Silk Road forums
Discussion => Off topic => Topic started by: sofish89 on August 02, 2013, 11:48 pm
-
Would it be a problem if i walked into a dealership and purchased a new Honda Accord o something and paid $20,000 in cash?
Are they requied to report me to the IRS or is that only bank deposits?
-
YES - and that's a big YES
a friend of mine had a similiar problem few years ago and iirc, he had his girlfriend get a cashier's check made out to him for $10K and he put a few K up in cash, which would have gotten a corpse the credit on the purchase, for the balance
then he simply paid it off, a grand or two per month - he didn't like worrying about monthly car pmts, checkbooks etc
you might talk to a friend working at the dealership, if you can
-
So how much is the limit of how much cash i can put down at once?
Is anything under 10,000 okay to put down for the down payment in cash, or is the limit less than that..?
-
Anything from 9 thousand and below your fine but 9001 and up they have to fill out a tax paper and send it the IRS, if you know the owner there you could ask if he wouldn't send it and he might I payed 26000 cash for mine right off the lot almost a year ago :P and I haven't heard shit.
-
It would be best to find a crooked salesman or a friend.
-
I've always heard the 9k rule, but is that accumulated, too, or all at once?
Would trouble build up if you worked up to 9,001 in a given amount of time, or no?
-
I've always heard the 9k rule, but is that accumulated, too, or all at once?
Would trouble build up if you worked up to 9,001 in a given amount of time, or no?
Only if the transactions were a series of connected transactions then yes they would have to report it.
-
So i need some money to statup a legit company. I was planning on "selling" my car my cousin on paper, but really id just be depositing my money into my bank acount and putting the title in his name till i have enough to "buy it back". Only thing is my cousin doesnt have a job and i havent for the past month. All all our income is from selling drugs. I dont think he has any money in the bank.This should be fine tho right because its under 10,000? Or would it raise to many flags?
-
Go buy a few atms and rent them out....that's your work and it works. boom!
Ryno
-
So i need some money to statup a legit company. I was planning on "selling" my car my cousin on paper, but really id just be depositing my money into my bank acount and putting the title in his name till i have enough to "buy it back". Only thing is my cousin doesnt have a job and i havent for the past month. All all our income is from selling drugs. I dont think he has any money in the bank.This should be fine tho right because its under 10,000? Or would it raise to many flags?
depends on how hot you are in your area if your real hot there going to analyze everything you do, but to be honest you dont even need to do all that youll prolly just go right under the radar. Just don't try to big wig and party all the time and be gangster and floss with expensive shit and all that cause then your asking for attention and that will get your ass busted. Stay under the radar act normal like a nice part of the community, dress nice and you won't even be noticed. And don't matter if you got a job or not you could always say you been saving this money by doing odd jobs and what not for the last few years and selliing sports cards and anything you could do to save. You wouldn't even need to sell your car. You just have to be real careful when you open your business cause if you ever get caught there going to go through your books with a microscope to see if any of came from drug money. To be smart only use the money for your initial investment which you can say you saved up, after that do not use any illegal profits to pay any thing or buy anything that has to do with your business. Pm if you need any type of advice I'll be more than willing to help out, I own my business as well.
-
Go find a real good deal on a used car for $9,000 (doesn't matter if you like it just as long as it's a good deal). Then take the $9,000 car and trade it in along with $9,000 cash and a $2,000 loan to get new car.
-
The limit for a business to report a transaction is $10,000. If you do a cash transaction for $9,999.99, nothing would really happen unless the bank or business wanted to file a Suspicious Activity Report (SAR) because you blew your cover and were acting sketchy. The second you hit the dollar amount of $10,000.00, a Currency Transaction Report (CTR) MUST be filed according to federal law. This is a per day report, not a per transaction report. If a bank sees you stringing in deposits all the time, always skirting under the limit, they may end up reporting you as well to save their ass. The PATRIOT Act really fucked a lot of things up as far as anonymity with cash.
If you want a $20k car, go find out how much they want down on it with your credit rating. Kindly put that down, and each month you can pay more than what is owed. Always keep cash in your pocket though, so if something happens you don't miss payments.
