What's the deal with the IRS and depositing more than $10,000 at one time. Did anyone get smacked with penalties with this?
Should you do separate deposits on separate days not to exceed the $10K.
Help! It's too late now, but I think I screwed up on my taxes last year....
Sonicstef
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Re: The IRS & Depositing $10,000 ...
The rule with the IRS has nothing to do with how much you deposit. The taxes you owe have to be paid no matter how you deposit it.
The large deposit just triggers the bank to have to report it for anti money laudering reasons. Ive heard many times that the $10K rule isnt even accurate anymore.
Diane
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Re: The IRS & Depositing $10,000 ...
it didnt effect us at all.
shamrock12472
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Re: The IRS & Depositing $10,000 ...
The 10K rule has to do with anit money laundering activity. It has nothing to do with taxes.
You DO NOT OWE any taxes on your wedding gifts. They are gifts and the taxes are payed by the giftor, not the giftee.
mrswask
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Re: The IRS & Depositing $10,000 ...
I never heard of this, but we didn't get affected by it!
newbie
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Re: The IRS & Depositing $10,000 ...
The bank has to fill out a form and send it to the IRS if you deposit more than $10,000 in cash. Gifts are not taxable.
nyk825
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Re: The IRS & Depositing $10,000 ...
This is for cash deposits of $10K or more. There is not tax issue associated. The IRS just wants to know where you got the money from. and if it was legitimate.
