Cash or Checks

[tdr910]

What is reported to the IRS by banks? How much cash you deposit or checks?

 

[kirby]

Cash is reported (not checks). Bank will ask you to fill out a report on the cash over $10,000.

 

[wannobetax]

I once spoke to a Chase bank manager and he told me that the IRS wants them to fill out some paperwork when CASH deposits over $11500 are made... Chek deposits dont raise any flag and are more than normal in the normal cycle of business

hope this clarifies your concern...

 

[kirby]

Just to kep things correct. The reporting form is FINCEN form 104. The instructions specify to report cash transactions of over $10,000. So the Chase bank manager was in error on this.

 

[og954]

What about ACH, electronic funds transfers and wire transfers? Are those reported to the IRS?

 

[kirby]

Nope- again "cash transactions" - and reported not to IRS but to FinCEN