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Cashing a check over $10k

Old 01-15-2014, 06:12 PM
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Default Cashing a check over $10k

Is there any bank reporting when cashing a check over $10,000? I received a check from a client for little more the $10k and would like to cash it.

Last edited by Dorado34698; 01-15-2014 at 07:27 PM.
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Old 01-15-2014, 06:15 PM
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Originally Posted by Dorado34698 View Post
Is there any bank reporting when cashing a check over $10,000? I received a check from a client for little more the $10k and would like to cash it. I just don't want to raise any red flags with the IRS.
yup, they will report it to the IRS. Its no red flag.
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Old 01-15-2014, 06:16 PM
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Yes. Any cash transaction over $10k or any suspicious cash transaction gets reported to the IRS. It's not a big deal it is just a one page form. As long as you claim it as income in your books, it's not a big deal to cash it.
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Old 01-15-2014, 06:22 PM
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All banks are required to report any cash transaction over $10,000.00, which means providing the identification of the customer involved in the transaction.

I understand this isn't so much a Patriot Act requirement as it is a result of the drug stuff. It's not new.

I don't like paying taxes either, but…

Remember - the most efficient and professional branch of the government is the IRS (forget about the recent politically oriented stuff). They will eat you alive if provoked.

Last edited by meatdog; 01-15-2014 at 06:25 PM. Reason: spelling
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Old 01-15-2014, 06:23 PM
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It's no big deal.
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Old 01-15-2014, 06:26 PM
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Originally Posted by franklinscar View Post
Yes. Any cash transaction over $10k or any suspicious cash transaction gets reported to the IRS. It's not a big deal it is just a one page form. As long as you claim it as income in your books, it's not a big deal to cash it.
Thank you.

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Old 01-15-2014, 06:32 PM
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Should have asked for 2 checks ……. IRS will be notified of the transaction if over 10k
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Old 01-15-2014, 06:38 PM
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Is this true for cashing? I thought it was aggregate deposits. And by that it technically means any number of deposits for same bank customer that total $10k cash per calendar year.

And I'm not sure my bank could even cash $10k at any give time.
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Old 01-15-2014, 06:42 PM
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I am not positive about this, however, I believe the bank can do a SAR, (Suspicious Activity Report) as low as 3,000.00.
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Old 01-15-2014, 06:48 PM
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if its a check being cashed at your bank then you should be ok.
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Old 01-15-2014, 06:56 PM
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Originally Posted by triplenet View Post
Should have asked for 2 checks ……. IRS will be notified of the transaction if over 10k
You're right.

Originally Posted by fireisland1 View Post
if its a check being cashed at your bank then you should be ok.
Meaning no reporting to the IRS?

Last edited by Dorado34698; 01-15-2014 at 07:12 PM.
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Old 01-15-2014, 07:00 PM
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Lol THT is a boating forum . . . not a tax forum.

Dorado you've already put yourself out there (and don't think for one second they don't look at web sites).

Here are some facts:

1. You can CASH a check for over a million dollars (I know someone personally who did so, divorce related and required an appointment).

2. You will very likely be reported for anything over $3k (they have a log at the bank where they will put your info and turn it into the IRS).

FACTS.

If you're going to try and circumvent the law don't post it on the www.

-Rob
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Old 01-15-2014, 07:02 PM
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Don't you have enough expenses to "step on it " ?
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Old 01-15-2014, 07:03 PM
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So you are trying to scam the tax man and your worried about cashing a check. Maybe you should worry about broadcasting it on the internet!
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Old 01-15-2014, 07:07 PM
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Originally Posted by Dorado34698 View Post
You're right. I might just give it back and ask him for 2.



Meaning no reporting to the IRS?
No it's any cash transactions totaling more than $10k in a business day requires a form to be submitted. I have found this to be true for deposits and withdrawals, business and personal. I have bought and sold lots of expensive equipment over the years and have dealt with alot of cash. Always above board.
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Old 01-15-2014, 07:20 PM
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2 checks is considered structuring deposits and would still require a bank to fill out a CTR possibly a SAR if its deemed necessary by bank staff.
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Old 01-15-2014, 07:25 PM
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Originally Posted by fireisland1 View Post
if its a check being cashed at your bank then you should be ok.

If you're already feeling screwed by the regs with cashing it...how about making it a deposit and letting expenses even out the flow? No red flags that way.

Asking the maker to change things into two checks is a BAD idea at this point unless he's doing an IRS side-step too. If that's the case, then both you meet together at a bonfire and re-do the deal's payment.
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Old 01-15-2014, 07:30 PM
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I have bought and sold many items including real estate and cashed (deposited) checks well into 6 digits. Not a problem...... as long as you are not laundering drug money don't even think of it. Tried to cash a check for $45K one day-- not enough cash in the branch. Had to come back the next day.
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Old 01-15-2014, 07:44 PM
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Gets reported to fincen...not so much irs
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Old 01-15-2014, 07:45 PM
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Originally Posted by deep tog View Post
I have bought and sold many items including real estate and cashed (deposited) checks well into 6 digits. Not a problem...... as long as you are not laundering drug money don't even think of it. Tried to cash a check for $45K one day-- not enough cash in the branch. Had to come back the next day.
This x 1000. Who cares? Pay your taxes and move on down the road. I don't see the big deal.
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