this section does not apply to a common carrier of passengers when a passenger possesses a monetary instrument, or to a common carrier of goods if the shipper does not declare the instrument.

That's the section dealing with import/export of financial instruments. The section requiring reports of domestic transactions by banks is 31 USC Sec. 5313, and it leaves a lot up to regulations as to the types of transactions requiring reporting. The last time I cared it was $10,000 cash, no reporting required regarding checks.

Phil Marti VITA/TCE Volunteer Clarksburg, MD