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?
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.
:)
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.
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.
What a great idea. Please add me to your tax deduction strategies list. Thanks very much! :)
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.
I’d be interested to read that vanity!
If you have AMEX, transfer the money into that account, and just use the card..
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!
Put me on your list.
That’s called “structuring”. Specifically illegal. They almost nailed Rush with it.
Please add me to your list, thank 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.
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.
Add me to that list please. Something I’m seriously considering, and could use some guidance.
Add me also
I want on the ping list. Even though I don’t pay taxes (yet, college student) always better to get ahead.
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.
They usually have an office in the freight offices area of the airport complex, assuming you are near an international airport.
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.
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.
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