Banks reporting 10K or more deposits to the IRS?.....True?
yo yo ma
this...and under what law? (PatriotAct?....heard that somewhere)
Really want to know the story with this....since I made a 10K deposit into
a savings account (online winnings).....Am I fucked?.....hope not!
Thanks for helping this fool........
_________________________________________________________________
Posted using RecPoker.com - http://www.recpoker.com
Ken Ream
for along time.
Even Carmella knew enough to keep her deposits to $9.9 K on the Sopranos
last season. :)
"yo yo ma" <anon...@hotmail.com> wrote in message
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Michael Del Corso
time. Now sure about electronic transactions....
Rich M
The following link lists several examples of the Bank Secrecy Act and
how it might be applied.
http://www.bankersonline.com/regs/103/appendixa.html
If you deposit money from offshore gambling, you should report it as
income. Failure to report income is serious, and could land you in
jail. No amount of money is worth prison. Pay your taxes.
Rich M
Brian Hall
"Rich M" <ri...@holdemsecrets.com> wrote in message
news:m239809kic8rvnu51...@4ax.com...
Jim
100% correct. If you deposit 10k of CASH or more in the same day a 8300
form is filled out and sent to the IRS. If you put down 10k or more as a
down payment on a car an 8300 form is also sent in. Now if you deposit a
check or write a check for that down payment no form.
The reason this was made law was to catch drug dealers trying to laundry
money back during the cocaine cowboy days. I had made one deposit to one
account before a trip to Vegas for a tourney and then made another deposit
into a seperate account at the same bank and it was over 10k total and I
was told the form would be sent out. She also told me if it were a check
they do not send one out.
So you think I will just deposit checks and not have to worry about taxes.
If you wish not to report it that is up to you. But if you get an audit
and they pull your bank records the saying "have a nice day" will not
apply to you for some time to come.
So don't worry about the form and do have a nice day. Congrats on the
score as well!
MJ
Curious
"Michael Del Corso" <anon...@computer.org> wrote
> Banks have been required to report checks of 10K or more for a very long
> time. Now sure about electronic transactions....
That's a ridiculous claim. Cite your source.
Tanya AKA misst74
local bank branches regarding this question and it is $10,000 CASH deposit
or more. If the deposit is a check, then they do NOT report it.
Tanya
misst74
yo yo ma
> MJ is completely correct. I spoke with the Vice President of one of our
> local bank branches regarding this question and it is $10,000 CASH deposit
> or more. If the deposit is a check, then they do NOT report it.
>
> Tanya
> misst74
Thanx so much......appreciate the clarification.....lots of different
takes......thanks again..it is appreciated....and easies my paranoid
worries......lol
Octo
"Tanya AKA misst74" <anon...@yahoo.com> wrote in message
news:qa3hc.13559450$Of.22...@news.easynews.com...
> MJ is completely correct. I spoke with the Vice President of one of our
> local bank branches regarding this question and it is $10,000 CASH deposit
> or more. If the deposit is a check, then they do NOT report it.
>
> Tanya
> misst74
>
>
What about a $10k wire?
Brue182
used such as banks, car dealerships, casinos etc.. at the casino they are
required to ask for id and document any transaction or series of
transactions at or above 3k but you can deny giving them the information
at the cashier at 10k you HAVE to fork over identification or else at
least at mine i just hand u back your chips and say have a good day i cant
do anything for ya
Jim
A wire is same as cash, it will be reported. It must be a check to avoid
reporting. So just request a check be sent to you, although it takes a
little longer to get the money.
MiamiJim
Gary Carson
>> local bank branches regarding this question and it is $10,000 CASH deposit
>> or more. If the deposit is a check, then they do NOT report it.
I think they're supposed to report it if you ask about what the thresholds are.
--
Gary Carson
http://garycarson.com
James Monroe
Ridiculous?
Not sure what you consider to be "a very long time", but I can verify
it's been the case since at least 1978.
Just ask anyone at your bank.
skivrmt
something illegal. Ie, on the Sopranos, making 9.9K deposits would not
work in real life. I work for a bank and we would report that to our
incident management team to "check it out". Whether or not they would is
a different story. Also, if someone is bringing in more than 5k in cash
to buy a cashiers checks or money order, same deal, gets reported.
