Bank Deposit Tax

are large bank deposits taxed?

We have a personal check that we want to deposit to pay bills. Over twenty thousand. Will it be taxed or monitored by the goverment?

Wow! It’s automatically going to be marked and the bank will be required to report it (it’s called a CTR). Any amount equal to or over $10,000 is required to be reported. If you are looking to hide it, cash it at the issuing bank (usually printed on the check). That way it’s only linked to your name on the check itself (not your personal account, which is linked to your social security number). The gov’t won’t be able to say you are the same john doe on the check.

If you want to do it legitimately, you’ll have to include any of it that is over $13,000 per person. If the check is from two people you can exclude (not report) income of $26,000, just so long as it was GIFT! If it wasn’t a gift, then you’ll have to tell uncle sam about all of it and pay the piper.

Here is a tid-bit about CTRs
http://en.wikipedia.org/wiki/Currency_transaction_report

Notice that it’s more for money laundering than tax evasion.

Cyprus Parliament Rejects Bank Deposit Tax


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