Back in the day (circa 2000) I was a mortgage broker/orignator.
I had a guy whose down payment for his new home was $75,000 in cash from a safe at his house. I told him he couldn't bring $75k to closing, he'd have to deposit it in the bank and bring a cashier's check, and we'd have to verify with the bank the deposit.
A week or so goes by and I get a call from the bank. He's been structuring deposits to avoid reporting and when they questioned him, he told them I instructed him to do it. I told them that I only told him to deposit the money, not any more or less.
They reported the deposits, as is their responsibility, and I'm sure this guy got a friendly audit or visit from the IRS. He claimed that the $75k came from the sale of a previous home a year or so previous, and that he cashed the proceeds and kept it at home. . .. Plausible, but I'm sure Uncle Sam went back and reviewed that transaction and the associated check to see how it was handled. I never talked to the guy again after closing so I have no idea the outcome. I just know his bank was on 10 when they called.
I gotcha. I guess my paranoid 'oh god' mindset is, what if you have a ton of those and it's in good faith and is the organic result of the business dealings? I know an audit doesn't automatically mean you did anything wrong, or will be found to have done things that are wrong. Shit's just stressful.
lmao people who are so stupid that they think they can duck the 10k rule by going 2x 6k. As if the black helicopters aren't on the prowl for that...
As long as you apply a two part test: 1) is it subterfuge? and 2) blessing of a tax pro? you are golden. Don't f with anything that has a paper trail and violates tax code, and if you do, definitely don't hide it or lie about it.
Originally Posted by Sting
One bank I worked at had a business client where basically every deposit he made was a little over 9000 bucks. Our manager questioned him on it, didn't like his answer, and closed his account. Not sure what happened to him after that, but that dude was a dick and and I have no doubt he was up to something shady.
I remember a story from a few years back of a neighborhood grocery in a bad neighborhood who would make deposits regularly (often more than once a day) as their cash built up, so as to not risk robbery.
The Feds accused them of structuring and seized the account. They were having to hire attorneys to try and get the money back. It sounded like a nightmare. Technically, it's not a problem to deposit cash in any denomination. It's just that you need to be able to document where it came from, and not be attempting to avoid detection.
Last edited by NightTrainLayne; 05-25-2021 at 10:13 PM.
Yeah, don't mess with these guys:
Yulia Abair, an immigrant from Russia, was trying to close on a house. When her bank in Russia wouldn’t wire her the money for her deposit, she instead made a series of withdrawals from that account from ATMs, then deposited the cash in her domestic bank account.
...
Abair was convicted, sentenced to two years probation, and was ordered to sell her new home and turn all proceeds over to the federal government. (Welcome to America!)https://www.washingtonpost.com/news/...in-ridiculous/The father and daughter run a small grocery store in Fraser, Mich. Small businesses of course don’t like to keep a lot of cash on hand. But Dehko’s insurer only covered losses of up to $10,000. This is apparently pretty common. You can see where there might be a problem. If small business insurers typically only cover losses up to $10,000, a lot of small businesses will be making frequent deposits of less than $10,000. And that’s going to get them investigated. The IRS seized all the money in Dehko’s bank account and began proceedings to keep it. (By the way, the U.S. Supreme Court just ruled that government agencies are allowed to do this without even a hearing before a judge, even if the seizure means you’re left with no resources to defend yourself or to attempt to win your money back.)
Civil Asset Forfeiture laws are an abomination in my opinion. A broadside against Liberty.
The cases where the state takes everything because someone is a drug dealer sounds like it makes sense, right? Except when the person is a low to-at-most-lower mid-level pot dealer (not saying that's a great thing, even though I'm pro-legal pot) who has a job that makes most of his money.
But sure, take literally all his money and his cars, because even though you know what his money actually is, gfyo I guess.
It's just crazy. Even the hardliners I went to school thought that shit was nuts.
There is a new defi Nft coin coming out. Thats the one I'm going for. Its a one of a kind and because its NFt has a solid shot at being big.
The Plan at the moment:
Draft: Trade a 3rd and 6th this year to a team to move up and get a 2nd next year (this will happen).
Players I want:
Jake Ferguson (Jake Butt) or Jelani Woods or Jeremy Ruckert or Cade Otten (owen daniels) at TE- All 4th rd or later.
Troy Anderson LB 3rd/4th rd (yay Timmy!)
Neil Farrell, JR DL- run stuffer- bye purcell
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