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Phbt - IRS notification of withdrawal of 10k or more


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#1 EWW

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Posted 15 April 2019 - 12:10 PM

If need an amount over 10k, but don’t want the irs notified, can you do it over 2-3 days and get around the reporting issue?
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#2 TonyBrown

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Posted 15 April 2019 - 12:11 PM

i believe you can.

 

eta - to be safe though I would do it over a couple weeks, not days.


Edited by TonyBrown, 15 April 2019 - 12:12 PM.

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#3 matt6150

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Posted 15 April 2019 - 12:13 PM

Reported for what?
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#4 armagh

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Posted 15 April 2019 - 12:15 PM

Reported for what?

IRS tracks deposits/with drawls  of $10K or more when it involves cash.


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#5 Murphy

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Posted 15 April 2019 - 12:16 PM

Reported for what?

 

banks have to notify the IRS, and possibly SEC, for deposits and withdrawals that are >$10K.  it's part of some anti-laundering law


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#6 SnowMan

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Posted 15 April 2019 - 12:19 PM

What you are proposing to do is called structuring. It too will require them to report.  

 

https://www.google.c...chrome&ie=UTF-8


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#7 Sidney Porter

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Posted 15 April 2019 - 12:19 PM

I would just withdrawal to 10k and not worry about it. It will get reported under the bank secrecy act. But nothing will happen since you don't move large sums of money.

You are more likely to raise eyebrows, If you withdraw 3333 over 3 days. It looks like you are intentionally avoiding the reporting through structuring which is illegal. Most banks are going to have software that identifies several smaller withdrawals over a few days.
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#8 matt6150

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Posted 15 April 2019 - 12:24 PM

banks have to notify the IRS, and possibly SEC, for deposits and withdrawals that are >$10K. it's part of some anti-laundering law

Oh. What about a wire transfer?
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#9 Mynameisluka

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Posted 15 April 2019 - 12:27 PM

Even if you spread it out, it will most likely be indetified as structuring, and it will get reported anyway. But, I wouldn't worry about it. Just take your 10k and go about your business. You know how often people withdraw 10k or more from the bank? A shit ton... Every single day. Don't sweat it.
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#10 matt6150

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Posted 15 April 2019 - 12:34 PM

How about $30k?
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#11 Sidney Porter

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Posted 15 April 2019 - 12:40 PM

Any transaction over 10k will get a ctr filed. They are not really a concern. If you are moving large sums of money in and out of banks, Between business you are leaving the paper trail.
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#12 Mynameisluka

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Posted 15 April 2019 - 12:43 PM

How about $30k?

yes, plenty of people withdraw more than 30k.

Generally speaking, a single report is meaningless. Where they come into play is when law enforcement is already investigating somebody for some crime, and the SAR adds meaningful evidence for the crime being investigated.

Edited by Mynameisluka, 15 April 2019 - 12:44 PM.

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#13 BeerBomber

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Posted 15 April 2019 - 12:46 PM

Just move to MO and buy some shit hole bar/motel.


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#14 EWW

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Posted 15 April 2019 - 12:50 PM

Turns out they have a counter limit of 7k in cash...

I’ll need to get the remainder tomorrow anyway.
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#15 SnowMan

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Posted 15 April 2019 - 12:52 PM

Turns out they have a counter limit of 7k in cash...

I’ll need to get the remainder tomorrow anyway.

 

 

I'm honestly surprised it's that high.  

 

My bank is $5k unless you give 24 hours notice.  


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#16 Patrick C.

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Posted 15 April 2019 - 02:23 PM

I had to withdraw around $20k in cash over the course of 6 weeks or so when we had the basement finished last year.  If I'm on a list, no one has told me yet.  


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