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KBDewey 42GPW wrote:
Something you guys failed to notice is that when a person withdraws or
deposits ten thousand dollars or more the bank is required to report
this transaction ........
KB is correct. I did not mention this twist to the transaction when I
recommended a wire transfer to a correspondent bank in the sellers city
for reasons of safety.
Any time $10,000 or more in cash is deposited or withdrawn from a
financial institution in the United States, the teller enters the
transaction as a 'Large Currency Transaction' and it is eventually
transmitted to the IRS along with the persons name, the date, and his or
her social security number. The seller in this case is not required to
give any information to the buyers bank. His financial institution would
only have to comply with this regulation if he deposited the money in
chunks of $10,000 or more.
This procedure should not affect our buyer in this instance, for
although the IRS might eventually question the buyer about why he
withdrew $40,000 in cash, his bill of sale, copy of the old and new
title and registration, and a peek in the barn at the 'Green Greyhound'
should clear up any questions. They can then go and pester the seller......
Drive On!
Mel Miller
Former Federal Financial Institutions Examiner
M725
This archive was generated by hypermail 2b29 : Tue Apr 04 2000 - 21:57:09 PDT