WhisperInfinity
Sun Jun 09 2024
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6 answers
1355
What happens when you deposit over $10,000 in a check?｜. Yes -- even if it's only $10,000.01. It's not just deposits, either. Banks are required to report any transaction of over $10,000, including withdrawals.Banks have to report any deposits above $10,000 to the IRS on a form known as the Currency Transaction Report
Could you please elaborate on what happens when a deposit exceeds the threshold of $10,000 in a check? Is it true that even if it's just a penny over the limit, it still applies? And does this reporting requirement only apply to deposits, or does it also extend to withdrawals? Additionally, could you explain the process of how banks report these transactions to the IRS using the Currency Transaction Report form?
