Is this a federal law with banks?
If I wanted to put say 60,000 CASH into a bank account would the IRS have to be notified? Is it true you can only deposit a certain amount of cash into an account? Is this a federal law?
- STEVEN FLv 74 weeks agoFavorite Answer
There is not an d never has been a limit on cash transactions.
A CTR (currency transaction report) must be filed for cash transactions over $10,000. 9.99% of such reports are filed and NEVER even looked at. If, and ONLY IF the account comes up in an investigation of financial crimes, someone will actually notice the CTR.Source(s): 20 bank employee. This is part of the annual compliance training.
- BLv 74 weeks ago
no limit to your cash deposits but any amounts at $10K are subject to reporting
- babyboomer1001Lv 74 weeks ago
No, it is not true. There is no limit on what you can deposit. The IRS will be notified. You will get a tax statement from the bank, no matter how much you have in your accounts. One copy goes to you and another copy to the IRS, even if you only have $10 in your account.
- JudyLv 74 weeks ago
Yes they'd have to be notified by law. If you had a reasonable explanation, you'd be ok.
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- SlumlordLv 74 weeks ago
Anything over 10k and the IRS gets notified. Its to try to catch people doing illegal activities.
- MichaelLv 74 weeks ago
You can deposit as much as you want. If it's more than $10,000 the bank needs to tell Uncle Sam about it.
- ScottLv 64 weeks ago
Yes, large ($10,000 +) transactions are reported to the IRS. You can thank the war on drugs.
- AmyLv 74 weeks ago
There's no limit to how much you can deposit.
They report large cash transactions to the IRS in order to catch people who are not paying tax on their cash income, and/or are getting the cash from something illegal. If you have a legitimate business and you report the income on your tax returns, it doesn't matter that it was cash.
- PearlLv 74 weeks ago
i would ask your bank about it
- StephenWeinsteinLv 74 weeks ago
The government would have to be notified. It is a federal law. However, there is no limit to how much you CAN deposit; it's just that there's more paperwork when you do.