Best way to get paid for selling RV?
A lot of cash doesn't seem like a good idea. Certified checks can be forged. Wire transfer?
Forum Discussion
Unfortunately, you don't want to raise a red flag by large CASH deposits.
The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.
It states that banks must report any cash deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).
Splitting deposits into smaller amounts over a reasonably short period of time also sends a signal to the bank. Can you say.........money laundering?
The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.
It states that banks must report any cash deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).
Splitting deposits into smaller amounts over a reasonably short period of time also sends a signal to the bank. Can you say.........money laundering?
