taxes on $10k bank withdrawl?
If i withdrawl more than $10,000 from my bank account at a time, will they notify the IRS? If so, will i be taxed on this money?
If i withdrawl more than $10,000 from my bank account at a time, will they notify the IRS? If so, will i be taxed on this money?
Stoo
This isn't as much about taxes as money laundering - any transaction of $10K or more usually means something untoward is up. Ask Dennis Hastert. :)
?
Yes they will notify them but you do not owe any immediate taxes
StephenWeinstein
If it is a regular bank account, no.
If it is an IRA, HSA, etc., yes.
Max Hoopla
There is not tax due.
Judy
no and no