Making large cash deposits and IRS Form 8300
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- Опубліковано 3 жов 2024
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The Bank Secrecy Act creating filing obligations for (1) foreign bank accounts over $10,000 on an FBAR form or face absolutely insane penalties and perhaps criminal exposure (2) when you come into the US with $10,000 or more in cash you must declare it or face absolutely insane penalties or perhaps criminal exposure and lastly what we are discussing in this video (3) created the requirement that when you deposit $10,000 or more in cash, a bank has to file a Form 8300 with the IRS. Or, if someone suspects you are trying to get around Form 8300, they can file one on you any way.
Do you see how this could be a little insane? Form 8300 is required to be filed any time there is a cash deposit over $10,000. But also could potentially be filed when the deposit is under $10,000 when someone’s feelings tell them to do so.
This means a Form 8300 could be imposed on ANY cash deposit depending on the subjective determination of a bank employee.
Do you see how these wildly expansive reporting requirements aside from being mind-blowingly unconstitutional completely undermine any claims that Form 8300 is a legitimate crime fighting tool? Oh yeah, and Form 8300 is required to be filed by many other business besides banks who deal in cash. That’s a lot of forms.
Let me explain the ridiculousness this way. When you dump useless data into useful data, you just made your useful data - that you worked so hard to get - useless. And it will stay useless until there is a way to segregate the useful from the useless.
Which brings us back for Form 8300. Form 8300 is required to be filed so often it doesn’t mean anything. Even the US treasury admits to such. The best they can claim is that Form 8300 is used to discover patterns. But this has always seemed to be more a theoretical justification rather than something that has actually been used to find actual criminal conduct.
And even think of this $10,000 threshold. It hasn’t change since 1970. Yet we know that $10,000 in 1970 is equivalent to around $65,000 today. But Treasury still refuses to admit that inflation exists - and are still fixated on that $10,000 number. So this about it this way. $10,000 today is would be about $1500 in 1970. Do you think congress intended the Bank Secrecy Act to apply to transactions of $1500 in 1970? Now I wasn’t alive yet - so I have to rely on the archived Congressional record. And you know - I don’t see it there.
So here’s the bottom line. You are much better off making one huge deposit where you know a Form 8300 will be filed - because Form 8300 will likely never see human eyes, as opposed to trying to avoid the Form 8300 filing requirement by structuring cash deposits in smaller increments, which could trigger a Form 8300 being filed anyway.
I would like to see the federal government and banks to finally mind their business in 2021 and in the future.
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂 Biden saw this and said anything above $600 I want tax on it
Not gona happen they are all over your business specially that cash money.
The CIPS will change that
Glad I watched this. I’ve had 2-3 million sitting around in the closet trying to figure this out.
YUANMINGYUAN ITEMS ARE FANTASTIC FOR INVESTING IN.
you can legally sell it back and forth to your own two companies . NOT CRIMINAL ACT.
Greatful for being gifted by a client one of three Ming emperor throne . LOL, they only for three emperor's each 7.5 m. Each. 😊
China is not getting it back. Its legally mine.
THANKS Lord Elgin and french
Great point. You never know when a few million in cash will show up in a closet. Glad I could help!
$10,000 in 1970 is equivalent to $67,132.47 in 2021.
Thats genius... This is good example of why old laws need to be changed /..
UPDATE $10,000 in 1970 is worth $80,972.94 in 2024
Make you not want to deposit money in the bank. 🧐
Montana Taken get a bank account
Or I'm considering leaving that large amount in the clouds in the cash app 😉 and transfer it around into bitcoin, stocks and only pull down a small amount into my bank account. Within 15 days withdraw that amour as cash hypothetically speaking. 🤔 🙃
Government overreach
Idk why I’m watching this I’m broke but thx
That would be flagged as structuring
Same 😂
Honestly, its really stupid. We get why they would suspect people who deposit large amounts of money that they might've stole, but can't you fill in something like a proof of business form or something like that beforehand? It's like they're doing this on purpose to take money from you. I wanna create a bank where you literally can deposit any amount of money with no fees, but all you need to do is show your proof of business to show how you got that money and thats all we need.
