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douchefun
Antiprohibitionist
Joined: 08 Sep 2007
Posts: 78
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 Posted: Sun Sep 23, 2007 10:36 am Post subject: Is My Money Safe Anywhere?! |
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Lets say:
I have a minimum wage job and I'm living in the getto's apartments sharing rent with a friend.
I deposit 50,000 into my bank account.
What happens next? Are they allowed to take my money?
How long could I be under surveillance?
Would I have to tell them where I got the money? If I didn't tell them would they try to take my money?
What if I deposited 1,000,000?
Is my money safe anywhere?! |
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Buck
Antiprohibitionist
Joined: 24 Apr 2007
Posts: 68
Location: Southern US
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| Posted: Sun Sep 23, 2007 10:43 am Post subject: |
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Anything $10,000 and over is subject to IRS reporting.
Buy gold and investment grade gems with it. Don't spend more than $9,999.00 at a time doing it.
Land is good too..put 9K down and make big payments. It's hard to loose your money buying land. |
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KrazyKracker
Antiprohibitionist
Joined: 22 Sep 2007
Posts: 63
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| Posted: Sun Sep 23, 2007 11:54 am Post subject: |
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| Im not sure but splitting up your money in different banks would be a smart move also... The banks where I live will only insure $10,000 in one bank account if they get robbed. But yes investment would also be a good idea with that much money.. |
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douchefun
Antiprohibitionist
Joined: 08 Sep 2007
Posts: 78
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| Posted: Sun Sep 23, 2007 3:57 pm Post subject: |
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Thank you guys so much. I didn't think I'd get a straight answer for a while.
Before I had made my first post I looked into buying gold. Does anyone know somewhere I can get gold or gems?
I was looking for something online like google products, ebay, and others but I couldn't find anything. It's really hard to find gold that is:
(1) not retailers price
(2) not shaped into jewelry for extra price
(3) has liability acceptance of the gold being the karat that they were told it is (testing the gold themselfs before they sell it) |
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garri
Concerned Citizen
Joined: 17 Sep 2007
Posts: 8
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| Posted: Sun Sep 23, 2007 4:14 pm Post subject: |
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What about starting a little company that could help you clean the money. You could pay yourself a good amount for being the CEO or something, and hire a staff like one person or something. Main goal is to balance the company so you wouldn't loose money on it but you could use it to make "real" money.
That way you could deposit every week a good amount as a paycheck and have the money legally.
So later on if you want to buy a house or something and the bank checks your bank account activity they would give you a loan.
Now you could use your money to pay the monthly fees and stuff for the house/car/land ect.
What kind of company?
Hmm...car wash/wax is easy if you hire staff and keep it going without loosing a money.
Some sort of booking agency, easy to fool the IRS, and with this one you wouldn't have to hire a staff.
Some sort of on-line business, make a website, sell information and stuff with out really doing it.
But the other ideas are good too. Just some thing to think about as well. |
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OnTheBorder
Antiprohibitionist
Joined: 21 Jul 2007
Posts: 42
Location: Inside the checkpoints, along the Rio Grande
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| Posted: Mon Sep 24, 2007 6:03 am Post subject: |
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Any good coin dealer can sell you silver or gold coins. For the small investor, this is the best and easiest way to own gold. Kruggerrands, Golden Eagles, and Canadian Maple Leafs all are made with 99.9% pure gold in standard measures, so it is easy to resell them. If you buy bars or boullion, they usually must be assayed before you sell them to confirm gold content.
If you want to check the current market prices for gold, silver, copper, platinum, palladium, or rhodium, or you want to buy precious metals, check out this site:
http://www.kitco.com/
I've dealt with them, and they are the real deal.
With China entering the market, expect rises in the price of just about all precious metals. It's a great hedge against inflation, and a great way to secure money.
The gold I bought last year at $640 an ounce is now worth almost $100.00 more and most likely will continue to go up. |
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OnTheBorder
Antiprohibitionist
Joined: 21 Jul 2007
Posts: 42
Location: Inside the checkpoints, along the Rio Grande
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| Posted: Mon Sep 24, 2007 11:05 am Post subject: |
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| Quote: | | What about starting a little company that could help you clean the money. |
It's not unheard of. The best business would be a cash business. Coin car wash, vending machines, or a food service business (think pizza shop, it's been working for the goomba types for ages).
