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Scooter1942
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Posted: 2/16/2010 11:56:30 PM
It is my understanding that banks are required to provide notice to the IRS of substantial deposits.

Does anyone know what that amount might be?
Does it apply to people or just accounts? In other words, same person but multiple accounts an issue?
Does it apply to single deposits, multiple deposits, or deposits within a certain time frame?

I won't get into details, but it's a large sum that is ultimately not in my possession but for a few weeks.
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marcmedic
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Posted: 2/16/2010 11:59:12 PM
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not
TaylorWSO
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Posted: 2/17/2010 12:00:08 AM
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


making mult deposits to get around this=PMITAP
panic and mass hysteria seem to be a marketing tool these days...
paddymurphy
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Posted: 2/17/2010 12:00:34 AM
It is some what murky––-any deposit of 10K OR a series of deposits going over that amount.

If you got the money legally just deposit it. Trying to get around it raises more flags than say a lump sum from a bonus or a settlement. It will also look suspicious to other folks like say a jury.

JMHO YMMV
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HarryStone
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Posted: 2/17/2010 12:01:40 AM
Structuring a bunch of smaller deposits to go under the 10k wire will also get you caught. If you're asking these kinds of questions on the internet you should probably think long and hard about whatever you're involved in.
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paddymurphy
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Posted: 2/17/2010 12:01:41 AM
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


YOu fail. The banks also report series of deposits that are deemed suspicious, even if each deposit is below the limit.
If the Minute Men had buried their guns we would still be a colony.


I don't mean to be captain obvious of the asshole ship but yes, that many of your fellow Americans are THAT stupid. <----originally posted by sleepy56ace
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Posted: 2/17/2010 12:03:03 AM
If the funds are just going to be in your possession for a few weeks I wouldn't bank it.

Just get a $20 fireproof safe and hide it in your basement.
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Posted: 2/17/2010 12:03:42 AM
Originally Posted By paddymurphy:
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


YOu fail. The banks also report series of deposits that are deemed suspicious, even if each deposit is below the limit.


and possibility they can report even ONE single transaction below 10,000 if deemed suspicious.
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Posted: 2/17/2010 12:04:38 AM
A safety deposit box is your best bet.

You're not making interest on your $$$ anyway.

Or go w/gold and put that in the safety deposit box.
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Posted: 2/17/2010 12:04:43 AM
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


In the old days?

Any Cash transaction gets reported somehow?
Since 9/11, every transaction is suspect, and the Patriot Act solidified it.


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Posted: 2/17/2010 12:04:51 AM
Originally Posted By paddymurphy:
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


YOu fail. The banks also report series of deposits that are deemed suspicious, even if each deposit is below the limit.


Yep, and they have software that sits and analyzes this stuff all day long looking for someone who is structuring deposits.
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Posted: 2/17/2010 12:06:58 AM
The *IRS* doesn't notice bank deposits. They can gain access to bank records, if they choose.

Most of the other statements people are making in this thread have nothing to do with the IRS.
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Posted: 2/17/2010 12:20:00 AM
[Last Edit: 2/17/2010 12:20:37 AM by bobapunk]
Originally Posted By CWO:
The *IRS* doesn't notice bank deposits. They can gain access to bank records, if they choose.

Most of the other statements people are making in this thread have nothing to do with the IRS.


WINNER WINNER.

These suspicious activities get reported to the Financial Crimes Enforcement Network (FinCEN), not the IRS.

FinCEN
raven
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Posted: 2/17/2010 12:21:40 AM

Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not

Not since 9/11. Now they monitor EVERYTHING. Unexplained cash movements of $1,000 - $2,000 was how Eliot Spitzer got busted for hookers.
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Posted: 2/17/2010 12:22:16 AM
Might I recommend asking your bank teller what amount you can deposit before he or she has to report it. Oh wait, that will trigger them having to file a report for asking said question.

Don't get busted for structuring, from what I understand that can get you in way more trouble than just depositing everything at once.
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Posted: 2/17/2010 12:27:17 AM
Just keep your drug money in cash to save the trouble. Most dealers don't take debit cards or check... anymore.
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Posted: 2/17/2010 12:39:11 AM
Originally Posted By paddymurphy:
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


YOu fail. The banks also report series of deposits that are deemed suspicious, even if each deposit is below the limit.

