Re: Legality and Withdrawl
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The requirement to report any CASH transaction 10,000 or over is not a myth.
OK. Understood. But OP's transaction was not cash, it was probably a check. We now need a banker to tell us if an EFT is deemed cash by the law.
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The same reporting requirements apply to any monetary instrument over $10K coming from outside the US. And the crime of structuring also applies to such transactions.
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FYI - the point of my CPA friend's comment that the $10,000 number was a myth was not that it didn't exists, but that the reporting threshhold for non payroll deposits is actually much lower.
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