Re: Biggest check you can get that banks don\'t report to IRS?
 

Gretasgun ty for the infos, are u in europe? and what is happening if its a bank transcation over 10k? on europe we do not pay taxes for that, so what is happen on that circumstance, is any problem to tell them they are gambling winnings?

Re: Biggest check you can get that banks don\'t report to IRS?
 

I am in the US, the regulations that I spoke of are for the US banking system. I don't know anything about Europe.

It's not in the bank's interest to know where the money comes from, either.

Re: Biggest check you can get that banks don\'t report to IRS?
 

which is on the bank interest if its not a possible money laundering?

Re: Biggest check you can get that banks don\'t report to IRS?
 

For details, read up on the Bank Secrecy Act of 1970.

http://en.wikipedia.org/wiki/Bank_secrecy_act

Re: Biggest check you can get that banks don\'t report to IRS?
 

Anybody have an answer for Canadians ?

Re: Biggest check you can get that banks don\'t report to IRS?
 

There is an entire thread on Canada and Tax law

Re: Biggest check you can get that banks don\'t report to IRS?
 

In the course of buying and selling homes, I've dealt with 6-figure checks and 6-figure bank wires, and AFAIK, none of it was ever reported to any government agency.

My understanding is in line with the other posters above; if you deal with large cash transactions, you may have issues. Checks shouldn't trigger any thing.

Re: Biggest check you can get that banks don\'t report to IRS?
 

just w/d 9,999

Re: Biggest check you can get that banks don\'t report to IRS?
 

The reason that the $10,000 cash deposit reporting is in place it because there is no paper trail with cash, they can't track down where it came from. A check deposited in your account can be traced to it's source. It's more for trying to identify 'illegal' sources of income and the associated criminal activity than to let anyone know how much money you're making. That comes later with an IRS audit...