Lol it doesn't work like that. U can't create a bank and circumvent the same rules you must follow that all banks follow. Because the problem isn't with the banks it's with the us government
@Mk J
You have to create a bank in a location that won't let you deal with their citizens, such as in Belize (Caribbean Bank, maybe you don't trust it) or Antigua (again, maybe you don't trust it if you're an American) or New Zealand (Hey, wait!!!! I might trust one of Her Majesty's realm's banks.
I feel like it was made to hit drug dealers or money launders.
@@whatupkid12since it's the bankers running the us government in bankruptcy, it is literally a problem with the banks. More specifically, central non-federal reserve bank(s).
We need less goverment
Had Trump stayed in power, we would have seen the IRS weakened. Biden is pumping money into the IRS, so they can be more scrutinizing.
But they are here to help us! LOL.
What prevents law enforcement from absconding with undetermined amounts of cash from anyone regardless of the amount? (You're pulled over with $6K and you have a receipt, but the officer destroys the receipt and pockets the cash, or reports half the cash and keeps the other half)?
Their sense of honesty? Please protect us Lord.
10% goes to the Big Guy...
What always cracked me up is Joe Biden was always consider a lightweight scumbag. The dumbest puppet. But incredible reliable in being a scumbag. He's developed and protected his personal brand as the guy you can buy off the easiest. So when he referred to himself as "the big guy" I thought it was like McDonalds rebranding a Happy Meal as a Vegas buffet.
8300 is only for “trade or business”. Not “trade” or “business”.
Nothing happens even if you deposit $1M cash in your account, as long as you don't want to open a new account and you've been working with that bank for a while.
Excellent information, thank you!
It's NONE of the governments business how much I deposit
Strange - and there is a Privacy Act of 1978 that would seem to negate many of the worst aspects of the Bank Secrecy Act of 1971 (we'll be discussing this in future episodes) . § 14.3 Authorization.
Departmental units are hereby authorized to request financial records of any customer from a financial institution pursuant to a formal written request under the Act only if:
(a) No administrative summons or subpoena authority reasonably appears to be available to the Departmental unit to obtain financial records for the purpose for which the records are sought;
(b) There is reason to believe that the records sought are relevant to a legitimate law enforcement inquiry and will further that inquiry;
(c) The request is issued by a supervisory official of a rank designated by the head of the requesting Departmental unit. Officials so designated shall not delegate this authority to others;
(d) The request adheres to the requirements set forth in § 14.4; and
(e) The notice requirements set forth in section 1108(4) of the Act, or the requirements pertaining to delay of notice in section 1109 of the Act are satisfied, except in situations where no notice is required. (e.g., section 1113(g))`
Thank you for the great information. I believe that there is a lot of justification the government uses to infringe or deny our rights on the basis of “national security” or “for your own protection” or “crime prevention” when in fact greater government control of the finances of the private sector and therefore greater economic control is the true aim. And it does little to prevent crime.
The government is a mafia that we did not ask for.
Why do we have an IRS? The government can just print whatever money it wants. No need for income tax laws
But it costs money to print money and who do you think provides us with that paper? China does. US buys the paper and prints it and we get taxed.
@@trillmexicanz It's even worse than that. They actually don't even print most of that money, they just add a bunch of zero's and slide the decimal point over on the computer screens over at the Dept. of Treasury. It's digital currancy, it's not even real, you can't touch it, hold it, nothing. Giant scam.
Because the IRS must kill the excess dollar the federal reserve creates so that hyper inflation doesn't exist. We are ruled by our enemies who wish to make slaves of us all.
So, is this how businesses deposit large amounts of cash? They just have a form 8300 they include in night deposit box?
