Depositing $20,000 + in a bank?

You could always also just deposit smaller amounts overtime whatever works to avoid the trouble.

 

I suggest you read your country's law regarding that. Banks are required by law to report deposits over $10k to the IRS in the USA. So to be safe, contact an accountant or atleast a financial consultant. They know what the laws are regarding big deposits.

My brother had his accounts frozen last year and he's blacklisted from every service until he proves the money he deposited has been done through legitimate transactions.

 

Makes sense, thanks

 

I would say for $20,000 they wouldn't require much information for it. Its not overly big amount. Technically, you can get that easily if you have a small business on the side - which everyone has nowadays.

 

You would be better off depositing smaller amounts.

 

You'd get questioned but not extensively, it's not a huge amount of money.

 

Will have to pay tax

 

You may be questioned due to you not having paid tax(depending on where you are located) but as its not really that much money you should be fine(may have to pay the tax though)

 

Or you can keep it cash, because once it's in the bank it's taxable .

 

They'll ask, but will allow it.

 

They are most likely going to ask you questions

 

Literally just had two $25k sums deposited over 3 months and they didn’t ask anything .

Maybe state specific or bank specific ? There seems to be a spread of information here

 

I would open a checking and savings account and deposit the cash slowly over the course of a few days and deposit the money at an ATM. Then theyre no conversations or questions. Another good idea is using the cash to open a secured credit card. imagine having a 10k line of credit to refinance small interest loans at a 0% to your self. It makes life a lot easier when you can do something like that.

 

get some of that in a savings account brother, im not to sure tho.