| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 492.1 | Careful | SDSVAX::SWEENEY | You are what you retrieve | Fri Jun 04 1993 16:44 | 10 |
| "without the IRS knowing about it"...
It's ambiguous but suggests an illegal evasion of taxes.
Income must be reported to the IRS, subject to IRS regulations.
The $10,000 rule applies to cash transactions at any financial
institutions. I believe the form is required by the Dept. of the
Treasury not the IRS. There are many $9,900 deposits throughout the
United States.
|
| 492.2 | Hey, be careful out there | VMSDEV::HALLYB | Fish have no concept of fire | Fri Jun 04 1993 16:50 | 26 |
| Last I heard it was $10,000 though there have been rumblings about
lowering the limit to $3,000 -- as if that would help catch the
drug traffickers the limit is supposed to refer to. Roughly a year ago
I saw a news report about $9,999 "bearer cashier's checks", indicating
the limit is still $10,000.
Last December I withdrew $6,000 cash from my bank and didn't have to
sign any forms, etc., though of course I don't know what the teller did;
she had to leave her station to get cash.
I believe the limit is $5,000 crossing international borders; any more
and paperwork must be filed with Customs. (Penalty: forfeiture of ALL
cash "smuggled").
There have been arrests of people charged with the crime of (I am not
making this up) "Breaking up large financial transactions into smaller
ones in order to evade cash reporting requirements".
If I were in your shoes I'd rent a safety deposit box and stash my cash
there, THEN decide what to do with a little less time pressure. Maybe
find out what laws apply in your case so you don't inadvertently break
them. This country is at the stage where breaking financial laws is
often deemed more heinous than certain crimes of violence. You do not
want to be found guilty because of an innocent but erroneous assumption.
John
|
| 492.3 | As of December , was still 10K | DABEAN::NEARY | Bob Neary | Fri Jun 04 1993 17:01 | 4 |
| I know that still as of a few months ago, casinos have to report and
withhold on transactions/winnings greater than $10,000, so I assume
10K is still the trigger.
|
| 492.4 | Let's break two laws | CSOA1::PROIE | | Fri Jun 04 1993 18:21 | 12 |
| > If I were in your shoes I'd rent a safety deposit box and stash my cash
> there, THEN decide what to do with a little less time pressure.
To avoid breaking one law he should break another?
I've always been told that stashing cash in a safety deposit box is
illegal. This breaks the law about not being permitted to remove
cash from circulation.
Wayne
BTW. Be aware that whether or not the cash transaction is reported, ALL
of the interest will be reported.
|
| 492.5 | | SDSVAX::SWEENEY | You are what you retrieve | Fri Jun 04 1993 18:49 | 12 |
| There is no such law regarding removing cash from circulation.
Points about safety deposit boxes:
(1) A court order can order them opened and the contents seized.
(2) If you die as the sole signatory, your will must specify what
happens to the contents or it's a bit of a mess for your family.
(3) A massive overhaul of banking and currency rules might cause the
cash to be forfeit. For this scenario, gold buried in a secret place
is a better choice.
|
| 492.6 | I agree no such law. | SSDEVO::RMCLEAN | | Fri Jun 04 1993 22:37 | 2 |
| If there were such a law... Then anyone who collects money for it's history
would be in violation. That includes a LOT of people!
|
| 492.8 | Ten dollars is a lot of money | CSOA1::PROIE | | Tue Jun 08 1993 17:24 | 10 |
| > No Wayne, a 1099 need not be issued for amounts less than $10.00/year,
> on Federally exempt income, or by institutions not subject to US law.
Sorry, I made the absurd assumption that more than $10.00 would be
generated in an interest bearing account containing greater than
$10000.00. Since I don't know that the account would be interest
bearing or that the money would remain long enough to generate $10.00, I
apologize for both my errors in .4.
Wayne
|
| 492.9 | | TLE::COLLIS::JACKSON | Roll away with a half sashay | Fri Jun 11 1993 17:29 | 9 |
| I'm not sure that you can put *any* money in a saving account
(if you provide your social security number for the interest
reporting) without the IRS knowing about it. If you refuse
to provide the number (which I think that you are entitled
to do) and the bank witholds some of the interest (which I
think they must do by law), I don't know what happens in that
case.
Collis
|
| 492.10 | | ZENDIA::FERGUSON | Your recipe is so tasty | Fri Jun 18 1993 14:36 | 6 |
| Does this $10k thing get triggered when:
1) I xfr an amount >= $10k from one of my accounts to another at the same bank?
2) If I write a personal checked for >= $10k ?
|
| 492.11 | | SDSVAX::SWEENEY | You are what you retrieve | Fri Jun 18 1993 16:08 | 1 |
| It only applies to coin and currency transaction.
|
| 492.12 | | SUBWAY::DAVIDSON | On a clean disk you can seek forever | Thu Jun 24 1993 20:59 | 9 |
| My dad, a cpa, told me a great story. One of his clients had been
steadily "stealing" from his own business to shelter income from
the IRS. Since he couldn't put the money in a bank account (the IRS
would question the source of income), he placed the money in a
safe deposit box. After 15 years, he had put away around 250k.
The bank got robbed, the safe deposit box was broken into, and his
money stolen. Ironically, he couldn't report the theft because he was afraid
the IRS would find out. Crime doesn't pay!
|