Shouldn't it be illegal for anyone to be required to post bail/bond that exceeds $9999.00 since assets to defend yourself may be in cash (Criminal = cash, poor people = cash, people with bad credit = cash, People who refuse to use technology Amish/Mennonites = Cash....)
If I won the lottery and I want to have 10 million dollars in cash, is it not legal for me to have that cash? And even if I have a receipt, can it be seized from me?
The bank files 8300. Cash isn't illegal but the government wants it to be for some people (us). And yes, we are all are freaked out about using cash. Which means that for our treasonous government, mission accomplished.
Maybe you have all ready talked about this but how about a video on how long a FFI would be subject to the 30% withholding tax if IRS so decided that they were liable for the withholding
I rather just keep my money rather than go through the pain in the ass. What the hell are we to do
For real! Why they watching our pockets anyways? Smh
@@SDPTheGhost Because uncle Sam wants to know when and how you spend or move your money and if they can tax it in the process sucks I know
If you’ve been saving cash on hand for years to purchase a home… then decided to put into the bank as a requirement for purchasing your home and it’s over 10k ; a CRT or 8300 is filed… will you be taxed on that money?
Have you tried it? I'm in the middle of an this dilemma. We're opting out on using gifts instead from relatives.
You wont be taxed but the irs may reach out and ask where the $ came from and it better make sense
Cant say you live on your own earned 50k a year on a w2 but were able to save 30k every year
@@Sweet..letssurfBut that's exactly what my husband and I are doing...
We aren't saving it as cash because inflation eats cash, but he makes 60k and we live on about 25k
No. And I think this is why people get concerned. A large cash deposit does not mean you had income And a Form 8300 does not mean the IRS will examine you. . If you sold a big boat for instance, I can assure you, you had a loss.
I like how there’s a problem with having a lot of cash, but you can have as much as you can make in your account😂
Cash creates an "air gap" and the government gets concerned because there are transactions that they may not know about. the government gets sad when we aren't transparent. The government would outlaw cahs but many of the bribers paid must be paid in cash (see Iran deal) Hence they must allow cash to exist but they will make it as big of a hassle for us as possible. As we are not to be the beneficiary of cash, but rather, the government's criminal accomplices.
@irsmedic Well put, but the reason for concern that the government has just goes completely against the whole purpose of using cash in the first place. They throw a tax on our paychecks and tax us when we swipe a card. They tax the stores for selling us essentials. However, god forbid supporting your local entrepreneur kid who has an American dream. The government, no matter what administration we're under, will continue to kill the middle class.
This highlights the problem of any fixed amount as a part of rule making. To correct this problem, all acts of congress should have time limits that would allow for review and a percentage of some index should be used rather than fixed numbers. This needs to be done to correct Social Security taxation and benefits.
Cash is king because I can't spend a cheque !
Does Form 8300 only apply to businesses or does the individual need to do anything in regards to reporting? The IRS states "Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file a Form 8300." I wasn't sure if by virtue of depositing the cash you are considered as one of the persons in a trade.
Also, is there a difference between Form 8300 and a Currency Transaction Report?
It's worth noting that "cash" does not mean "currency" in this case. Personal checks are not considered cash, but money orders and cashiers checks are, in addition to currency.
Well what is this currency you speak of?
Great question. Wow. Yeah so the law just assumes if you deposit cash you are in a trade or business. But if given cash as a gift that is most certainly not a trade or business. But trust me a 8300 will be filed.
Thanks for the great content Anthony. Can you make a video about how the tax situation works for people who renounce? I understand you need to file a partial year return but I don't quite understand it.
Thanks for the suggestion Paul -- sounds like something we should get to. The renunciation procedure is still quite confusing.
Trivia question me : An African walks into the bank with millions and a bank slip oppose to u walking in the bank with millions and a bank slip they won’t file an 8300 form on there calling the cops instantly
Thank you Bitcoin lol
Will my bank tell me a form 8300 has been filed, even if I ask?
