pool aholic
Banned
Each check was for less than 10k and more than likely they were not for related transactions therefore it would be ok to deposit them 24 hours apart without the bank having to report it to the IRS.
Dippy is back
- Thread starter Nostroke
- Start date
Each check was for less than 10k and more than likely they were not for related transactions therefore it would be ok to deposit them 24 hours apart without the bank having to report it to the IRS.
Just stop offering bets above your level. Everyone knows you aren't betting 5k let alone 20-40
You're a decent guy, just seems maybe you're inebriated before you post sometimes.
Back to dippy talk!
Wasn't offering a bet. I was referring to his posts well above saying he would play anyone getting 18:4 even though he has never played one hole in his life.
But as far as that goes if you want to give me 18:4 I will play you for 20k and we can put up 10k show up money.
I am real sure I can staked at that game. Maybe reading the WHOLE thread for CONTEXT would help before you criticize someone.
Maybe Jay had different priorities....I sold some snooker tables in the 90s.
....some in the $7,000 range (installed)..I would arrange to have the table
finished while the banks were open..I would then go straight to the
customer's bank and have the check certified...then I would deposit
the check in our account.
I you want to take your time cashing a check, or even waiting for it to clear,
you can get some nasty surprises.
Welllllll, there was a time when i used to...... lol
I think 10k and they have to file a ctr but anything over 3k will still get you on the suspicious report.
Dear Jay Helfert and JB Cases-
Let me tell you about the closest I have ever come to going to jail. This happened about ten years ago. I had a friend who was in the hospital and wasn't going to come out, ever. He asked me to go to his bank and make a couple of deposits for him and then cash a check for something like $30 so he could have some spending money in the hospital. He felt uncomfortable without some cash nearby. He made out the check to me.
For the true richness of this, you have to understand that I live in a very small city. In fact, I walked from the hospital to the city square and the bank. (My own bank, a commendable institution, was a block away.) I did the desposits and then I presented the check made out to me to cash it and take the money back to my friend. The teller told me that there would be a $2 fee for cashing a check because I didn't have an account at the bank. I attempted to explain to her that the entire basis of the checking system was that if a payee presented a check drawn on Bank A to Bank A, Bank A wouldl pay the full amount of the check.
I blush to say that, although our exchange began at a civil level, I escalated it as the teller remained obdurate. Keep in mind, my own bank, where I could get the full $30 no questions asked, was a block away. I am afraid I got really out of line.
It was on that afternoon, at a calmer moment, that I realized that at virtually 0% prime rates, banks were going to need to make money somewhere else, specifically, in fees. I wish I could charge 6.6% vig!
Let me tell you about the closest I have ever come to going to jail. This happened about ten years ago. I had a friend who was in the hospital and wasn't going to come out, ever. He asked me to go to his bank and make a couple of deposits for him and then cash a check for something like $30 so he could have some spending money in the hospital. He felt uncomfortable without some cash nearby. He made out the check to me.
For the true richness of this, you have to understand that I live in a very small city. In fact, I walked from the hospital to the city square and the bank. (My own bank, a commendable institution, was a block away.) I did the desposits and then I presented the check made out to me to cash it and take the money back to my friend. The teller told me that there would be a $2 fee for cashing a check because I didn't have an account at the bank. I attempted to explain to her that the entire basis of the checking system was that if a payee presented a check drawn on Bank A to Bank A, Bank A wouldl pay the full amount of the check.
I blush to say that, although our exchange began at a civil level, I escalated it as the teller remained obdurate. Keep in mind, my own bank, where I could get the full $30 no questions asked, was a block away. I am afraid I got really out of line.
It was on that afternoon, at a calmer moment, that I realized that at virtually 0% prime rates, banks were going to need to make money somewhere else, specifically, in fees. I wish I could charge 6.6% vig!
You think you are getting around the IRS by making two deposits?
Structuring - http://www.forbes.com/forbes/2008/0407/038.html
The point of this reporting is not for the IRS to know what your income is. The point of this requirement is to prevent money laundering. Reporting your income is on you. The IRS isn't coming after you for depositing more than 10k and having a lot of forms on file. They will come after you if you don't file your taxes and properly declare your income.
Here, everyone can read the rules.
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Regarding-Reporting-Cash-Payments-of-Over-$10,000-(Form-8300)
Betcha didn't know that even as a registered professional gambler you are supposed to fill out these forms if you receive more than 10k in cash.....but NOT if you take a personal check.
Yes I've known several people who got caught thinking they could get by with structured payments and ended up serving a little time and paying through the nose in fines and taxes.
The Homeland Security Act has caused a lot of people grief. Due to losing a package to mail theft at the mailbox when I was just a kid I have had a PO box since 1969. In fact, I've had the same PO box since 1977 ( PO box 2 in my community) and as a result I have to go through a lot hoops in day to day business. The state can't issue a driver's license to a PO box address, credit card companies can't issue cards either. Us people with United States PO box addresses must all be suspects
pool aholic
Banned
anything 10k and under at a time wont get reported unless you do it frequently
Get a box at a private mailbox place and you can get a license and bills etc there.
I've been told they lowered it to 5k now. Not sure if its true or not.
10k is still the "trigger level" for large cash deposit reporting. Thing is, there are a bunch of other requirements and "what if" scenarios that are covered under the Patriot Act, in addition to just a 10k deposit amount. I think JBnutCase mentioned some good points i.e. "structuring" and other tactics to just come under the 10k limit. Multiple deposits are tracked and financial institutions have heightened responsibility to take additional measures, in some cases. In plain English, even if deposits are under 10k, if there is *suspected* bad activity, regardless of dollar amounts, there is an onus for the institution to make a report.
Eric
Eric
Listen to Mr. Buffetlite on this he teaches people how to hide their money professionally.
And Eric - you could confirm - your explanation isn't soley restricted to the onus on banks. If you are a stock broker and someone starts giving you $5K a week, every week to invest, you are responsible for reporting as well.
People think (from reading this thread) that the IRS or the Federal Government are dumb - they are far from it.
People think (from reading this thread) that the IRS or the Federal Government are dumb - they are far from it.
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JC
Coos Cues
Your bank is basically fronting you the money based on your reputation with them. If that check bounced they feel confident that you would cover it.
To go to a bank where someone has their money and has written you a check and having that bank charge you a fee to make good on the check for funds they know are there should be a felony. I do not do business with banks who have policies like this but alas someone does so they keep getting away with it. Mostly because those who would object to it don't ever get to see it from the other side.
We should all cold call our banks and tell them you have a check written to you from one of thier account holders and ask what the fee is to bring it in and cash it. If they charge a fee to people you are paying just because they also don't bank there, I would move my accounts and I would tell them why.
JC
JC
Coos Cues
Zero percent prime is the rate they can borrow money but you can bet your ass they aren't loaning it out at that rate. They make plenty or they wouldn't be the only new construction going on in most communities, building newer bigger banks.
If you took it to the brink over that $2 then you did your duty as a citizen. They will keep doing it as long as no one is objecting.
JC
They are not dumb -if they suspect you of funny business, and you're doing it, chances are real good they will get you but they dont have the resources or even want to go after a legit appearing guy with a couple of 15k deposits imo
pool aholic
Banned
Best thing to do is just keep enough in the bank to cover money for bills that you may have in a month and just put a little in every month. Other than to pay bills there is really no reason to keep a lot of money in your account, Best just to keep the majority in a home safe. That way you wont get taxed. We get taxed enough as it is. Not giving the IRS anymore money then I have to.
