How much cash can I deposit into my personal account with out getting taxed?

I just sold soem land in Mexico that my grandparents left me. The person that purchased it paid me in cash here in the U.S.. Well now I want to buy another home in Mexico so I want to deposit this money into my U.S. account and then wire it to a bank in Mexico to pay for the home in full.
How much cash can I deposit into my personal account with out getting taxed?
Doesn't matter, you will have to claim it on next years tax return anyways.
Reply:You need to talk to a CPA or tax accountant who works with the IRS in cross boarder transactions. You will not be taxed on the deposit, but you may owe income taxes on the sale...you may also owe taxes in Mexico. Depending on the amount of money, it could become very complicated very quickly if you don't handle it correctly from the beginning.





Almost all cash transactions are now reported to the IRS (by the banking system), so having all of your ducks in a row is important.
Reply:v b is correct, what you are taxed on is the amount over and above what you paid for the property, or in this case the value of the land when you inherited it. The bank is required to report large amounts of cash deposits. This is done to track illegal activities and not necessarily tax purposes.
Reply:Don't give a thought to your bank account.





Just do your taxes correctly.





The value of the land in Mexico is what it was worth when the last grandparent died. If it has gone up in value, you will owe 15% capital gains tax when you report the sale on your tax return.
Reply:it varies by bank. I think standard is anything over a $5000 deposit is automatically reported to the irs. So just make a few deposits of $4999 at different times instead of all of your money all at once
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