Are online stock brokers required to report funds coming into the account over $10k just like banks?
June 7, 2010 - 9:43 pm
Just was wondering what if you were to send a large amount of untaxed money directly from the source into a stock broker account bypassing the bank? Are brokers required to report it? What if it is a gift? Thanks.
They are under the same requirements as banks. The 10K is for cash transfers. You can transfer as much as you want by wire without a report being generated, as long as it does not look suspicous. If it looks suspicous, then they have to report it to some federal agency.
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