Money
Yeah, Jay is pretty much right. If it's 10,000 I think you are fine. If it's 10,001 then it has to go on a currency transaction report. If you are making large deposits and withdraws ($2000 here...$4000 there) frequently, they can fill out a suspicious activity report on you. Each bank has it's own policy on how much a withraw or deposit can be, before a supervisor is required to sign off on it, especially on new accounts.jay helfert said:The limit is $2,500. They keep a record of it for 24 hours only. But if you withdraw or deposit a total of $10,000 or more in a 24 hour period, the info is sent to the IRS. I've had to cash in over $10,000 in chips more than once at casinos. I will cash out maybe $7,500 one day and come back a couple of days later to cash out another $7,500. If you win big money in a poker tournament, it doesn't matter if you ask for all cash. They already got your I.D. and Social Security number before you got paid. It will be reported to the IRS and you better declare it on your taxes.
If anyone from the IRS sees this post, I can (and have) show them losses against winnings. No big deal.