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  1. #1
    Join Date
    Mar 2020
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    9

    Default Possible Problem if I Deposit Cash in Bank Account

    My question involves personal property located in the State of: Florida

    Do I face any problem form government or bank, if I open a bank account and deposit my 120,000 dollars cash in it? I legally earned this income till 2011. In 2011, I withdrew that cash and stored the cash in my home, then closed the bank account, and was taking care of my grand kids.

  2. #2
    Join Date
    Jul 2010
    Posts
    7,860

    Default Re: Possible Problem if I Deposit Cash in Bank Account

    The bank will be required to generate a report to the government of the deposit due to the size. Whether they will deem it worthy of investigation, we cannot say.
    I am the Mouse Man

  3. #3
    Join Date
    Oct 2016
    Posts
    3,831

    Default Re: Possible Problem if I Deposit Cash in Bank Account

    And if investigated you will simply need to show the IRS how you earned it.

  4. #4
    Join Date
    Mar 2020
    Posts
    9

    Default Re: Possible Problem if I Deposit Cash in Bank Account

    Thanks. If I produce my tax returns until 2011, which shows that income, will it suffice? I have no bank statements from 2011

  5. #5
    Join Date
    Oct 2016
    Posts
    3,831

    Default Re: Possible Problem if I Deposit Cash in Bank Account

    I see no reason it shouldn't, but we have a tax attorney that posts here. I've sent him a message so check back here.

  6. #6
    Join Date
    Oct 2014
    Posts
    7,836

    Default Re: Possible Problem if I Deposit Cash in Bank Account

    Quote Quoting germine248
    View Post
    Thanks. If I produce my tax returns until 2011, which shows that income, will it suffice? I have no bank statements from 2011
    The problem is that 2011 was 9 years ago. The IRS agent in an audit (if you get audited) will likely be highly skeptical that you stuffed $120,000 in cash in your home for a period of 9 years. That's extremely unusual. Doing that put the cash at risk of being stolen, and moreover wasn't earning you a penny of interest over all that time period. If I were representing you in the audit I'd feel a lot better having something more than just those tax returns to help show the agent that this was simply saved cash. If you do get audited, you probably ought to contact a tax attorney for help to make the strongest possible argument on the issue.

  7. #7
    Join Date
    Mar 2020
    Posts
    9

    Default Re: Possible Problem if I Deposit Cash in Bank Account

    Thanks!! Due to my health condition, I stopped doing business since 2011 and I did not have driving license or owning a car for the past 9 years and I was depending on someone or a taxi to go out for the last 9 years. My husband has regular job for the state. Now he needs money due to an issue in his own business (I have sufficient proof that he desperately needs money and I, obviously, wants to help him). Will this information suffice, if I am audited by IRS, I was not involved in any illegal activity like stealing? Either case, is it advisable to deposit my money in bank?

    Also if I get audited, how soon the audit happens once I deposit the cash into bank?

  8. #8
    Join Date
    Oct 2016
    Posts
    3,831

    Default Re: Possible Problem if I Deposit Cash in Bank Account

    Do you receive disability payments from Social Security?

  9. #9
    Join Date
    Mar 2020
    Posts
    9

    Default Re: Possible Problem if I Deposit Cash in Bank Account

    Thanks! I did not apply for and did not receive disability benefit.

  10. #10
    Join Date
    Mar 2013
    Posts
    17,780

    Default Re: Possible Problem if I Deposit Cash in Bank Account

    Quote Quoting germine248
    View Post
    Thanks. If I produce my tax returns until 2011, which shows that income, will it suffice? I have no bank statements from 2011
    Your bank should be able to provide a duplicate of the statement for the month you withdrew the money.

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