will the IRS get suspicious if you make random cash deposits < $1000 sporadically?
- Thread starter BlahBlahYouToo
- Start date
Do you honestly think the IRS has time to monitor $800 cash deposits? Christ.
You people are too goddamn paranoid.
You people are too goddamn paranoid.
How about PayPal , and then to bank? Small amounts of cash ($50 or under)? I mean, everyone sells stuff and uses Paypal, it shouldn't be a problem, no?
By and large, the government has better things to do than go after the penny players.
However, financial institutions are required to report suspicious transactions. What is regarded as suspicious depends upon the financial institution and the client.
E.g. a self-employed builder making regular mortgage payments in cash would be suspicious, and the mortgage bank may notify the authorities.
If you suddenly start making regular cash deposits of the same amount on a very regular schedule than that also may be suspicious.
Worst comes to the worst, your bank will just ask where the cash is coming from. My stockbroker screwed up once, sold all my stock and closed my account, and wired the cash to my checking account. For whatever reason, the transaction just came up on the statement as 'bank transfer <Insert name of bank that stockbroker is a part of> Bank'. I got a phone call from my bank manager saying 'WTF is going on? Where's this money come from?'
However, financial institutions are required to report suspicious transactions. What is regarded as suspicious depends upon the financial institution and the client.
E.g. a self-employed builder making regular mortgage payments in cash would be suspicious, and the mortgage bank may notify the authorities.
If you suddenly start making regular cash deposits of the same amount on a very regular schedule than that also may be suspicious.
Worst comes to the worst, your bank will just ask where the cash is coming from. My stockbroker screwed up once, sold all my stock and closed my account, and wired the cash to my checking account. For whatever reason, the transaction just came up on the statement as 'bank transfer <Insert name of bank that stockbroker is a part of> Bank'. I got a phone call from my bank manager saying 'WTF is going on? Where's this money come from?'
Depends.....you doing $1000 transactions in crumpled $1 and $5 bills, with the occasional $10 bill thrown in for good measure? If that's the case, the folks at the bank might figure you to be a drug dealer.......or the best darn stripper in town! 
Originally posted by: Canai
Originally posted by: Phokus
Dude, just launder your drug money
but if he gets caught laundering money he's not going to white collar resort prison he's going to FPMITA prison...
Originally posted by: BrownTown
Originally posted by: Canai
Originally posted by: Phokus
Dude, just launder your drug money
but if he gets caught laundering money he's not going to white collar resort prison he's going to FPMITA prison...
What kind of white collar criminals are we? We have to look up money laundering in the fucking dictionary!
Just my opinion but anyone who is stoooooopid enough to sell drugs and deposit the money in the bank deserves to get caught lol.
Wonder why this
http://www.washingtonpost.com/...4/AR2007072400150.html
dude didnt slowly depsit this money????:laugh:
Wonder why this
http://www.washingtonpost.com/...4/AR2007072400150.html
dude didnt slowly depsit this money????:laugh:
This was why a friend of mine used to take checks when selling drugs.
The cops though it was hilarious when they eventually busted him.
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