It’s not a tax implication it’s a money laundering one. Your financial firm will fill out a currency transaction report if you transfer 10k or more between acco

It’s not a tax implication it’s a money laundering one. Your financial firm will fill out a currency transaction report if you transfer 10k or more between accounts. They will also do it if they believe you are structuring transfers to avoid the 10k number. They also may file a suspicious activity report (sar) if they deem your transactions may constitute money laundering or they may deny transactions that would require them to do so.