And the apperance of structuring is illegal. You don't have to actually be doing it. Just appearing to do so can land you in prison.z
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Dave_A
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Posted: 2/17/2010 12:42:37 AM

Originally Posted By Scooter1942:
It is my understanding that banks are required to provide notice to the IRS of substantial deposits.

Does anyone know what that amount might be?
The official number is 10k, however any bank that suspects you of attempting to hide money from the IRS is obligated to report it regardless of the amount.

Does it apply to people or just accounts? In other words, same person but multiple accounts an issue?
Does it apply to single deposits, multiple deposits, or deposits within a certain time frame?

Following the above 2 questions through is a federal felony, 'Structuring'.

See Eliot Spitzer.

You are asking for advice on how to commit a crime (hide money from the IRS), which is a violation of the ARFCOM CoC

IBTL!


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Posted: 2/17/2010 12:42:58 AM

Originally Posted By TaylorWSO:
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


making mult deposits to get around this=PMITAP

Right next to Elliot Spitzer.
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Posted: 2/17/2010 12:45:49 AM
Cash .......keep it home and tell no one you have it for that short of a period.From the way things are making a half percent intrerest is fail anyhow.Adjusting tinfoil fedora I think any deposit into any bank is there for the goverment to look at if they want
MoparMike
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Posted: 2/17/2010 12:49:22 AM
Open a few accounts in banks all over town, a few as DBA's or LLC's (you can incorporate in DE I think really cheaply). Deposit said monies into various accounts in amounts of less than $800. Write checks to yourself from the DBA's, LLC's, and yourself and start running them around town until you eventually get it transfered into one or two accounts in different banks. Make it look like you write checks to the 'businesses' and they write you checks. All the while you are depositing non-sequential amounts. Get some business-looking deposit slips too. Do this 3 times a week in different banks, using a different pattern.

There you go, money-laundering 101. And I just came up with that, no book learning or criminal experience.




Now, what do you need this info for? (and now I wait for the people who tell me that wouldn't work...)
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Posted: 2/17/2010 12:53:43 AM
Originally Posted By Dave_A:

Originally Posted By TaylorWSO:
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


making mult deposits to get around this=PMITAP

Right next to Elliot Spitzer.


IIRC, Elliot was subject to additional monitoring due to his status as a political figure. I remember reading about this during his fall.

***But all the same, you should consider professional financial advice prior to making any solid decision rather than Arfcom GD***
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Posted: 2/17/2010 1:15:59 AM
Originally Posted By MoparMike:
Open a few accounts in banks all over town, a few as DBA's or LLC's (you can incorporate in DE I think really cheaply). Deposit said monies into various accounts in amounts of less than $800. Write checks to yourself from the DBA's, LLC's, and yourself and start running them around town until you eventually get it transfered into one or two accounts in different banks. Make it look like you write checks to the 'businesses' and they write you checks. All the while you are depositing non-sequential amounts. Get some business-looking deposit slips too. Do this 3 times a week in different banks, using a different pattern.

There you go, money-laundering 101. And I just came up with that, no book learning or criminal experience.




Now, what do you need this info for? (and now I wait for the people who tell me that wouldn't work...)


Two subpoenas and I have your whole deposit history. An ex parte order and I have all your tax records. Your State gives me your business info with a phone call, maybe a letter. The U.S. Attorney's office gives me a seizure warrant for all of your accounts and any tangible assets you've purchased since the creation of the accounts, house, cars, toys, whatever. Now the onus is on you to prove a legitimate source of the funds and proceeds. Most people can't. Forfeiture proceedings are really short, and the auctions happen really fast. Now you're a homeless federal felon with no 2A rights. I don't recommend that anyone take your banking advice.

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Posted: 2/17/2010 1:19:54 AM
Anytime I withdraw or deposit more than 10k, Integra Bank checks a folder maintained behind the counter to insure they have a up to date photo ID of me. Not sure if they report it or not but it makes me feel dirty everytime they drag it out and give me the once over.
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Posted: 2/17/2010 1:21:41 AM
Originally Posted By kmrtnsn:
Originally Posted By MoparMike:
Open a few accounts in banks all over town, a few as DBA's or LLC's (you can incorporate in DE I think really cheaply). Deposit said monies into various accounts in amounts of less than $800. Write checks to yourself from the DBA's, LLC's, and yourself and start running them around town until you eventually get it transfered into one or two accounts in different banks. Make it look like you write checks to the 'businesses' and they write you checks. All the while you are depositing non-sequential amounts. Get some business-looking deposit slips too. Do this 3 times a week in different banks, using a different pattern.

