Depositing singles into your bank account
My accountant/ sugar daddy said I shouldn't deposit singles into my bank account because it looks suspicious. He said instead I should take my singles to a currency exchange every month and have it turned into a cashier's check. Then deposit that into my bank account.
This is all nonsense, right?
I file taxes every year so I thought depositing cash into my account wouldn't be a problem as long as it was less than what I claim.
I'm also not sure if he meant this for singles or any amount of cash
Re: Depositing singles into your bank account
Yes. If you're not doing anything illegal, you have nothing to worry about.
Re: Depositing singles into your bank account
I had a friend with the same concern. He had a farm stand selling.... pumpkins! He bought a houseful of replacement windows at Home Depot, paid for with a pile of $1s and $5s!
Re: Depositing singles into your bank account
Banks have to report cash deposits of $4000 or more. Other than that they do not care.
Re: Depositing singles into your bank account
Quote:
Originally Posted by
Eric Stoner
Banks have to report cash deposits of $4000 or more. Other than that they do not care.
I believe it is over 9000 because I haven't had to fill the irs report form out over that number lately.
Re: Depositing singles into your bank account
Yeah, that is nonsense. Banks don't care if you deposit singles and it does not look suspicious. It looks like you're a waitress, bartender, or any other job in the service industry. The bank will run your singles through a money counter to count them faster and that will be that. Also, it is over $9000 for the bank to report the money to the IRS.
Re: Depositing singles into your bank account
Are you sure ? I thought the Patriot Act lowered the reporting threshold.
Re: Depositing singles into your bank account
Nope . You folks were right. Banks MUST report all transactions of $10,000 or more. But they also must keep records for 5 years of all large cash transactions. Deposits , withdrawls , bank checks , money orders etc. There are some enhanced reporting requirements under the Patriot Act.
Re: Depositing singles into your bank account
Yeah, I'm gonna keep making the bank tellers mad with all my singles. :) Thanks!
Re: Depositing singles into your bank account
Quote:
Originally Posted by
Kase
... This is all nonsense, right?
Right, you are.
Quote:
I file taxes every year so I thought depositing cash into my account wouldn't be a problem as long as it was less than what I claim.
I'm also not sure if he meant this for singles or any amount of cash
This demonstrates a culture of compliance with the tax law. The IRS likes that. Fewer problems down the road.
XOXO
Z