Accountant's, please step in.

[njpaulc]

If you deposit it in small increments over a period of time (structured deposits) you will cause your account to be red flagged and you will be audited by the IRS and most likely investigated by the FBI. This is done to stop drug transactions, which are all cash, and movement of funds for terrorist activities, again all cash. Fill out the form, make sure you keep a copy of the bill of sale for the truck. You only pay taxes on income (profits) if you sold the truck for less than you paid for it you shouldn't have a problem.

[paulrodbender]

Around here, most banks will do it (IRS form) for you. Basically, explains where you got the money.

[Dixie-Raven]

If you deposit it in small increments over a period of time (structured deposits) you will cause your account to be red flagged and you will be audited by the IRS and most likely investigated by the FBI. This is done to stop drug transactions, which are all cash, and movement of funds for terrorist activities, again all cash. Fill out the form, make sure you keep a copy of the bill of sale for the truck. You only pay taxes on income (profits) if you sold the truck for less than you paid for it you shouldn't have a problem.

How are they going to know if he made a profit or not without auditing him since anyone can lie and say no profit was made?

[kry29]

You apparently haven't followed the stories about small business owners like pizza shop owners who have high-volume times (Fri-Sat) followed by slow times (Tues-Wed). In some cases the tellers have asked the owner to hold back some of the cash from the weekend and deposit it on the slow days so the tellers don't have the hassle of reporting it. The IRS then notices so they step in, seizes the assets, puts the shop out of business, and charges the owner with structuring deposits.

Heres my question, if its your money why does it matter if you deposit $1 at a time or $1 million? Seems like a huge overreach but ive always wondered

[CatFan]

How are they going to know if he made a profit or not without auditing him since anyone can lie and say no profit was made?

Nothing to do with profit. It’s to stop money laundering and the law has been in effect for more than 50 years.

I went through it several times when I was young as I had a family member who operated a cash business. Nothing to it.

[fishnfireman]

If you deposit it in small increments over a period of time (structured deposits) you will cause your account to be red flagged and you will be audited by the IRS and most likely investigated by the FBI. This is done to stop drug transactions, which are all cash, and movement of funds for terrorist activities, again all cash. Fill out the form, make sure you keep a copy of the bill of sale for the truck. You only pay taxes on income (profits) if you sold the truck for less than you paid for it you shouldn't have a problem.

thanks to all who responded

From all the research I've done and talking to my banker the above seems to sum it up nicely.
Deposit the cash--fill out the form and don't throw any red flags. It won't be hard to prove I bought the pickup new for X amount and sold it 3 years later for less money. There only looking for shady deals (mostly drug money) and if you start depositing $9,999.00 every so often, you're going to look suspicious as hell.

[Jbass2]

You have brought it up publicly, and this is in no way advice, but structuring your deposits to avoid the form is illegal. Do what you will, but thought you might want that bit of relevant information also.

[Lightning 6]

Bank is legally required to report large transactions ($10k)…..the depositor does not file any form. Best to do it lump sum, as structuring deposits (making smaller deposits in an attempt to avoid said reporting) is a violation of federal law.

[fishnfireman]

You have brought it up publicly, and this is in no way advice, but structuring your deposits to avoid the form is illegal. Do what you will, but thought you might want that bit of relevant information also.

Did you read post #27?
I'm going to deposit it all and fill out the paperwork rather than deposit it in partial (below 10K)

[jtlucas]

Cash never see's the bank in my house!

[Jeff Hahn]

Heres my question, if its your money why does it matter if you deposit $1 at a time or $1 million? Seems like a huge overreach but ive always wondered

The banking rule being discussed was created to fight the “War on Drugs.” After all these years, you’d think we would have won that “war” by now.