Once the car is paid off, wait a few months and feel free to sell it. You have now semi-successfully washed money for yourself. You can now afford to put down $15k via a Cashier's Check from the bank on a newer car, and start the process over.
Just remember, the tax man (IRS) is always watching. He doesn't care if you sell drugs, kidnap, murder, etc. He cares that you pay your damned share of taxes.
Voracious
-
The limit for a business to report a transaction is $10,000. If you do a cash transaction for $9,999.99, nothing would really happen unless the bank or business wanted to file a Suspicious Activity Report (SAR) because you blew your cover and were acting sketchy. The second you hit the dollar amount of $10,000.00, a Currency Transaction Report (CTR) MUST be filed according to federal law. This is a per day report, not a per transaction report. If a bank sees you stringing in deposits all the time, always skirting under the limit, they may end up reporting you as well to save their ass. The PATRIOT Act really fucked a lot of things up as far as anonymity with cash.
If you want a $20k car, go find out how much they want down on it with your credit rating. Kindly put that down, and each month you can pay more than what is owed. Always keep cash in your pocket though, so if something happens you don't miss payments.
Once the car is paid off, wait a few months and feel free to sell it. You have now semi-successfully washed money for yourself. You can now afford to put down $15k via a Cashier's Check from the bank on a newer car, and start the process over.
Just remember, the tax man (IRS) is always watching. He doesn't care if you sell drugs, kidnap, murder, etc. He cares that you pay your damned share of taxes.
Voracious
The law is that you must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if your business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions.
The information provided by Form 8300 provides valuable information to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) in their efforts to combat money laundering. This is an important effort, since money laundering is a tool that assists many individuals who participate in various criminal activities, ranging from tax evasion to terrorist financing to drug dealing, to hide the proceeds from their illegal activities.
It was lowered though a few years ago to 9,000. But let's be real if you spend that much on a nice car with out a plan or anything you are going to bring heat to yourself always prepare for the unexpected. I think your best bet would to just play it safe and not spend over 9 grand you dont want to bring attention and spending exactly a dollar short of the amount thats supposed to be reported would still look sus cause it makes you look guilty and as if you knew exactly what you were doing. Id rather have no attention brought to me period. And also it depends on where you live if you live in a small town youll def get attention but if you live in a big city I think you would be good unlless you were already hot.
-
I'm not sure where you're from, but I know in Australia anything over $10,000 is audited by the Government and you need to provide a reason as to why you are using that much cash for something and where the money came from.
They will also be suspicious of anything between $5,000 and $10,000 and they may ask questions.
So no, do not buy a car for that much money. And if you sell a car and get paid in cash, they will check to make sure that you have recently transferred the registration of a car you owned into someone elses name.
The Government are nosy cunts and they will check everything.
-
folks have been quoting $10K for years, since the early 90s - sometime in the late 90s it was lowered to $3,000 for cash transactions at banks, and even still banks are required to report unusual cash transactions that are abnormal for the customer or for an unknown customer, even if lower than $3k
i have to believe it would have been lowered for car dealerships, jewelry stores, real estate transactions etc
i'd check with a friend at a dealership, one that you know you can trust before making the deal
just my 02
-
I'm not sure where you're from, but I know in Australia anything over $10,000 is audited by the Government and you need to provide a reason as to why you are using that much cash for something and where the money came from.
They will also be suspicious of anything between $5,000 and $10,000 and they may ask questions.
So no, do not buy a car for that much money. And if you sell a car and get paid in cash, they will check to make sure that you have recently transferred the registration of a car you owned into someone elses name.
The Government are nosy cunts and they will check everything.
In the Us it's 9000 but I agree with you also anything high over 5000 is going to bring attention and have them investigating you but they can't do shit unless its over 9000, that's why I wouldnt even risk for the sake of bringing attention to yourself unless I lived in a big city but in a small town you're gonna bring attention to yourself but totally agree the government is a bunch of nosey fucks pretty soon there gonna know why our shit is so big when we take them and why it's a certain color.
-
$9,000? Since when? I just pulled up the reporting requirements and it still says $10,000 which it has always been (as far as I know). If it is something else please post source.
