KimonoGlitter
Tue Sep 24 2024
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5 answers
1501
Do banks notify IRS of large withdrawals?
Could you please clarify for me, when it comes to cryptocurrency or traditional financial transactions, does the policy of banks vary in terms of notifying the Internal Revenue Service (IRS) of large withdrawals? Are there specific thresholds or criteria that trigger such notifications? And, if they do, what information is typically shared with the IRS in these instances? Is it solely the amount withdrawn, or do they also report on the nature of the transaction or the identity of the individual making the withdrawal? Additionally, are there any legal obligations or exceptions that banks must adhere to when it comes to reporting large transactions to the IRS?
