My bank said that they have to report to IRS for my deposit of $27,000 cash.

Forum|Forum|3 years ago
December 20, 2022
1 reply
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This year I withdrew a total of $27k cash from my bank for purchasing a car, but I decided not to purchase the car anymore, so I deposited that $27k cash back into my bank. My bank told me that they have to fill out the form and report it to IRS. Do I have to do anything additional?

TurboTax Home & Biz Windows

Best answer by Bsch4477

Banks have to report cash deposits of $10,000 or more. You don’t have to do anything.

Bsch4477

Answer

Level 15

Banks have to report cash deposits of $10,000 or more. You don’t have to do anything.

tuanngnttaxAuthor

Level 5

Thanks, I noticed online that my bank listed that deposit as an income which worried me.

rjs

Level 15

The bank is just reporting that you deposited a large amount of cash. They are showing it as a deposit to your account, not as taxable income. They are not reporting it to the IRS as income. It does not affect your income tax return.