Quote:
Originally Posted by mhsprecher
This is only part of your question but any bank transaction over $10,000 in cash is reported to the IRS.
|
It's actually a lot less than that and has been for some time. Even $2000 or $3000. When the law was passed, probably 1969, $10k was a lot of money. So it's actually gotten more intrusive.
They are looking for suspicious activity though, and are also required to file a "SAR" if they believe something is hinky. Buying or selling a car or a combine however, is not suspicious. Making large deposits out of the blue ... that's probably gonna get on somebody's radar. It's part of the "Know Your Customer" policy. Some people deal with lots of cash regularly.