How much cash can you deposit to savings within a year without raising alarms?

Go figure
>over 3k flagged
How do you know this?

Yea I was gonna say this

Which Deposits are Reported?

When do banks report deposits to IRS? Banks and credit unions are required to report a cash deposit of $10,000 or larger.

In addition, if two transactions within a 12-month period seem related and their total exceeds $10,000 they must be reported. If a series of smaller deposits is made within a 24-hour period and their combined total exceeds $10,000, the IRS considers the transactions related to each other and they are reported as well.

Even if deposits are not made within 24 hours, if a bank or credit union has legitimate reason to suspect an individual is making regular deposits in order to avoid being reported, they are required to report their suspicions.

Cash deposits as defined by the IRS includes all currency and coins that are legal tender in the United States, in addition to the legal tender of all other countries as well. Deposits of personal checks do not fall under the Bank Secrecy Act because these types of checks can always be traced back to the account of the individual who wrote the check. Only bank drafts, money orders and certain types of checks such as a traveler’s or cashier’s check, are affected by the rules of the Bank Secrecy Act.

IRS Form 8300

Start paying all your expenses with "the other money"

And let your normal income go to the bank

This really is the answer. If you have a bag of cash and you don't want to report it then it cant touch the banking system ever. It cant be deposited. You cant buy big ticket items with it. You really shouldn't buy anything with cash that requires your ID to be known. That being said, a bag if cash in the back of your safe can be used for day to day expenses for a long time. People trying to get away with shit act like no one has ever tried this shit before.

Yeah this is the best route. You can write off so much shit under a personal company. You can say you do sales calls through your cell phone and write off all phone bills and cell phone costs.. you can say you drive X amount of miles everyday and write the gas off.. etc. Maybe you needed to buy a computer (Even if you're really just using it to stream tranny porn) for your business, another write off.

Oh no, they are going to come after my baby sitting cash.

Ideally this would be great except I can’t pay my rent and car payment in cash which are my two biggest expenses. Sure groceries, gas, entertainment but I’d rather every penny from my wagecuck job go into my savings and throw a grand or two in there as well a month. Guess my only option is find someone I can buy bitcoin for with cash?

This. Probably smart to pay at least some of your living expenses with your regular income so it doesn’t look too suspicious.

rent and car payment are both traceable back to you. You have to get creative with cash. Buy a rental property with your wages and then use cash to buy materials to fix it up and pay help. just buy a book on money laundering or maybe just pay your fucking taxes

Your best bet is to burn the money for heat during the winters, the savings on your electric bill should cover the difference and no one will ever know.
Trust me.

My friend had the IRS audit and fine him when he was like 16 for $50 in unreported tutoring income.

Generally you spend the cash on gas, groceries, and other normal things you need to live, and put your wagecuck legal dollars into the bank and investments. If it's a particularly large amount of cash you're continuously making, you typically buy a business that deals mainly with cash like a laundromat or a pizzeria, and you falsify documents regarding exactly how many pizzas you've sold and pretend that your cash was actually made selling pizzas. This is the very definition of money laundering.

The Banks already have Algorithms in the system monitoring your account. If your only income for years is just your wage and suddenly you put in only a couple hundred in cash each month expect to get an investigation because of taxfraud.

Come on man you can’t be this autistic, plenty of roasties have sugar daddies that regularly give them 5-1000 a week and servers that deposit cash, or strippers. Do you really think they care about an extra 10-20k a year going into an account?

very much doubt they're putting that in the bank, I bet they spend everything the next day on getting their eyebrows manicured or whatever the fuck latest craze there is

Personally I wouldn't deposit.
I store my cash in a safe / lockbox.

localbitcoins?

I’m thinking of something like this I want to throw another 2-5k into BTC over the next few months but anons ITT are making it seem like it would raise flags to just take all that cash to the bank.

This.

With your undeclared income, use that entirely for groceries, gas, medium-tier electronics i.e. £100 to £500 items, I don't know how bills work in the US but it's best to pay utility bills with direct debit (card) here.

You'd be surprised how much the small spending builds up. Big purchases, i.e. a car MUST be accounted for. I bought a mediocre car even though I'd love to buy my dream car right fucking now, but I work like 3 days a week minimum wage, that would raise alarm bells.

Dumb roasties probably aren’t but I’m sure a few male servers that make over 50k are or guys that work construction gigs under the table. A common theme on this site is over paranoia about the government/ internet activities. I think unless you are a real character they probably aren’t scoping your bank account unless you’re depositing like 1k a week.

What if you just report it as income and pay the taxes on it?
T. user who never paid income tax in his life and never audited so I don't know how this shit works kek

Buy bitcoin with it and start an online store. Make purchases to yourself with the bitcoin, convert it to dollars, and pay taxes on it.

Attached: 4cdfa4aed6ea4db1c140dab856af574a.jpg (564x846, 68K)

>buy bitcoin on local bitcoins
>sell on coinbase
>deposit fiat into bank
>pay 15% long term cap gains, thats it

>deposit fiat into bank
This is the problem you big dumb dummy. You don't think the IRS is going to knock on your door asking how you have steady deposits from coinbase into your account?

As long as your side hustles are legit/not illegal, just deposit the money normally, answer truthfully if the bank asks where the money is coming from, and report the income as hobby income on line 21 of form 1040.

If they’re not legal, then don’t put the cash in the bank — keep it at home, and as other posters have said, don’t use it to buy anything where they run your ID. Maybe buy precious metals, but never enough at one time where they ask to see your ID.

This