Where can you cash checks over $15,000?

If I receive a check for $20,000 or so, where can I cash it besides my bank? I don't have a legitimate job anymore but I have some valuable scrap metal I plan on selling, and I'm pretty sure I'd be looked into by IRS or something (if they write me a check) if deposited the check in my bank account. Not

If I receive a check for $20,000 or so, where can I cash it besides my bank? I don't have a legitimate job anymore but I have some valuable scrap metal I plan on selling, and I'm pretty sure I'd be looked into by IRS or something (if they write me a check) if deposited the check in my bank account. Not sure if amscot or those small business check cashers would be able to assist me? If it comes down to me depositing the check in my bank account what should I expect to happen? Would a bank (Suncoast Credit Union) cash the check on the spot? Thank you in advance for the information and help.

Best Answer:

Tim: If you report your income, why would the IRS come after you? You dont make sense.

Regardless, there are NO entities that will just " cash" that check as you present it to the teller. You will have to deposit it, and wait for the funds to clear. Either way— ANYONE that cashes that check, if $9000 or more, they HAVE TO BY LAW report the transaction.

If you keep a paper trail, and report your income, there isnt a damn thing the IRS can do to you.

EDIT— since your email didnt allow for reply—

You are not a company(sole proprietorship), so you arent under the restrictions of having to pay quarterly estimated tax. Simply have the company that you are selling this to provide you a 1099 then report the cash when you file…

Other answer:

Tim:
if you report your income, why would the irs come after you? you dont make sense…

regardless, there are no entities that shall just " cash" that check as you present it to the teller… you shall have to deposit it, and wait for the funds to clear… either way— anyone that cashes that check, if $9000 or more, they have to by law report the transaction…

if you keep a paper trail, and report your income, there'snt a damn thing the irs can do to you…

edit— since your email didnt allow for reply—

you are not a company(sole proprietorship), so you arent under the restrictions of having to pay quarterly estimated tax… simply have the company that you are selling this to provide you a 1099 then report the cash when you file………

Jill:
anywhere shall have to report it to the irs…
tro:
I seriously doubt anyplace other than banks or check cashing places have $20K on hand to cash your check
Stan:
Any check over $10,000 will be revued by the IRS no matter how you cash it. Just deposit the check and ask the bank when the funds will be available
my 2 cents:
Anywhere will have to report it to the IRS.
Ann:
either at your own bank or the bank the check was written from, Banks do report checks over 10k to the government, they will sometimes ask you where you got the money, but if it is written from a scrap yard their business will be on the check, i have sold cars and had checks well over that, no issues
Donald B:
No matter where You cash it the government will know because they are informed of all deposits of 10,000 or more
Travis:
No bank even if it's your bank is going to give you $20000 on the spot unless it's a "secured check" – meaning that the money is guaranteed.

If it's just a regular unsecured check, your bank will put a hold on it until the funds can be verified. It usually takes a few days (longer if there's a weekend). Also, any amounts deposited over $10000 have added scrutiny to confirm that the money wasn't from illegal means. Not that YOU did anything illegal. They need to make sure that the person it's coming from didn't get the money illegally or part of some larger money laundering scheme. Lastly, depending on your history with your bank, they may release a thousand or so right away based on their trust IN YOU that the check is good. But not all banks do this and it's not mandatory for a bank to do this.

If you go any place other than your normal bank, they'll either turn you away or hold the entire amount until it's verified. And for an amount that large, they may ask you to open a bank account to place the check into in the meantime. So in that case, you might as well just go to your own bank.

And to briefly mention the option about going to a small business bank, they MIGHT be able to speed up the process if you go to the bank that the person writing the check has. But that's only if that person has a small business bank account with that bank. Otherwise, they'll just turn you away too.

mindcrime828:
No bank or financial institution is going to cash that large of a check, unless its either a bank certified or cashier's check. Reason being that that it would have to be verified that the funds were available from the account the check is drawn on so it would be held as deposited, but not available funds until the check cleared the issuing bank. Also, most check cashing places probably not hold that much cash on hand.

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