Large deposits to my account
in Banking, Insurance & Loans ·
goldentrucker3 said:Hey there. I’ve been thinking about a couple of scenarios lately:
1. Say you sell off a car, some jewelry, or just some other personal item that’s worth a decent chunk of change, and the buyer hands you $5,000 in cash. Is it going to be an issue if you try to drop that money into your checking account without having to jump through all those hoops to prove where it came from?
2. Here’s another one: imagine you’ve been tucking money away in a jar alongside your parents for years, and you’ve finally scraped together a significant amount—let's say $5,000. Can you just deposit that into your account, or are you forced to justify the source? Because honestly, there isn't much of an explanation besides saying you’ve been saving cash under a mattress for years. I’m not entirely convinced the IRS considers "I kept it in a sock" to be a valid excuse. Or maybe these amounts are small enough that they don't even bother sweating the details.
If you had said 5 million dollars...
I have no idea what the threshold is for when the IRS actually takes notice. Personally, I highly doubt they care about anything less than a six-figure sum.