Will a form 8300 filed for a $30,000 deposit keep
my funds from being taken and me tossed "behind the Bars".
Actually had a thought I'm considering leaving that large amount in the cash app and just transfer it around behind the scenes forget about the bank. Everything is done electronically anyway. There's a check ,Visa, Mastercard it could be transferred to and swiped anywhere for anything.
You mean the app everyone's uses cash app?? I know transferwise, Payoneer, etc have to this reporting also.
What happens if you do deposit 25k for your business account when you open it
We need to do away with government and rule with the people
This topic is so confusing. What if you buy a car for 15,000 dollars with a personal check? Do you have to fill out an irs form for that?
A check is not cash so no Form 8300 is ever required. Neither you or the seller would need to file. Hope this helps.
@irsmedic what if I'm receiving checks over 5000 regularly to my account?
i enjoyed watching your video. I need to deposit cash i have saved up over time to loan my business money. I have a lot to learn about financing
SAME! You think I should be able to deposit my $6k savings to my account no problem?? ITS LITERALLY MY SAVINGS FROM ONE YEAR! These rules are stupid
@@GabeItchess You should
@@GabeItchess You can deposit that into your bank, and most likely there will be no 8300 form filed. The rule is, 10,000 or more.
What about if you deposit $1 million in a cashier's check? Does the bank report it to IRS anyway?
Congrats! You're so fortunate! They will definitely be filing form 8300.
Yeah and there's a cap I believe on a cashier's check it might be about $8,000 ? But remember cashier checks come from Banks Money Orders come from those small locations usually people get those for rent.
@@adamantium_1 Small places like US postal offices??? 😄
What if I make just a one time cash deposit of say $4000 or $5000?
You’ll be okay
They look for a pattern like $4000 or $5000 every few days or every week. A single deposit under $10,000 by itself won't create issues. But if you deposit $9000 today and $2000 a week from now...hmmmm...may sound the alarm bells at the bank.
So wait what if you get a really good job or multiple good assets all in one go??
Government be like- I got my 👁 on youu
update 3 years later???
If you sell 5 million dollars in Bitcoin and transfer it all to your bank account but you inform your banker that you have done this there shouldn't be any issues. Am I correct?
bank transfers are all totally traceable - so no form 8300 needed - it is just for cash and cash equivalent. I.e. suppose you come in the US with a flash drive that has $5 million in BTC - then an 8300 would be required.
Yes rediculas to charge for small amounts. Laws are not meant for people it's meant to fleece the citizen
What about my check and how do deposit it into a bank without getting a 6month wait , micro payments or frozen account?
Would you get in trouble for bringing in large cans of bitcoins?
If doing a bank wire transfer from outside the US to a US Bank, do any of these rules apply?
what im wondering
No bc its an electronic wire and not a cash deposit
bruh i googled irs form 8300 and it came up with form 8300
Can you wire transfer money abroad over 20k without getting reported to IRS ?
Yes. Wires and checks don't get reported.
@@irsmedicUnder the Bank Secrecy Act (BSA) of 1970, financial institutions are required to report certain transactions to the IRS. This includes wire transfers over $10,000, which are subject to reporting under the Currency and Foreign Transactions Reporting Act (31 U.S.C. what do you think about this one?
Want to take out a god bit of cash. Heard they report it to the irs if u withdraw more then 10k. And dont want to withdraw bits at a time eaither. What would be the best way to do it? Dont want them reporting anything to the irs, I work and they see all the checks that been deposited, just dont want to deal with irs if i dont have to. Any advice?
Can the form effect you’re tax return
If I deposit $60k cash in my bank account, the bank will file 8300, and I will hear from IRS or other agencies?
You likely won't hear from the IRS, but you might get a notification from your bank saying it's been reported to the IRS. I play poker and often put >10k cash in my account at one time. I still haven't got audited by the IRS for years
@@scotland369 Do you walk in the bank and deposit it with a teller or through the ATM?
