Can I bring cash to settlement? $55,000?

Asked by JB, 08002 Tue Aug 21, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

1
Michael Emery, , Minneapolis, MN
Tue Aug 21, 2012
No. Title companies / attorneys won't want to accept cash due to security issues. They will want you to bring a bank issued cashiers check or have the funds wired previous to closing.

And just an FYI, if you make cash deposits to your bank in excess of $9,999, the bank is obligated to report the deposit to the IRS. The law was enacted to prevent banks and other businesses from being unwitting accomplices in money laundering schemes. Obviously if this is income that has been previously reported to the IRS there should be no issue.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more