If I deposit $40,000.00 in a credit union will it be reported to the government?
- Beverly SLv 76 months ago
Any deposit over $10k is reported.
- AlCaponeLv 76 months ago
Yes, if in cash. But what are you afraid of? Did you gain the cash illegally? If not, and you paid taxes on it, you have nothing to worry about.
- RiddleMeThisLv 56 months ago
IF any ONE ITEM on a deposit is more than $10,000. the bank is bound, by law, to file a form. Cash is one Item, while 5 checks totaling $10K is not.
If you deposit 2 separate deposits of $5,000 each (on different days) then there is no reporting requirement.
- JudyLv 76 months ago
In cash, yes. transfer from another bank, no.
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- Badge 203Lv 46 months ago
ABSOLUTELY, and how many times do you need to be told that?
- motivatedjay_c0mLv 56 months ago
Yup.. If it exceed the amount of 10,000 then it is reported to the IRS.
- DON WLv 76 months ago
Yes, as you've been told many times before. Either you are trolling, or looking for some "secret" that doesn't exist.
- RichardLv 76 months ago
Certainly. A credit union account is treated the same way as a bank account.
- 6 months ago
Yes. The IRS receives notification for all transactions $10,000.00 or greater. If you intentionally try to hide the transfer by breaking it down into smaller quantities and making multiple transfers, then you are guilty of something known as "structuring" and each count carries penalties and jail time. That's what got Kent Hovind busted.
- David B.Lv 76 months ago
Any sum of money deposited in a personal account exceeding the amount of 10,000 is reported to the IRS. They are required b law to submit a form 8300 to the IRS.