Do banks report cash deposits to the IRS?

+1 vote
asked Nov 4, 2018 in Other-Finance by KellyGuire (270 points)
Do banks report cash deposits to the IRS?

When you deposit cash into a checking or savings account does the bank report that cash deposit to the IRS?

1 Answer

0 votes
answered Nov 4, 2018 by Christeen (70,120 points)
When you open up a bank account you provide the bank with enough information to let the IRS know about any deposits such as your SSN number, full name, address etc.

Banks don't usually report an occasional cash deposit of less than $10,000.000 but if you make multiple cash deposits of $10,000.00 or less in a short time then yes those cash deposits will almost always be reported to the IRS and then the IRS will be contacting you soon.

Banks always have to and are required by the Federal Government to report cash deposits of more than $10,000.00 to the IRS.

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