What happens if I deposit a large amount of cash and my balance will be over 10,000 dollar?

by admin on May 26, 2012

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I think it is not safe to deposit money in the bank before and I afraid the IRS will tax me for the money I put in the bank. I cash all my money from pay check and put money in a secure box in my house. I didn’t spent so much.



+Admin


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{ 4 Answers… read them below or add one }

surajnahata May 26, 2012 at 2:26 pm

dear it will be very dangerous to keep a cash amount in home. if you pay the income tax you will free for invest it anywhere. so please do this. and if you are from india you can call me on my yahoo id surajnahata. i can suggest you more options.

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Bash Limpbutt's Oozing Cyst© May 26, 2012 at 2:26 pm

Depositing money in your account does not trigger a taxable event. Depositing your paycheck in your account, as long as it’s a check drawn on your employer’s account (as opposed to a money order or cashier’s check) won’t trigger any reporting regardless of the size of the check. On the other hand, any transaction involving cash in excess of $10,000 or more, or a series of smaller transactions that add up to $10,000 or more WILL trigger mandatory Cash (or Currency) Transaction Report reporting to the US Treasury. Also, any banking activity that departs significantly from your normal banking habits may trigger a Suspicious Activity Report regardless of the amount of the transactions.

Assuming that your income is from a legitimate job and taxes were withheld from your wages as the law requires there is ZERO risk in putting your money in the bank as far as tax reporting is concerned. (If you’re a deadbeat who is being sued for unpaid bills, money can be seized from your bank if a creditor gets a judgment against you. They may also be able to garnish your wages. That’s unrelated to taxes though.)

Your money is FAR safer in a bank than it will ever be in a box in your home. Your funds on deposit are protected up to $250,000 per depositor, per bank, against any loss from any event including failure of the bank. You have no such guarantee on the funds in your “secure” box in your home. There’s no such thing as a burglar proof box or safe. Safes are rated based upon the amount of time it would take an experienced safe cracker with the proper tools to get access to the safe, both by brute force and manipulating the locking mechanism. If a thief gets your box he has your money and you are screwed. Even if it takes him a month to crack it open (most can be cracked in 3 hours or less by a pro) you are still without your money and have no recourse unless he’s caught.

Deposit your paycheck in your bank account and withdraw money (checks, ATM, debit card, etc.) as you need it. There’s no safer way to manage your money.

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jlf May 26, 2012 at 2:26 pm

Nothing happens. Keeping large amounts of cash in your house is really dumb.

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adam May 26, 2012 at 2:26 pm

Mike,
Any hacker can find your address and you can lose all your savings. Prompto put it in a bank or in a bank locker. Dont delay and regret

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