Usually its not a big deal...just because it gets reported nothing bad
happens...unless of course you are laudering money... ;)
-Mark (skivrmt)
Big E. Fish
> The reporting $10K transactions has been a law and pretty common knowledge
> for along time.
> Even Carmella knew enough to keep her deposits to $9.9 K on the Sopranos
> last season. :)
>
Should also be noted that multiple transactions of slightly less than
10k will prompt the filing as well, provided the bank is paying
attention. If they note that you are depositing less than 10k to
bypass the filing requirements they can (required to?) file one.
Linford
be a problem, the reason that payments by cheque and from other bank
accounts are ok is that the it is assumed that the relevant anti money
laundering research has been carried out on the money. Banks on a
global basis have agreements in place that if money is paid into an
account by a cheque from another account, no further anti money
laundering checks are required - I don't know if a US bank would have
these same agreements with a Bank in the Carribean or Costa Rica.. You
might want to look into that.
"Octo" <octotheREM...@hotmail.com> wrote in message news:<c62iv1$ghb$1...@geraldo.cc.utexas.edu>...
OneOut
Find a friendly banker or open an offshore account and just save the money.
I know a guy who went to jail because of this law.
"Gary Carson" <garyc...@wmconnect.comtrash> wrote in message
news:20040420085642...@mb-m10.wmconnect.com...
Unknown
<kream...@zbzoom.net> wrote:
>Even Carmella knew enough to keep her deposits to $9.9 K on the Sopranos
>last season. :)
If you make enough of these 9.9, 9.5, 9.2, 9.4 type of deposits you're
going to get reported anyway.
Rich M
>If you make enough of these 9.9, 9.5, 9.2, 9.4 type of deposits you're
>going to get reported anyway.
In fact, in addition to filling out the form, bank officers are
encouraged to telephone authorities and report you immediately if they
see any pattern of transactions designed to stay under the $10k limit.
Rich M
Gary Carson
>encouraged to telephone authorities and report you immediately if they
>see any pattern of transactions designed to stay under the $10k limit.
Well, it's called structuring, and it's illegal. Even if the money is legal,
and all taxes are paid on it, you can go to jail for structuring.
The Beast
Don't go betting two years of your life on this (although it's more
likely a very short sentence and a very large fine + interest). Even if
you knew the teller, the bank manager is supposed to review such
transactions. Even if you got to the manager, you have internal
auditors who review reportable transactions. I would dutifully review
every => $10k and write up any manager failing to report such a
transaction.
* New Poker Magazine:
http://www.liveactionpoker.com/magazine/magazine.html
** $30 Free Poker Bankroll at http://www.liveactionpoker.com/free30
OneOut
<T> wrote in message news:408556f2$0$199$7586...@news.frii.net...
> "Find a friendly banker"
>
> Don't go betting two years of your life on this (although it's more
> likely a very short sentence and a very large fine + interest). Even if
> you knew the teller, the bank manager is supposed to review such
> transactions. Even if you got to the manager, you have internal
> auditors who review reportable transactions. I would dutifully review
> every => $10k and write up any manager failing to report such a
> transaction.
Then you're not a friendly banker.
If you're over 10k then it doesn't matter how friendly your banker is.
But just an ocassional cash deposit can seem more suspicious to some banks
than others. This I know from personal experience. I was once told by a bank
teller that just asking about the reports was considered suspicious and
could trigger a report. I was trying to cash a check with the business owner
who banked there and wrote the check standing beside me.
We went across the street to my bank where they were used to seeing me
handle cash transactions and it didn't seem suspicious to them.
"Find a friendly banker" is still good advice.
Dave P.
> On Apr 20 2004 1:11AM, Tanya AKA misst74 wrote:
>
> > MJ is completely correct. I spoke with the Vice President of one of our
> > local bank branches regarding this question and it is $10,000 CASH deposit
> > or more. If the deposit is a check, then they do NOT report it.
> >
> > Tanya
> > misst74
>
> Thanx so much......appreciate the clarification.....lots of different
> takes......thanks again..it is appreciated....and easies my paranoid
> worries......lol
>
You could just try paying your damn taxes.
-- Dave