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Old 05-23-2008, 11:03 AM   #17
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Join Date: Dec 2006
Location: Chicago
Posts: 291
Originally Posted by LoveBunny
I'll have to remember to advertise my car around crack houses whenever I decide to sell it. I would have to wonder though when you deposit $20k or more in the bank in cash and they report it to the IRS (which I'm sure they would) wouldn't the IRS want to know who that money came from?

I think if you would deposit less than $10,000 a few times over a few weeks at different bank locations you would be ok, although this could be structuring. Anything over that amount the bank will have you fill out a Currency Transaction Report. If you try to deposit $9,999 twice more than likely the bank will generate a Suspicious Activity Report that gets sent to law enforcement agencies that deal with financial crimes. I would imagine all you have to do is prove that the cash is from the sale of a vehicle and you wouldn't have a problem, I'm sure cash vehicle deals happen all the time.
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