Check deposit reporting

Discussion in 'Tax' started by Me-manny, Feb 11, 2011.

  1. Me-manny

    Me-manny Guest

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

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    Me-manny, Feb 11, 2011
    #1
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  2. Me-manny

    Seth Guest

    In article <>,
    Me-manny <> 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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    Seth, Feb 11, 2011
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  3. Me-manny

    Phil Marti Guest

    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

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << 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 >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
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    Phil Marti, Feb 12, 2011
    #3
  4. Me-manny

    wuffa Guest

    On Feb 12, 11:15 am, Phil Marti <> 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.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << 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 >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>
     
    wuffa, Feb 17, 2011
    #4
  5. Me-manny

    Phil Marti Guest

    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

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << 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 >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>
     
    Phil Marti, Feb 18, 2011
    #5
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