Will Banks get suspicious if i deposit 4,000 in cash every month?
So besides my day job (software engineer) which i have direct deposit linked to my bank.. I also like to perform private service on my off days , more specifically i fix people's software issues on their computers a lot of times it's complex stuff. Usually my clients pay me in cash for my service. So i have opened a new bank account where I specifically have been depositing 4,000 in cash and so far had no issues. But I am worried if my new bank decides to close my account because i constantly deposit it every single month and its all in cash.
Should I instead deposit the cash to my main bank where i also have my direct deposit set up? What should i do?
- Anonymous1 month agoFavorite Answer
I doubt it. Now 8000 one day and $3000 the next day, YES.
And you have nothing to worry about unless you are a tax cheat. They don't call the police. They file a form. And the treasury is looking for big money drug dealers and money launderers. You are too small. I have deposited over 10k in cash several times and I never heard from anyone. Its MY money and I am not a tax cheat. My bank probably filed a report. So what?
- 1 month ago
No, the bank is not required to notify the IRS unless your deposit is $10,000 or above.
- MaxiLv 71 month ago
Report your additional income and pay tax on it............ or continue to commit tax fraud and be taken to court
- JudyLv 71 month ago
You are reporting this income on your tax return, right? No problem then.
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- notLv 71 month ago
Doesn't matter as long as you pay taxes on it. If they get suspicious they call the law.
- 1 month ago
If your bank gets suspicious, just tell them you're a prostituteSource(s): I used to work for a sheriff's department