Depositing over $10,000 cash at a bank - paperwork involved?

[c5vetteman]

Sold the truck yesterday for $15,000 cash. Going to the bank after work today to deposit the money. Any reason not to deposit the whole amount to avoid the bank filing paperwork with the IRS or some other gov't agency???

[1955 BelAir]

Take it in $5000 increments over a few days.

[Ak. Mal]

Originally Posted by 1955 BelAir

Take it in $5000 increments over a few days.

Or two $7,500 trips.

[Swany00]

Originally Posted by Ak. Mal

Or two $7,500 trips.

[NeutronVette]

IB4 taxman comes in here and busts you guys.

[GroundPounder]

what's your problem with IRS ? Are you on terrorist watchlist ?

[oyealiz]

Originally Posted by c5vetteman

Sold the truck yesterday for $15,000 cash. Going to the bank after work today to deposit the money. Any reason not to deposit the whole amount to avoid the bank filing paperwork with the IRS or some other gov't agency???

only terrorists and guys with ponytails need to worry about that law.

[blown87]

Originally Posted by 1955 BelAir

Take it in $5000 increments over a few days.

[08crm]

When you deposit,buy or otherwise pay for anything 10,000 in cash or more it automatically gets reported to the GESTAPO,I mean IRS.

[c5vetteman]

Originally Posted by 1955 BelAir

Take it in $5000 increments over a few days.

Wouldn't that raise more suspicion like I am trying to hide something???

[Swany00]

Originally Posted by c5vetteman

Wouldn't that raise more suspicion like I am trying to hide something???

sure, but it's not our money

[c5vetteman]

Originally Posted by GroundPounder

what's your problem with IRS ? Are you on terrorist watchlist ?

Not a terrorist and nothing to hide!

Just don't like the IRS like every other red-blooded american who pays their taxes.

[c5vetteman]

Originally Posted by Swany00

sure, but it's not our money

I know...it is always more fun to play with someone else money!

[Admiral Blue]

Where is your bank and what time are you going?


No need to worry, you should be fine and have nothing to hide if they do have questions (assuming documetation through a bill of sale, etc.).

[lionsfan5454]

Why does it matter if the IRS knows? You didn't make money of that truck (I'm assuming) so they aren't going to take taxes.

The tax man got his cut twice already. Once when you bought it and now with the transfer/title tax the new owner will pay.

[GEEBEE711]

Originally Posted by 1955 BelAir

Take it in $5000 increments over a few days.

Originally Posted by Ak. Mal

Or two $7,500 trips.

Originally Posted by Swany00

The banks and IRS are getting wise to this.

[LarsAtTheBeach]

Originally Posted by lionsfan5454

Why does it matter if the IRS knows? You didn't make money of that truck (I'm assuming) so they aren't going to take taxes.

The tax man got his cut twice already. Once when you bought it and now with the transfer/title tax the new owner will pay.

I have to agree.

If you are not facing a tax liability on the money you are depositing...who cares?

The "cash" thing is a bit weird...but non issue to me. Unless the bills are counterfeit.

[c5vetteman]

Originally Posted by lionsfan5454

Why does it matter if the IRS knows? You didn't make money off that truck (I'm assuming) so they aren't going to take taxes.

Talk about understatement of the year. In this market (gas and credit crunch) it was my first offer in six weeks and I took it. Less than I had hoped for, but still way more than the stealership would have given!

[c5vetteman]

Originally Posted by LarsAtTheBeach

Unless the bills are counterfeit.

My concern exactly, but my brother in-law who is a policeman showed up in his squad with me and looked over every bill. The guy didn't even flinch when the squad pulled up!

[Ol'Timer]

Originally Posted by 1955 BelAir

Take it in $5000 increments over a few days.

It'll still get noticed and reported. No need to fear reporting in your situation.