#1
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Filling out forms on 5 figure bank deposits
I am in America. I recently closed a bank account of mine and I am going to deposit a 50k check from one bank to another.
Do I have to fill out a form for taxes or is that only for cash deposits over 10k? Can I just leave the form blank if I have already paid taxes on the money last year? Are there any questions that I should be aware of and I should answer coyly or should I just say that I made money playing poker last year and have already paid taxes on the winnings? |
#2
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Re: Filling out forms on 5 figure bank deposits
what is this incredible fear people have of depositing over 10k?
All that happens is the bank reports your transaction to the irs, who may or may not make a note of it. You do nothing, and unless you are doing anything illegal there is nothing to be afraid of. It probably increases your chance of being audited, but again if you aren't doing anything illegal then there is nothing to worry about. |
#3
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Re: Filling out forms on 5 figure bank deposits
Probably doesn't matter too much, but I would:
Deposit the whole check first (that way it is an all check transaction) and then withdraw funds seperately. If you deposit with cash back, it is a mixed transaction and then report must be taken and usually just filed at the bank. Not really a big deal though either way. |
#4
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Re: Filling out forms on 5 figure bank deposits
Moving money from account to account by check is completely standard. No paper work. No worries. The CTR that everybody fears is for cash, not checks. You do not have to tell the bank anything about the poker playing origins of the money, or state that income tax has been paid on it--they won't ask. They'll just politely say "thank you" and tell you it'll be about 3 bazillion weeks before the check clears and you can actually get at your money (ok, I'm exaggerating slightly).
That's the major downside with depositing checks--banks are afraid of people kiting them or doing stop-payments on 'em, so they won't let you touch your money for many days after a large check deposit. Deposit cash and it's instantly available, but if you deposit >=$10K in a day the bank is required to do the CTR (which is still harmless, if you have nothing to hide). |
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