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H
hashu1
April 18, 2020
Question

Cash deposits of 12,000 in a year - IRS flag?

  • April 18, 2020
  • 1 reply
  • 0 views

Hello,

 

I made cash deposits throughout 2019 that totaled to about $12,000 into my checking account.  My understanding is the Bank reports these deposits if over $10,000 to the IRS.  If so, does this mean that I am flagged for an audit?  I am an individual.  Don't own any trade or businesses.

 

Appreciate the clarity.  thank you!

    1 reply

    VolvoGirl
    VolvoGirl
    April 18, 2020

    I think it is if only one deposit is over 10,000.  Not the total for the year.

    VolvoGirl
    VolvoGirl
    April 18, 2020

    May I ask why you are depositing cash?  Are you getting paid in cash?  That may be self employment income and you will need to file as a self employment business on schedule C in your individual tax return.

    H
    hashu1Author
    April 18, 2020

    Thank you for both answers.  I did think as well that it was for 1 deposit that is 10K or more but wanted to confirm.

     

    They were deposits from gifts and/or cash deposit from my line of credit account for cash being immediately available in my checking account.

     

    So if deposits in one cash transaction is 10K or more than I assume IRS will need to ensure thats reported as income and pay tax on it?

     

    Thank you

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