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#1
07-10-2007, 02:21 PM
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Quick Deposit Question
I have $6K cash I want to deposit into one of my bank accounts, but I don't want to set off any flags or whatever. What increments should I deposit them in (and time between)? I will be paying taxes on this money, but I don't want to give any reasons to get audited. Any help?
Thanks! 
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#2
07-10-2007, 02:27 PM
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Re: Quick Deposit Question
This is called structuring and is ILLEGAL. Just deposit the entire amount and pay taxes on it.
fyc
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#4
07-10-2007, 02:40 PM
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Re: Quick Deposit Question
You do not want to deposit it in increments. That is structuring and is a crime.
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#5
07-10-2007, 02:42 PM
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Re: Quick Deposit Question
[ QUOTE ]
This is called structuring and is ILLEGAL. Just deposit the entire amount and pay taxes on it. fyc [/ QUOTE ] Honestly, I am going to pay taxes on it. When and how I put money into this account really doesn't have anything to do with how I report. I just wanted to avoid any red flags or whatev, if I could. It makes sense that this is illegal, but I didn't think about it. I will just deposit it all. Thanks.
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#6
07-10-2007, 02:46 PM
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Re: Quick Deposit Question
[ QUOTE ]
You do not want to deposit it in increments. That is structuring and is a crime. [/ QUOTE ] How is it structuring and a crime when the total is ONLY 6K well below the 10K threshold level for the report to be filed... Just deposit the 6K it will not(or should not be) be an issue..Unless the bank is overly zealous against gaming..If that's the case the amount of your deposits will not matter... UIGEA is not supposed to have any effect on deposit into banks only the funding to gaming sites..
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#7
07-10-2007, 02:49 PM
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Re: Quick Deposit Question
[ QUOTE ]
[ QUOTE ] You do not want to deposit it in increments. That is structuring and is a crime. [/ QUOTE ] How is it structuring and a crime when the total is ONLY 6K well below the 10K threshold level for the report to be filed... Just deposit the 6K it will not(or should not be) be an issue..Unless the bank is overly zealous against gaming..If that's the case the amount of your deposits will not matter... UIGEA is not supposed to have any effect on deposit into banks only the funding to gaming sites.. [/ QUOTE ] I don't think it is..
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#8
07-10-2007, 05:55 PM
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Re: Quick Deposit Question
Just deposit it. Anything under 10k doesn't get reported. Although it _may_ be put on a 1 week hold because it's over 5k, because of some stupid law passed after 9/11.
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#9
07-10-2007, 08:59 PM
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Re: Quick Deposit Question
There is an article on structuring at: http://support.visualanalytics.com/t...e12/VLNews.cfm
The critical statement is "Thus, "structuring" financial transactions to avoid filing requirements is a form of money laundering and subject to penalties and forfeitures under the current laws and regulations." so since it is under 10k and you are not trying to avoid filing anything, becasue nothing would be filed, you are perfectly OK to deposit all 6k
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