I've gotten pretty lucky the past few weeks and have wound up with a decently large sum of money (for me at least). I'm pretty young so I'm not that educated on how tax laws and everything works, but how much money could I deposit in the bank without raising eyebrows? Should I just keep the cash in a safe or something? Been in the market for a new car and I've recently won enough combined with my actually earned money to buy the car without any note, but scared that might be a bad idea.
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Anything $10,000 or more is reported by banks after 9/11. My mom works at a bank, any wire transfers over that amount is automatically red flagged so if you want to stay under the radar keep it under $10 grand. At least that is what my mother told me and how they do things, I guess I can't speak for all banksComment -
By that do you mean don't deposit $10k at once? Like if I were to deposit in increments of $5k once a week for a couple weeks would that raise eyebrows?Comment -
Continuous transfers under $10,000 is a federal crime if proven money not legit
Some clause about your trying to evade taxesComment -
I mean what I said, whatever you take out make sure it stays under that amount on withdrawals that are heading to your bank account. As a result of 9/11 the government is monitoring large sums of cash coming in or out of country in an attempt to stop illegal activity.Originally posted by Wangsta3Comment -
When you deposit in a bank there's a paper trail. When you put the $$ in a safe deposit bank there is not. A paper trail can get you in all sorts of trouble, particularly with taxes. Having a lot of cash can potentially make you vulnerable to robbery. Which criminals are you more afraid of--the government or just regular bad guys?Comment -
Originally posted by Harry N. Lloyd
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