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Do you also have to report cash transfers of 10k? Wasn't aware of that. I had thought it was just KYC for money banks deal with - not paying someone 11k cash
by epivosism 5y ago
Do you also have to report cash transfers of 10k? Wasn't aware of that. I had thought it was just KYC for money banks deal with - not paying someone 11k cash for some construction work, for example.
- throwawayboise 5y agoAs far as I know it is cash. If I write a check to ABC construction for $15,000, that is not reportable as it is already traceable.
- ceph_ 5y agoApps like venmo and cashapp have a threshold of around $20k/year, where if you exceed it they are required to report your transactions to the IRS.