deee_z Posted July 25, 2013 Posted July 25, 2013 Is there a limit on how much change one can change into cash before a bank or credit union reports you to IRS or the like?
orsd Posted July 25, 2013 Posted July 25, 2013 What's the problem with IRS knowing? You aren't avoiding taxes are you?
AZVendor Posted July 25, 2013 Posted July 25, 2013 It used to be any deposit of cash over $10000 was reported to try to stop drug money laundering. It may be a lower number now to try to stop illegal terrorist transfers. Check with your bank, they will be honest with you.
deee_z Posted July 25, 2013 Author Posted July 25, 2013 No ords, nothing like that, friend wanting to start a route was curious, I told him I did not know. Thanks AZ!
moondog Posted July 25, 2013 Posted July 25, 2013 I think it's still $10,000. The bigger problem is that many banks won't accept that much change per month without a fee. I would think that the IRS or law enforcement would only investigate if there were multiple large cash deposits made to the same account.
mjacks Posted July 25, 2013 Posted July 25, 2013 It is $10k. Finding a bank to wants to handle that kind of coin isn't all that easy. I have had to make a couple changes over the years because of it. I usually stick of more local banks that have a big vault on site to make things easier.
mission vending Posted July 26, 2013 Posted July 26, 2013 It used to be any deposit of cash over $10000 was reported to try to stop drug money laundering. It may be a lower number now to try to stop illegal terrorist transfers. Check with your bank, they will be honest with you. 10K is the trigger for MANDATORY reporting, the banks can report ANY activity they feel is suspicious.
treadmill Posted July 26, 2013 Posted July 26, 2013 I just happen to ask my bank this very question last week. My bank told me that if I exchange coin for bills they do not report it to the IRS (any amount). Now if you deposit anything over $10,000 at one time it gets reported to the IRS. So in recap exchanging coin for bills no to the IRS and yes to the IRS for deposits greater than $10,000.
sherlock Posted July 26, 2013 Posted July 26, 2013 Jeez -- I wish my coin deposits were that high. I wouldn't mind my bank looking at me sideways if I was rolling in with that amount of cash on a regular basis. It would be worth the suspicious looks to know my route was pulling in that kind of cheddar.
havending Posted August 1, 2013 Posted August 1, 2013 It is $10k. Finding a bank to wants to handle that kind of coin isn't all that easy. I have had to make a couple changes over the years because of it. I usually stick of more local banks that have a big vault on site to make things easier. We have had to shop around for banks also. It's getting hard to find a bank that will coin ship. And the indemnity agreements have changed also. Years back when we rolled I banked at a small country bank and the local branch never have to order quarters. We kept them stocked the branch only served a couple local business. On a side note you should never cash quarters in for paper. Deposit it and run your business from it.
shepherdsflock Posted August 8, 2013 Posted August 8, 2013 My bank has a big change counting machine in the lobby. I can dump as much money into it as I want as long as it doesn't hit capacity. Not sure how much capacity it has, but I've dumped over $1000 in quarters in it before without any problems.
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