If I withdrawl more than $10,000 from my bank account at a time, do they notify the IRS? If so, would i be taxed on this? I know the IRS likes to steal allittle bit every time money gets moved around, I'm trying to avoid this.
Donald B
Generally the IRA does not get involved with payments of over 10K for a car or down payment on a house. They do get involved when more than 10K is put into a bank. This is partially because of laundering drug money.
Cathi K
The IRS does not steal your money. Congress sets the rules. You don't like something write your Congressman. Banks report transactions all the time. Unless you are guilty of something there is no reason to worry.
tro
you are not taxed on a bank withdrawal, the amount of $10K will be reported to IRS but it is not taxable
?
Yes the notify the IRS
There is no tax unless its from an IRA or such type of account,
StephenWeinstein
If it is a regular bank account, no.
If it is an IRA, HSA, etc., yes.