@veracious wrote:As others have stated, if you paid for a $10K wedding or a $10K honeymoon vacation would you have to report it to
the IRS? I don't think so, but I've been wrong before.
No: this applies only when taking *cash* (in any form) out of the system: in this case one electronic transfer to another, or even paying by check (one bank account to another, no cash transaction via the consumer), the IRS couldn't care if it were literally 10 billion dollars rather than 10 thousand. Taking 10,000 out of a bank in $20's (or $100's) will get you flagged (though it's far more complicated than this), but pretty much any amount via check / credit card / wire transfer / etc doesn't raise even an eyebrow.
Not sure how this topic got this far; however, the IRS, nor the Treasury department, nor the Fed, care about how you move your money around, as long as it's kept in the system. Taking cash out in any form, is pulling money out of the system, and there's issues there... and that 10K is one of the magic thresholds (or used to be) on cash withdrawls or deposits.
