Creative Finances

I believe they did that as a courtesy for a valued customer so you were aware they were noting, but I don't believe it is a requirement to tell you, particularly as it relates to suspicious activity, but don't hold me to this...these laws have changed a great deal recently. Originally Posted by atlcomedy

I checked and you are correct.

I bought a car long distance years ago. Flew into town and gave a cashiers/bank check to the dealership. Signed off and away we go back home.

A few days later the twits at the dealership said they reported the check (in excess of $30k) because it was over $10k. Huh? I am buying a car from you dopes. The funds are being transferred. Lost on them.

Fun car though.

I love all these opinions of the law, like they know what the law is. The $10K is when it “Must” be reported. The form has the following language.

“If you receive $10,000 or less in cash, you may voluntarily file Form 8300 if the transaction appears to be suspicious. A transaction is suspicious if it appears that a person is trying to cause you not to file Form 8300, or is trying to cause you to file a false or incomplete Form 8300, or if there is a sign of possible illegal activity.”

And banks do this routinely. The banks are not required to opine as to the illegal activity…just that the transaction felt worthy of reporting. Likewise, there are exceptions to filing on each and every cash transaction greater than $10K, when it is in the normal course of business. But someone walking in to a branch and depositing $5K every week is most likely going to be reported at some point. Maybe not every transaction, but they will be reported. Reporting…for the most part…means nothing. It simply means that it might be “suspicious”. And if at some time in the future, someone at the IRS, or another agency looks into the individual?...the cash reported on those reports will be queried.

Someone above advised to keep good records and pay your taxes. That is VERY good advice.

I love all these opinions of the law, like they know what the law is. The $10K is when it “Must” be reported. The form has the following language.

“If you receive $10,000 or less in cash, you may voluntarily file Form 8300 if the transaction appears to be suspicious. A transaction is suspicious if it appears that a person is trying to cause you not to file Form 8300, or is trying to cause you to file a false or incomplete Form 8300, or if there is a sign of possible illegal activity.”

And banks do this routinely. The banks are not required to opine as to the illegal activity…just that the transaction felt worthy of reporting. Likewise, there are exceptions to filing on each and every cash transaction greater than $10K, when it is in the normal course of business. But someone walking in to a branch and depositing $5K every week is most likely going to be reported at some point. Maybe not every transaction, but they will be reported. Reporting…for the most part…means nothing. It simply means that it might be “suspicious”. And if at some time in the future, someone at the IRS, or another agency looks into the individual?...the cash reported on those reports will be queried.

Someone above advised to keep good records and pay your taxes. That is VERY good advice. Originally Posted by Rudyard K

Sounds like you just googled it. You actually didn't say anything that had not already been said. I know for a fact what I am talking about because I have plenty of experience in this department and I called 2 of my bankers to verify my info.

Just keep telling yourself that sonny.

I've talked to a few golfers too. Doesn't mean I know how to play worth a Sh*t.

My guess is what RK said was correct. The problem as I see it is this.

If you do not already know this info and you are dabbling in this world on either end....ignorance truely is bliss.

I've talked to a few golfers too. Doesn't mean I know how to play worth a Sh*t. Originally Posted by Rudyard K

LOL... I'd be one of the better golfers on the planet if it involved talking!

My guess is what RK said was correct. The problem as I see it is this.

If you do not already know this info and you are dabbling in this world on either end....ignorance truely is bliss. Originally Posted by WTF

You are in rare form today. I think you summed it but best earlier, something to the extent of :

If you are trying to fuc the IRS & have to ask how....

Just keep telling yourself that sonny.

I've talked to a few golfers too. Doesn't mean I know how to play worth a Sh*t. Originally Posted by Rudyard K

Since I have had a lengthy dealing of large amounts of money and much cash which I personally see to all of it and check on the details myself as I trust no one especially with cash I would say I must have been right and my bankers which have a great amount of experience know exactly what they are doing. I have never had any issues or anything unexpected happen. Enjoy your google answers and quotes.

Just FYI, withdraws over 10k also require the same paperwork and so do cashiers checks over 3k.

Since I have had a lengthy dealing of large amounts of money and much cash which I personally see to all of it and check on the details myself as I trust no one especially with cash I would say I must have been right and my bankers which have a great amount of experience know exactly what they are doing. I have never had any issues or anything unexpected happen. Enjoy your google answers and quotes.

Just FYI, withdraws over 10k also require the same paperwork and so do cashiers checks over 3k. Originally Posted by randomuser

can we get back to pussy, fellas?

My guess is what RK said was correct. The problem as I see it is this.

If you do not already know this info and you are dabbling in this world on either end....ignorance truely is bliss.



LOL... I'd be one of the better golfers on the planet if it involved talking! Originally Posted by WTF

He actually is correct, he just repeated what I said with a quote he found online. He really only stated 2 things, over 10k does get reported and under 10k can get reported if the teller/banker finds it suspicious but that is at their discretion. Obviously if a known business deposits over 10k cash every day they will not fill out the paperwork on them.

Enjoy your google answers and quotes. Originally Posted by randomuser

It is times like this where it is so hard for me to keep my mouth shut.

It is times like this where it is so hard for me to keep my mouth shut. Originally Posted by Ansley

Either way, I know exactly what I was talking about but this is my last post in this thread. Was just trying to share but I guess it isn't my job to care what happens to anyone that doesn't know what they are doing. If you aren't sure then don't do it. The feds are no joke and the IRS wants money only, if you can't pay what they want then you are screwed. Make sure you hire a good attorney to negotiate your fees with the IRS, you will save more on the fees than what you spend on the attorney.

It is times like this where it is so hard for me to keep my mouth shut. Originally Posted by Ansley

Word!

Word! Originally Posted by pjorourke

Double word!

I don't think I have received a double word on one of my smart ass comments.