# $10,000 or more banks must report to IRS? **URL:** \ **Category:** Factual Questions\ **Created:** [November 21, 2003, 2:00am UTC](https://boards.straightdope.com/t/10-000-or-more-banks-must-report-to-irs/214420 "2003-11-21T02:00:39Z")\ **Posts on this page:** 8\ **Page:** 2
**Author:** ![kanicbird](https://avatars.discourse-cdn.com/v4/letter/k/5f8ce5/32.png) [@kanicbird](https://boards.straightdope.com/u/kanicbird)\ **Post date:** [November 21, 2003, 11:06pm UTC](https://boards.straightdope.com/t/10-000-or-more-banks-must-report-to-irs/214420/21 "2003-11-21T23:06:55Z")
So the reporting really only aplies to cash and normally would not be reported when someone just deposits a check for over $10,000? ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [November 22, 2003, 12:15am UTC](https://boards.straightdope.com/t/10-000-or-more-banks-must-report-to-irs/214420/22 "2003-11-22T00:15:16Z")
> [@](#): > > \*Originally posted by kanicbird \* > \*\*So the reporting really only aplies to cash and normally would not be reported when someone just deposits a check for over $10,000? \*\* Right. You can deposit a million dollar check from the lottery, and no one has to fill out a form. There is a paper trail there if the IRS ever wants to audit you. But you have to report 10K in cash, money orders, etc. Things which are negotiable, but don’t leave a paper trail. ---
**Author:** ![Declan](https://avatars.discourse-cdn.com/v4/letter/d/ecae2f/32.png) [@Declan](https://boards.straightdope.com/u/Declan)\ **Post date:** [November 22, 2003, 5:26am UTC](https://boards.straightdope.com/t/10-000-or-more-banks-must-report-to-irs/214420/23 "2003-11-22T05:26:00Z")
> [@](#): > > \*Originally posted by kanicbird \* > \*\*So the reporting really only aplies to cash and normally would not be reported when someone just deposits a check for over $10,000? \*\* I think someone already mentioned it upstream , but all transactions are recorded , just cash seems to be flagged right off as suspicious. So if you wanted to launder a certain amount of coin , then go to nevada (casinos), hand it in to them, and have them give you a money order in return. Declan ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [November 22, 2003, 5:29am UTC](https://boards.straightdope.com/t/10-000-or-more-banks-must-report-to-irs/214420/24 "2003-11-22T05:29:44Z")
> [@](#): > > So if you wanted to launder a certain amount of coin , then go to nevada (casinos), hand it in to them, and have them give you a money order in return. If the Money Order was !0K or over, WHAT would you do with it. It’s just like cash, and reportable. ---
**Author:** ![Nvme77](https://avatars.discourse-cdn.com/v4/letter/n/c89c15/32.png) [@Nvme77](https://boards.straightdope.com/u/Nvme77)\ **Post date:** [November 22, 2003, 5:41am UTC](https://boards.straightdope.com/t/10-000-or-more-banks-must-report-to-irs/214420/25 "2003-11-22T05:41:31Z")
Even if you brought coin and try to cash it in small amounts at a time, there is no way. The machines have mostly reverted to giving out paper slips when cashing out- and Nevada takes info down on winnings over $1200 for IRS purposes. Also, its recorded for each machine, fills and payouts so there is always a papertrail. Thats one way the casino knows whats paying out and how much. Also cameras everywhere. ---
**Author:** ![Declan](https://avatars.discourse-cdn.com/v4/letter/d/ecae2f/32.png) [@Declan](https://boards.straightdope.com/u/Declan)\ **Post date:** [November 22, 2003, 6:59am UTC](https://boards.straightdope.com/t/10-000-or-more-banks-must-report-to-irs/214420/26 "2003-11-22T06:59:21Z")
> [@](#): > > \*Originally posted by samclem \* > \*\*If the Money Order was !0K or over, WHAT would you do with it. It’s just like cash, and reportable. \*\* Yes but then the money order would be clean. Reporting the cash is what starts the paper trail thats always there with cheques and money orders , drafts and any other form of promisary currency. In the US , someone correct me if I am wrong ,but it was a tactic in the war on drugs ,cause the dealers would always have cash money coming in from street sales. In non american countrys , its a tactic for keeping capital flight from happening. If I was to win a lottery in Canada , for a large amount of Money , the first thing I want to do , is get it out of Canada , and convert it first into American money ,and then un-reportable to REVCAN so that I wont be taxed on it. Declan ---
**Author:** ![Declan](https://avatars.discourse-cdn.com/v4/letter/d/ecae2f/32.png) [@Declan](https://boards.straightdope.com/u/Declan)\ **Post date:** [November 22, 2003, 7:03am UTC](https://boards.straightdope.com/t/10-000-or-more-banks-must-report-to-irs/214420/27 "2003-11-22T07:03:43Z")
> [@](#): > > \*Originally posted by Nvme77 \* > \*\*Even if you brought coin and try to cash it in small amounts at a time, there is no way. The machines have mostly reverted to giving out paper slips when cashing out- and Nevada takes info down on winnings over $1200 for IRS purposes. Actually the idea would be to take in increments of several thousand dollars in cash , convert it into chips , stay in the casino for say a half hour ,and then cash out, requesting the money order instead of the cash. You might play a table , or pull the slot arm a few times , but just enough to keep from looking suspicious. Same formula spread over the other casinos on the same day ,and you should be able to launder a signifigant portion of money. But thats for entertainment purposes only Declan ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [November 22, 2003, 12:40pm UTC](https://boards.straightdope.com/t/10-000-or-more-banks-must-report-to-irs/214420/28 "2003-11-22T12:40:57Z")
> [@](#): > > \*Originally posted by Declan \* > \*\*Actually the idea would be to take in increments of several thousand dollars in cash , convert it into chips , stay in the casino for say a half hour ,and then cash out, requesting the money order instead of the cash. > \*\* But as has already been pointed out, a money order has to be reported in the same way as cash. From IRS form 8300: > [@](#): > > Definitions > Cash. The term cash means the following: > > - U.S. and foreign coin and currency received in > any transaction. > - A cashier’s check, money order, bank draft, or > traveler’s check having a face amount of > $10,000 or less that is received in a designated > reporting transaction (defined below), or that is > received in any transaction in which the recipient > knows that the instrument is being used in an > attempt to avoid the reporting of the transaction > under either section 6050I or 31 U.S.C. 5331. So I don’t see how it helps that you have a money order rather than cash. [Previous page](https://boards.straightdope.com/t/10-000-or-more-banks-must-report-to-irs/214420.md?page=1)