Do Banks Report Large Deposits to the IRS?


Quick Answer

Banks in the United States are required to report cash deposits in excess of $10,000 to the IRS. The requirement pertains not only to one lump sum cash deposit in excess of $10,000 but also to two or more related deposits that total over $10,000.

Continue Reading
Related Videos

Full Answer

Related transactions are those that occur within a 24-hour time period. In addition, if a bank reasonably believes that a series of cash deposits are related, even if they are made outside of the 24-hour time frame, the IRS reporting is triggered. The primary underlying purpose behind this reporting requirement is to combat illegal money laundering and related types of fraudulent conduct.

Learn more about Taxes

Related Questions