@@gusmontoya3256 Curious about that as well
@@scotland369 Do you use the ATM or personally walk in and deposit.
You can walk into a bank every day and deposit less than $10,000
And not have to deal with the 8300 form. yes you can run into teller that will still want to file a 8300 but it shouldn’t matter. it’s up to the IRS to prove your doing something wrong not yourself. You can deposit 9900 every day for years and if the IRS comes calling one day, as long as you have a good lawyer and haven’t done anything wrong, that lawyer will have that money back if the IRS decides to freeze/take it .
Deposited under 10000 and still got a CRT triggered by the banks computer fwiw
How do they differentiate between money laundering and gifts? I'm guessing that's why they have the 8300 form.
How do you prove you're not laundering money?
I believe gifting has a cap, when you exceed that cap, you have to report it as an estate tax with the federal gov. That amount over the cap is subtracted from your lifetime estate gift exclusion amount, which is more than enough for most people.
YOU don't have to prove anything bc its not illegal to deposit money over 10k. The Bank needs to deposit and do what they are instructed to do...file 8300. Whoever THEY are have to prove illegal intent...not YOU.
Well question can you deposit $25,000 into your account per week without any IRS form filed of suspicion?
I know
The solution is easy. Stop using OS banks. Stop using banks. Banking is dead. Keep your money in Metals and use blockchain or cash for spending. There is no law that says you have to use a bank. There is no law that says you have to use a bank account for spending. There is only downside risk in keeping your money in a bank. Banking as whole is dying - www.bis.org/cpmi/paysysinfo/corr_bank_data/corr_bank_data_commentary_1905.htm
What is metals and blockchain?
Gold and silver are medals for savings. How do you spend and pay your bills ? Use small amounts of cash and for money transfers use cryptocurrency. You can get Visa cards linked to cryptocurrency if you want. I live in Switzerland, the banks here are dead or declining. cut out banks. they are old institutions with old ideas. I mean - really, how in the fuck can banks possibly compete with blockchains? they can’t
if your American. if you stop using banks FATCA has no relevancy. Plan your life without banks. it’s not about taxes. you simply need a way to transfer your money without worrying if your legitimate transactions are going to be stopped by compliance. OS banks are dead. Switzerland, Singapore Hong Kong, you name it there all useless now
@@johnnyutah4584 thanks for the info. I'll keep that in mind
We use Cryptocurrency for 93%of our transactions now. It was biggest cost savings measure we made in 2016.
didn’t help me at all
Going on UA-cam outo matic stay
What happens if someone wants to gift you 50k? Can I just put it in the bank?
Limits: I.R.S. laws, $15,000 , otherwise, you will pay taxes.
@@John-me1pt I'm pretty sure that's not true. $15k is the annual threshold for the person gifting the money to report the gift. Meaning, if it's over $15k, they have to report it. But they won't have to pay tax on $35k and neither will the recipient. That $35k is counted against their lifetime gift allowance of about $11million.
I'm curious what you tell the IRS about such a large deposit if you get audited as well. How do you explain it's a legit gift and not money laundering?
@@DjJoeKhoury old comment, but im wondering ths. Especially these new laws
What would happen if you leave 200k in your bank?
Like do you get money or?
Sorry namper 1
I'm so sorry from Gogol cloud
Why is it so hard to find a video to explain how to turn cash savings into a paper trail for a mortgage I made a huge mistake of withdrawing cash in my bank account every mouth and stashing it away in my favorite hiding spots which helped me save money for my down payment but now the money is no good to me for that down payment cuz I have no paper trail for the money how do I fix this please somebody tell me I need help I am living in my car and have been pre-approved for a loan and I have the 10% to put down but it's all in cash
Following for an answer…..
I'm in the same situation, what I was told was if you have family members, they can gift it for you as down payment. Just give them cash in vice versa.