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Boomhauer
Lv 4
Boomhauer asked in Business & FinanceTaxesUnited States · 6 years ago

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?

5 Answers

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  • Stoo
    Lv 7
    6 years ago

    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. :)

  • ?
    Lv 7
    6 years ago

    Yes they will notify them but you do not owe any immediate taxes

  • StephenWeinstein
    Lv 7
    6 years ago

    If it is a regular bank account, no.

    If it is an IRA, HSA, etc., yes.

  • Max Hoopla
    Lv 7
    6 years ago

    There is not tax due.

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  • Judy
    Lv 7
    6 years ago

    no and no

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