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Check deposit reporting

 
 
Me-manny
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      02-11-2011, 06:09 PM
How large must a check be before the bank reports it to the IRS?

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Seth
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      02-11-2011, 08:50 PM
In article <(E-Mail Removed)>,
Me-manny <(E-Mail Removed)> wrote:
>How large must a check be before the bank reports it to the IRS?


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

Seth

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Phil Marti
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      02-12-2011, 11:15 AM
On Feb 11, 1:09*pm, Me-manny wrote:

> How large must a check be before the bank reports it to the IRS?


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

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wuffa
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      02-17-2011, 03:20 PM
On Feb 12, 11:15*am, Phil Marti <(E-Mail Removed)> wrote:
> On Feb 11, 1:09*pm, Me-manny wrote:
>
> > How large must a check be before the bank reports it to the IRS?

>
> 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

31 USC Sec. 5316
01/05/2009

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.

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<< The foregoing was not intended or written to be used, >>
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<< that may be imposed upon the taxpayer. >>
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Phil Marti
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      02-18-2011, 10:08 AM
On Feb 17, 10:20*am, wuffa wrote:

> > 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.


> * * 31 USC Sec. 5316


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

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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
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<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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