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What happens if you take out $10k and travel with it?

Posted on 11/10/2008 7:17:34 AM PST by rvoitier

What actually happens? Is it a matter of just filling out forms or seizure of your money?


TOPICS: Government; Your Opinion/Questions
KEYWORDS: atlasshrugged; bankinglist; financelist; johngalt; moneylist; opposition; resistance
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To: rvoitier
If you're talking about using the money just for traveling then use credit cards and travelers checks. If, however, you're talking about moving significant sums to avoid potential tax issues just moving it offshore might not be your best bet. The IRS is looking for these kind of moves and is getting better and better at finding and prosecuting them.

If you want to “bury” money you don't need as ready cash then buy land. Heck buy land overseas if you want to. Obama won't be president forever and you may as well have your money doing something for you while you wait for the nightmare to end.

41 posted on 11/10/2008 7:58:18 AM PST by Tucsonican
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To: B4Ranch
Thank you for the prudent info and your take on the alternatives.

:)

42 posted on 11/10/2008 7:59:05 AM PST by rvoitier
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To: rvoitier

Personally, I’d buy a diamond and put it in a ring.

It’s none of the d*mn government’s business what you do with your money.


43 posted on 11/10/2008 8:00:06 AM PST by AnalogReigns
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To: Tenacious 1
I had two deposits made into my checking account on two consecutive days

Probably would have been less of a problem if you had deposited it all at once. Either would have generated a SAR, but structuring is more likely to get you in trouble.

44 posted on 11/10/2008 8:00:47 AM PST by PAR35
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To: MrB

What a great idea. Please add me to your tax deduction strategies list. Thanks very much! :)


45 posted on 11/10/2008 8:01:01 AM PST by Amazon7 (FR is my homepage.)
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To: rvoitier
Is it just a matter of declaring it and filling out forms to notify Uncle Sam or are your assets seized or are you arrested?

If you don't fill out the forms, the most they can do to you is 10 years in Federal prison (and a fine; I've forgotten how much - perhaps $100K) and of course forfeiture of the money. If you do fill out and file the forms, your only problems might be at the other end of the line.

46 posted on 11/10/2008 8:03:33 AM PST by PAR35
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To: MrB

I’d be interested to read that vanity!


47 posted on 11/10/2008 8:04:23 AM PST by Faith65 (Jesus Christ is my Lord and Savior!)
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To: rvoitier

If you have AMEX, transfer the money into that account, and just use the card..


48 posted on 11/10/2008 8:07:21 AM PST by cardinal4 (Dont Tread on Me)
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To: Just another Joe

Just set-up an account in Mexico, break the amount in smaller amounts (under 9K, I believe) and use several different Western Union and other wire services. No Problemo!


49 posted on 11/10/2008 8:11:39 AM PST by pierrem15 (Charles Martel: past and future of France)
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To: MrB

Put me on your list.


50 posted on 11/10/2008 8:12:39 AM PST by SampleMan (Community Organizer: What liberals do when they run out of college, before they run out of Marxism.)
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To: anniegetyourgun

That’s called “structuring”. Specifically illegal. They almost nailed Rush with it.


51 posted on 11/10/2008 8:14:29 AM PST by Wolfie
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To: MrB

Please add me to your list, thank you.


52 posted on 11/10/2008 8:14:37 AM PST by RightField (A fine is a tax for doing wrong. A tax is a fine for doing well,.)
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To: Tenacious 1
She said the bank likely reported it to the government. Talk about big brother keeping an eye on you.

IIRC banks are required to report cash deposits of 10K or more to the government. It's part of the effort to fight money-laundering.

53 posted on 11/10/2008 8:15:53 AM PST by freespirited (Honk to indict the MSM for treason.)
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To: Wolfie
That’s called “structuring”. Specifically illegal. They almost nailed Rush with it.

Please explain what is illegal about it. I didn't know any better. I think he wanted the money to come from two separate accounts but I do not recall if that was the case.

Thank you for any knowledge about it.

54 posted on 11/10/2008 8:20:53 AM PST by Tenacious 1 (Democrats are for Change - Let's run through a mine field at night wearing clown shoes!)
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To: MrB

Add me to that list please. Something I’m seriously considering, and could use some guidance.

Add me also


55 posted on 11/10/2008 8:23:37 AM PST by chainsaw ( No racist radical Muslims in the WH)
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To: MrB

I want on the ping list. Even though I don’t pay taxes (yet, college student) always better to get ahead.


56 posted on 11/10/2008 8:23:39 AM PST by Toki ("Palin Pingers" Freepmail Liberity Rocks or me to get on the list today!)
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To: AnalogReigns

A. I never travel with my good jewelry (my knock offs look fantastic anyway)
B. Diamonds aren’t liquid at all. The mark ups are insane and you never receive near their value in exchange. (Ask the lonely hearts selling engagement rings on eBay).
C. Best idea is the poster who suggested a lump sum in an Amex account. Fees are nothing compare to the security you’ll have knowing the money can only be accessed by you.


57 posted on 11/10/2008 8:24:08 AM PST by timsbella (Mark Steyn for Prime Minister of Canada! (Steve's won my vote in the meantime))
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To: PAR35
Of course, the tricky part is tracking down a customs agent when you leave the country.

They usually have an office in the freight offices area of the airport complex, assuming you are near an international airport.

58 posted on 11/10/2008 8:24:32 AM PST by savedbygrace (SECURE THE BORDERS FIRST (I'M YELLING ON PURPOSE))
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To: timsbella
The limit is in place because of drug trafficking and money laundering. Better to wire the money. In practice, anyone carrying cash over a few thousand is going to get pulled aside by customs. Why put yourself at risk? It’s not like travellers cheques that can be insured and replaced.

You're right. It's not safe to travel with that much cash - and freepers aren't drug dealers - so what's the motivation? Travellers cheques make more sense.

59 posted on 11/10/2008 8:26:59 AM PST by GOPJ ( It's hard for Republicans to hammer Obama as a socialist when(Bush) nationalizing the banks- Steyn)
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To: Tenacious 1

In the United States, the Bank Secrecy Act requires the filing of a currency transaction report (CTR) for transactions of US$10,000.01 or more. Financial institutions suspecting deposit structuring with intent to avoid the law are required to file a suspicious activity report.

Title 31 of the United States Code, section 5324, provides (in part):

No person shall, for the purpose of evading the reporting requirements...structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions.

Section 5324 further provides that a violation of this provision may be punished by a fine or up to five years in prison, or both.


60 posted on 11/10/2008 8:30:06 AM PST by Wolfie
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