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> so you'll have to explain where you got the money from anyways Explain to whom?
by ObserverNeutral 5y ago
> so you'll have to explain where you got the money from anyways
Explain to whom?
- rawtxapp 5y agoTo your bank? Presumably if you made a lot of money, you'll be buying some houses and maybe some cars or creating your own businesses or something. If you transfer large amounts, it might get frozen if you can't explain the origin (kyc/aml).
- deleted 5y ago[deleted]
- happytoexplain 5y agoAssuming you're being facetious, I have always wondered where the line is. If I discover ten thousand dollars in cash in a hole in the ground and deposit it, will the IRS notice? Will the bank require some kind of information? What about if it's a hundred thousand?
- bluedino 5y agoThe bank will have to report it to the IRS. They will cross-reference it with your taxes. They will also come talk to you if you have a pattern of doing it regularly. But you will probably not have an issue with it.
- dsr_ 5y agoThe bank will fill out a form about "structuring deposits" for any transaction around $10K. They will also report transactions in general over $10K. https://en.wikipedia.org/wiki/Structuring https://en.wikipedia.org/wiki/Structuring
- je_bailey 5y agoYes, When large amounts of money are deposited into an account there is an automatic notice sent to the government. A One time event shouldn't be an issue however if you have multiple events of large deposits then it's going to trigger algorithms and the government is going to start asking where you got the money from and they'll perform an audit. If you attempt to bypass the system they have systems in place to detect that and will perform an audit. Just pay your taxes
- deleted 5y ago[deleted]
- ObserverNeutral 5y ago> Will the bank require some kind of information Crypto doesn't go through the banking system. Miners for example can spend the mined crypto and for all practical purposes nobody will ever know.
- Supermancho 5y agoTry depositing 50k at any US bank. Instant paperwork. Try depositing 10k. No questions asked.
- TigeriusKirk 5y agoCoinbase, for one. There's a whole process under the KYC/AML regulations if you want to deposit large amounts of crypto with a legit exchange.