There you go, money-laundering 101. And I just came up with that, no book learning or criminal experience.




Now, what do you need this info for? (and now I wait for the people who tell me that wouldn't work...)


Two subpoenas and I have your whole deposit history. An ex parte order and I have all your tax records. Your State gives me your business info with a phone call, maybe a letter. The U.S. Attorney's office gives me a seizure warrant for all of your accounts and any tangible assets you've purchased since the creation of the accounts, house, cars, toys, whatever. Now the onus is on you to prove a legitimate source of the funds and proceeds. Most people can't. Forfeiture proceedings are really short, and the auctions happen really fast. Now you're a homeless federal felon with no 2A rights. I don't recommend that anyone take your banking advice.



I also wasn't serious. I was fully aware that 10 minutes with a judge would bring down that house of cards. To do it properly, you would have to fly out to the Cayman Islands and forget the money exists.
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Posted: 2/17/2010 2:05:46 AM
[Last Edit: 2/17/2010 2:10:16 AM by glock21guy]
Originally Posted By raven:

Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not

Not since 9/11. Now they monitor EVERYTHING. Unexplained cash movements of $1,000 - $2,000 was how Eliot Spitzer got busted for hookers.


I don't see how thats possible. There is so many legitimate transactions of $ 1000 out there. Over there 10,000 is one thing, over 1,000 is another. I wonder if there was more to his story. Maybe he got extra monitoring due to political status.
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Posted: 2/17/2010 2:30:22 AM
i know of a few professional gablers that have been nailed for structuring. keeping it cash is the way to go.. or an account in the caymans if its big enough
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Posted: 2/17/2010 2:40:12 AM
many rents are cash
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Posted: 2/17/2010 2:59:51 AM
post patrioit act "suspisious activity" is all it takes, BUT if you deposit say 1500 every 1st and 15th you are ok. OR if oyu do it every friday you are ok. BUT if you have huge sums of cash convert them to metals(silver and gold) and you have an asset that will be VERY hard to trace, very hard to tax as a result AND NO paper trail other than every other week you go to the assayers place and buy an ounce of gold and 50 ounces of silver or more. . jjust dont throw money around all at once, little at a time.
you can also sent to fellow arfcommers .... PM if you need my address...
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Posted: 2/17/2010 3:01:21 AM
For a short time, keep the cash at home. Take photos of it, stacked up and then spread it around, like that one photo of someone swimming in pmags. Be like Scrooge McDuck and swim in it and any photos my include a FU Arock sign, or written on the cash if you dare, your toes must be in it and pics of wife. Have her wear it as a bikini....
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Posted: 2/17/2010 3:01:53 AM
Deposit a thousand here, a thousand there. Or buy precious metals. Screw the .gov busybodies and the SOBs who support them (you know who you are).
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Posted: 2/17/2010 3:47:26 AM
Cashiers checks.

Thats what I take for rent, and then I just deposit them.
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Posted: 2/17/2010 3:59:17 AM
[Last Edit: 2/17/2010 4:01:38 AM by 4xDawn]
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Posted: 2/17/2010 4:01:45 AM

why does it have to be deposited?

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Posted: 2/17/2010 4:06:43 AM
Postal money orders - you can get them up to $1k each.

They don't check ID when you buy them.

You can use them to pay bills or cash them back in at the post office.
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Posted: 2/17/2010 5:38:07 AM

Originally Posted By CaptCanuck81:
Originally Posted By Dave_A:

Originally Posted By TaylorWSO:
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


making mult deposits to get around this=PMITAP

Right next to Elliot Spitzer.


IIRC, Elliot was subject to additional monitoring due to his status as a political figure. I remember reading about this during his fall.

***But all the same, you should consider professional financial advice prior to making any solid decision rather than Arfcom GD***

Spitzer is not the only one who has gone down for structuring.

Pay your goddamn taxes - it's not that hard...

I'm surprised this hasn't been locked yet... CoC #4 & all...
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Posted: 2/17/2010 8:12:00 AM
[Last Edit: 2/17/2010 8:18:14 AM by Scooter1942]
Alright...looks like I'll just deposit the whole amount. Here's the deal. I'm collecting down payments and final payments for an overseas workshop/trip for my students. All the checks have been made out to me. Many of our expenses, such as airfare will have receipts, but many others will not. Thus, it makes it very difficult to show that I am not earning a profit on this trip.