Avoid becoming incorporated, though. A sole proprietorship would be the way to go. The tax burden is a little greater, but it involves fewer people. Make sure you retain the services of a good accountant, and prepare to be audited by the IRS. Small businesses are more likely to be audited than any other entity. |
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uomemoney52290
Concerned Citizen
Joined: 18 Sep 2007
Posts: 3
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| Posted: Fri Sep 28, 2007 12:08 pm Post subject: |
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| find someone you can trust with the money, and split it, and both of yall go buy money orders for the max amount until its all back in circulation, then you have a stack of money orders you can go cash gradually... im not sure if its 10000 that the irs tracks, i though it might be less ;( |
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GG
Antiprohibitionist
Joined: 19 Apr 2007
Posts: 54
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| Posted: Fri Sep 28, 2007 10:10 pm Post subject: |
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| why not use offshore bank? |
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choirboy
Concerned Citizen
Joined: 01 Oct 2007
Posts: 2
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| Posted: Mon Oct 01, 2007 5:43 pm Post subject: |
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If I'm not mistaken, the IRS has now made $5,000 the threshhold for transaction reporting, so the $9995 stuff won't work anymore. And if you have no demonstrable income and deposit $50k in your bank account, you're damn right the IRS is gonna ask where you got it. What are you gonna say, you found it in the back seat of a taxi?
At the very least, you'll be made to pay taxes on that amount at the highest tax bracket, so if I were you I wouldn't deposit any large sums of money into any bank accounts unless I had a believable and valid explanation for how I got it and was willing to part with 35% of it. |
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douchefun
Antiprohibitionist
Joined: 08 Sep 2007
Posts: 78
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| Posted: Mon Oct 01, 2007 6:03 pm Post subject: |
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| choirboy wrote: | If I'm not mistaken, the IRS has now made $5,000 the threshhold for transaction reporting, so the $9995 stuff won't work anymore. And if you have no demonstrable income and deposit $50k in your bank account, you're damn right the IRS is gonna ask where you got it. What are you gonna say, you found it in the back seat of a taxi?
At the very least, you'll be made to pay taxes on that amount at the highest tax bracket, so if I were you I wouldn't deposit any large sums of money into any bank accounts unless I had a believable and valid explanation for how I got it and was willing to part with 35% of it. |
I thought money gained an intrest in the bank.  |
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Barry
CEO/NeverGetBusted.Com
Joined: 03 Apr 2007
Posts: 595
Location: Texas
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| Posted: Wed Oct 03, 2007 11:17 am Post subject: |
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This is a GREAT STRING!!! Keep it up folks!
Barry |
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GG
Antiprohibitionist
Joined: 19 Apr 2007
Posts: 54
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| Posted: Wed Oct 03, 2007 6:30 pm Post subject: |
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Well, since Mr. Barry likes topic,
I would say make an offshore bank account is the
safest way to protect your money.
I was going to make one for myself, but the guy
whos going to do all paperwork for it just
disappeared so I'm looking for another one.
Does anyone used it before or recommand any? |
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OnTheBorder
Antiprohibitionist
Joined: 21 Jul 2007
Posts: 42
Location: Inside the checkpoints, along the Rio Grande
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| Posted: Fri Oct 05, 2007 3:12 pm Post subject: |
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I have mixed feelings about money orders. The only safe money order is a Postal money order. They never expire, as do most of the others out there. While they are safe, and can be cashed at any post office or bank, you are going to create suspicion going to the post office every day and purchasing $1,000.00 money orders. Most towns have only one or two post offices, so sooner or later your face is going to become well known.
Offshore banks are great. The problem here is getting the money into the account. You would be foolish to send cash overseas, so that leaves checks, money orders, or electronic transfers. Checks would be routed through your bank via the Federal Reserve, as would electronic transfers. Bad Mojo there (paper trail). Money orders would be a better bet, but be sure to destroy the stub as soon as the deposit is posted to the account.
Any monetary transactions that involve the use of a computer would have to be done on a computer other than the one in your home or business. Remember, if they come after you, they're probably gonna check your computer's hard drive. Buy a cheap laptop and conduct all business from it. This includes any email involving anything to do with transactions or accounts. Keep the laptop in a secure location away from your home, office, or vehicle. And don't log into your home ISP, use a free wifi hotspot at the local coffee shop or a local motel. Most public libraries have free internet access as well.
Another option is a trip to Vegas or Atlantic City. Buy a buttload of chips, gamble a bit and cash them in. There is a threshold where they must collect taxes on it, but it is pretty liberal. Don't fear the taxman here, it helps legitimize the cash. You can fly to Vegas for cheap from almost anywhere in the country. |
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Evolve
Concerned Citizen
Joined: 10 Jul 2007
Posts: 6
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| Posted: Mon Oct 15, 2007 2:05 am Post subject: |
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Gold's a risky buy
it's worth a near all time high right now
Personally, with a large sum of cash obtained by means that are ill gotten or something you don't want the IRS to know about, I would trust cash and only cash. Perhaps rent a large safety deposit box somewhere? |
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