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Level 4
posted Dec 19, 2022 7:37:20 PM

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

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?

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1 Best answer
Level 15
Dec 19, 2022 8:10:12 PM

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

3 Replies
Level 15
Dec 19, 2022 8:10:12 PM

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

Level 4
Dec 19, 2022 8:23:56 PM

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

Level 15
Dec 19, 2022 8:27:30 PM

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.