Quote:
Originally Posted by coogs08
No way is it illegal to have $20k in cash...I think you're confused about the amount of cash you can travel with. You can deposit 10k at once into a bank, but you will have to fill out IRS paperwork when you do.
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Exactly, no way $20k is illegal just to have (unless it's cocaine encrusted $100's).
If you travel with more than $10k to or from the US, you have to declare it, but it's still not illegal. If you want to take $100M in cash from the US to Mexico, there's nothing illegal about that, but just expect a lot of scrutiny about where that money is coming from and going to.
I don't think you need to fill out IRS paperwork if you deposit more than $10k. Have done this before (e.g., house sale) without any additional paperwork. However, I think the bank has to notify the IRS when this happens (which it sounds like is what the OP was trying to avoid).