25K in Cash...

[Savingmonster]

If someone you know very well give you 25-30K in Cash, and didn't tell you why, just said, this is for you... Cash, hundreds and 50s bills (Legit)...

What would you do? Would you deposit that money, or would you be scared of questions that would popup if you go to the bank? keep it in a safe deposit box? Or keep in a personal safe and just Spend when needed?

It was just a random thing I was thinking about today..

[Fishindude77]

I'd stash it away somewhere safe and use it for spending money for a while.

[sv2007]

If someone you know very well give you 25-30K in Cash, and didn't tell you why, just said, this is for you... Cash, hundreds and 50s bills (Legit)...

What would you do? Would you deposit that money, or would you be scared of questions that would popup if you go to the bank? keep it in a safe deposit box? Or keep in a personal safe and just Spend when needed?

It was just a random thing I was thinking about today..

I'd deposit it at the bank; $25k is only 250 paper bills so just bring it in and deposit. It is more useful in the bank than at my house; we spend about $1k in cash/mo, so $25k is just too much to keep in the house.

[sv2007]

As for questions, I don't expect any.
I highly doubt you'll get any questions; but if you do, just say you got it from somebody.

Lots of people deposit largish amount of cash, e.g. when I sold my motorcycle, the buyer withdrew $9k from his bank and I made a beeline and a $9k deposit at my bank. Cash after a certain amount is just too bulky and wasteful to sit outside the financial system.

[Savingmonster]

As for questions, I don't expect any.
I highly doubt you'll get any questions; but if you do, just say you got it from somebody.

Lots of people deposit largish amount of cash, e.g. when I sold my motorcycle, the buyer withdrew $9k from his bank and I made a beeline and a $9k deposit at my bank. Cash after a certain amount is just too bulky and wasteful to sit outside the financial system.

Okay, wouldn't they get drilled? like, Who is that someone you got it from?, why, etc, etc.. Doesn't the bank report it to the irs?

[sv2007]

Okay, wouldn't they get drilled? like, Who is that someone you got it from?, why, etc, etc.. Doesn't the bank report it to the irs?

Based on my experience, no. I don't think there'll be any questions.

[97guns]

any deposit over 10k requires the bank to file a form 8300 with irs

[kork13]

As stated, any deposit over $10k is reported, in order to help identify terrorism funding, racketeering, counterfeiting, drug dealing, and a variety of other undesirable "professions".

I would likely just bring it to the bank & deposit it anyway, regardless of the reporting. If pressed, say that you sold your friend a car or something. Alternately, if you are the more hesitant about the government knowing your business, you could make a series of smaller deposits, like $3k-$5k, separated by a few weeks each time.

After thought.... As someone with a security clearance, $25k randomly/unexplainably showing up in my accounts would be something of a red flag. I'd honestly WANT documentation showing where the money came from, just as a means of protecting myself.

[sv2007]

bank reporting and questioning you are separate things. You'll very, very likely NOT be asked any questions on where this money came from. In fact, I don't remember being asked such questions, ever.

[97guns]

I would likely just bring it to the bank & deposit it anyway, regardless of the reporting. If pressed, say that you sold your friend a car or something. Alternately, if you are the more hesitant about the government knowing your business, you could make a series of smaller deposits, like $3k-$5k, separated by a few weeks each time.

After thought.... As someone with a security clearance, $25k randomly/unexplainably showing up in my accounts would be something of a red flag. I'd honestly WANT documentation showing where the money came from, just as a means of protecting myself.

the bank can report suspicious activity due to one of the bogus bills jammed through in the Obama admin and a series of cash deposits raise flags, you can be considered a terrorist... $25K probably not but ive read about people getting popped for it

[Koolmagicguy]

if you are the more hesitant about the government knowing your business, you could make a series of smaller deposits, like $3k-$5k, separated by a few weeks each time.

No, do not do this. This is known as structuring and those funds could be seized. Structuring is the intentional placement of funds to avoid bank/government.

[phantom]

I think I'd want some explanation of where the money came from and why it was being given to me before I'd feel comfortable accepting it, let alone depositing it or spending it. In the abstract, someone giving me a large sum of money in cash for no particular reason sounds shady. I can't imagine anyone I know well trying to use me for money laundering or keeping money from a soon-to-be-ex-spouse. But, those are reasons for such behavior that come to mind, and I'm struggling to think of good reasons why someone might want to give me so much money in cash.

If the gifter could convince me the money was truly his to give and he truly wanted me to have and keep it, I'd go deposit it in the bank without much further thought.

[Fishindude77]

If you choose to deposit it in the bank in one or ten deposits you don't have to tell them anything. The bank may file a report with the Feds on you but likelihood of any follow up is probably slim assuming you don't have a shady background.

[Savingmonster]

I think I'd want some explanation of where the money came from and why it was being given to me before I'd feel comfortable accepting it, let alone depositing it or spending it. In the abstract, someone giving me a large sum of money in cash for no particular reason sounds shady. I can't imagine anyone I know well trying to use me for money laundering or keeping money from a soon-to-be-ex-spouse. But, those are reasons for such behavior that come to mind, and I'm struggling to think of good reasons why someone might want to give me so much money in cash.

If the gifter could convince me the money was truly his to give and he truly wanted me to have and keep it, I'd go deposit it in the bank without much further thought.

Could be found, given as a gift, a willing giver, etc...

[Savingmonster]

If you choose to deposit it in the bank in one or ten deposits you don't have to tell them anything. The bank may file a report with the Feds on you but likelihood of any follow up is probably slim assuming you don't have a shady background.

Someone mentioned do NOT deposit it like that, since it's known as 'structuring'... opening say, 3 different accounts and doing this, would that be the same thing? But I am learning a lot, never knew it would raise red flags and such, not for 25k or 30k.... maybe if it was 100k and esp it if was like a continuous kind of thing, for someone with no history with the bank, bad credit, no official job, etc...