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Posted: 2/17/2010 8:13:22 AM
Invest the money in ammo and gold bars.
Sell when cash is needed. Repeat.
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Posted: 2/17/2010 8:25:02 AM
Originally Posted By glock21guy:
If the funds are just going to be in your possession for a few weeks I wouldn't bank it.

Just get a $20 fireproof safe and hide it in your basement.


I want to know where I can get a $20 fireproof safe ????
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Posted: 2/17/2010 8:34:34 AM

Originally Posted By Dave_A:

Originally Posted By CaptCanuck81:
Originally Posted By Dave_A:

Originally Posted By TaylorWSO:
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


making mult deposits to get around this=PMITAP

Right next to Elliot Spitzer.


IIRC, Elliot was subject to additional monitoring due to his status as a political figure. I remember reading about this during his fall.

***But all the same, you should consider professional financial advice prior to making any solid decision rather than Arfcom GD***

Spitzer is not the only one who has gone down for structuring.

Pay your goddamn taxes - it's not that hard...

I'm surprised this hasn't been locked yet... CoC #4 & all...

I don't think the OP realized he might be breaking the law by structuring. It seems to me that's why he asked the question; he wanted to avoid breaking the law.
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Posted: 2/17/2010 8:37:22 AM
Originally Posted By Scooter1942:
Alright...looks like I'll just deposit the whole amount. Here's the deal. I'm collecting down payments and final payments for an overseas workshop/trip for my students. All the checks have been made out to me. Many of our expenses, such as airfare will have receipts, but many others will not. Thus, it makes it very difficult to show that I am not earning a profit on this trip.

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Open a separate account so that this money is completely independent and not tied to any other funds.
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Posted: 2/17/2010 8:42:25 AM
I'll hold it for you, I've got a investment I've been eyeing in Mexico!
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Posted: 2/17/2010 8:43:01 AM
Just bury the cash in your back yard. Why deposit legal tender?
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Posted: 2/17/2010 8:44:14 AM
Originally Posted By glockO:
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


In the old days?

Any Cash transaction gets reported somehow?
Since 9/11, every transaction is suspect, and the Patriot Act solidified it.




yes this is the answer after the Patriot Act any suspicious activity can cause looksy
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Posted: 2/17/2010 8:45:21 AM
Has the IRS obtained the i.p. numbers of the people posting on this thread yet?

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Posted: 2/17/2010 8:47:44 AM
[Last Edit: 2/17/2010 9:17:23 AM by John_Wayne777]
There are no "rules" on this anymore. If there were, you could get around them.

"Structuring" to hide money (as someone pointed out) is _illegal_ and will get you in boucoup trouble. Just deposit it and fill out the fucking sheet already.

Or keep it in cash. Better yet, get a safe deposit box for your "vintage teapot" and forget to take the cash out of the teapot.

Also note, for almost 15 years, bankers have been learning how to troll their own records to find this stuff. They get rewarded for it, they take classes for spotting how to do it (I did the IT work on the Michigan Bankers Association online class on the subject in 1998.), if you need to move a lot of money in a legit way, use a bank a legit way.

If you are just being a paranoid douche, then keep it as cash. The IRS is the LEAST of your worries, you got the DOJ, DEA and other letter agencies with more teeth first in line anyway.

Personal attack removed. ~ JW777
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Posted: 2/17/2010 8:53:48 AM
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


Untrue. Some guy got busted for doing just that. But he did it several times.
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Posted: 2/17/2010 8:58:57 AM

Originally Posted By CWS1911:
Originally Posted By glock21guy:
If the funds are just going to be in your possession for a few weeks I wouldn't bank it.

Just get a $20 fireproof safe and hide it in your basement.


I want to know where I can get a $20 fireproof safe ????

Home Depot sells fire resistant safes. The one he is referring to is like a little briefcase.
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Posted: 2/17/2010 9:01:26 AM
Originally Posted By paddymurphy:
Originally Posted By marcmedic:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not


YOu fail. The banks also report series of deposits that are deemed suspicious, even if each deposit is below the limit.


This is correct, a man in my area was investigated and went to jail for failure to pay taxes using the just below $10k method for deposits and withdrawls.

NoStockBikes
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Posted: 2/17/2010 9:03:00 AM
Ditto the seperate account deal. Open it up just for this specific purpose, it will keep it very clean and tidy in the event of an audit (or questions from admin or parents)

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TruckinAR
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Posted: 2/17/2010 9:05:43 AM
The IRS should just use the following for collection purposes...


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