How much cash can you deposit before it is reported?

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asked Jul 4, 2019 in Other-Finance by Djames55 (340 points)
How much cash can you deposit before it is reported?

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answered Jul 4, 2019 by Minty (132,850 points)
All banks must report all cash and check deposits to the IRS at the end of every year by law.

So even if you deposit only $2.00 in a year it will be reported to the IRS.

But if you deposit $10,000.00 or more at one time then the bank by law must report that $10,000.00 or more deposit to the IRS every time you make those deposits.

And then if you deposit multiple deposits of $10,000.00 in a short time then the IRS will have it's attention on you and your deposits and will likely contact you and audit you.

So to keep the IRS off your back you should report the income and deposits to the IRS yourself or face more penalties.

Hiding income from the IRS can be done for a short time but eventually the IRS will catch on and then you could likely end up spending time in prison which would not be worth it.

So just always report your income to the IRS because the banks will report the deposits anyway.

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