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Cash deposits of 12,000 in a year - IRS flag?
Hello,
I made cash deposits throughout 2019 that totaled to about $12,000 into my checking account. My understanding is the Bank reports these deposits if over $10,000 to the IRS. If so, does this mean that I am flagged for an audit? I am an individual. Don't own any trade or businesses.
Appreciate the clarity. thank you!
‎April 18, 2020
1:44 PM