Friday, March 12, 2010

How much money can I withdraw from my bank account before they are obligated to notify the Feds?

I'm trying to get health care for my son, but I may have too much money in the bank.

How much money can I withdraw from my bank account before they are obligated to notify the Feds?
9999
Reply:You can take out as much as you want. And, if it's for a legitimate purpose like health care, the feds wouldn't care anyway.
Reply:pay for it yourself then if you have "too much money". don't you know is taxpayers that have to pay for insurance for your son? if you can afford it pay it.
Reply:If you dont want to spend it but you dont want to be taxed on it tow things ..use it for a downpayment on a house or put it in a IRA for 6 months..non taxable and you get tax deductions for doing so.
Reply:$10000 sets off red flags.
Reply:You can electronically move as much as you want. If you are talking about getting cash. the bank must notify the feds is you get 10,000 in cash, or the same amount of cash in a series of structured transactions.
Reply:Removing it in order to say you don't have it will get you charged with fraud. Don't you think some jealous friends or neighbors would report you?
Reply:should get going to it or you will loose it.
Reply:I heard it was 10,000.oo As you are being told by ppl here, Your money doesn't belong to you.
Reply:If you have too much money, and you are trying to hide it, I hope someone catches you.
Reply:All transactions of $10,000 or more must be reported and that doesn't just mean bank transactions either.
Reply:i think it's $10k


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