EDIT: Yep still looking and NOTHING on $9,000, it is $10,000. SARs of course can be anything (even $20) but that has no required amount.
-
$9,000? Since when? I just pulled up the reporting requirements and it still says $10,000 which it has always been (as far as I know). If it is something else please post source.
EDIT: Yep still looking and NOTHING on $9,000, it is $10,000. SARs of course can be anything (even $20) but that has no required amount.
I've heard somewhere about the $9,000 amount too.
I think it's because people know that over $10,000 will get looked into, so they were depositing $9,000, but they become suspicious of that too because it looks like it was deliberately just below the $10,000 cut off andt hey don't want their money audited...
I would personally never use more than $4,000 for any transaction or deposit.
-
No it's $10,000. I just pulled up all the forms from the government. Like I said maybe he was thinking of a SAR but a SAR has no requirement, that's just a general "hey I think there is something fishy about this".
-
I've brought several second-hand cars with cash, all under $25,000 and never fallen under any suspicion. I recommend searching for an 'almost-new' second hand car that is the type you want on the internet and sussing out the person you are buying it from. My current car I brought for 22K in cash from a guy I would swear was a drug dealer too, big Lebanese guy with lots of jewelery and tattoos and I could tell there was no way in hell he was going to report me to anyone.
I would definitely avoid going into a dealership and buying a new car with a large amount of cash. If you can get it on finance and pay with regular cash deposits that would look a lot less suspicious, even though after interest you will end up paying a bit more. If you are paying $300 a week for a year plus $5000 up-front that is a lot easier to explain than $20K upfront even though you might save $600 paying the whole thing upfront.
-
All this talk about even numbers... What looks more suspicious, $9,999.99 or $9,372.48?
-
^^^^ $6666.66
-
$9,000? Since when? I just pulled up the reporting requirements and it still says $10,000 which it has always been (as far as I know). If it is something else please post source.
EDIT: Yep still looking and NOTHING on $9,000, it is $10,000. SARs of course can be anything (even $20) but that has no required amount.
Go into your local dealership and ask them and they will tell you 9000 it has been lowered for about 4 years now when I purchased my vehicle it was 9 that had to reported, not tryn to argue with ya bra just tryn to help a fellow sroader from a head ache. Nothing to get all worked up over.
-
$9,000? Since when? I just pulled up the reporting requirements and it still says $10,000 which it has always been (as far as I know). If it is something else please post source.
EDIT: Yep still looking and NOTHING on $9,000, it is $10,000. SARs of course can be anything (even $20) but that has no required amount.
Go into your local dealership and ask them and they will tell you 9000 it has been lowered for about 4 years now when I purchased my vehicle it was 9 that had to reported, not tryn to argue with ya bra just tryn to help a fellow sroader from a head ache. Nothing to get all worked up over.
I have to agree with DrMDA, and I don't think he's getting worked up, just a little passionate about the correct values.
I do work at a bank, and I can tell you $10,000.00 is the limit. If you were reported for $9k, then that was the dealership's choice. Bar's, auto dealerships, and other high-volume cash businesses sometimes do place their own rules so that if the government ever comes knocking, they are always in the right.
The most fishy businesses we are taught to look out for are bars and dealerships, just because there is so much potential to flip cars and alcohol to launder their cash.
Anyways, back to the original point, get a car you can put no more than $7,000 down on (or in that neck of the woods). Then pay it off like a normal human, and viola it is YOURS! You could even go get a Cashier's Check from your bank for $7,000.00 with the cash, and if they ask about the cash say a sibling, parent, friend loaned you the money. They have the potential to report any transaction over $3,000.00, but most tellers don't want to do more paperwork... as long as you aren't a super sketch ball.
Voracious
-
$9,000? Since when? I just pulled up the reporting requirements and it still says $10,000 which it has always been (as far as I know). If it is something else please post source.
EDIT: Yep still looking and NOTHING on $9,000, it is $10,000. SARs of course can be anything (even $20) but that has no required amount.
Go into your local dealership and ask them and they will tell you 9000 it has been lowered for about 4 years now when I purchased my vehicle it was 9 that had to reported, not tryn to argue with ya bra just tryn to help a fellow sroader from a head ache. Nothing to get all worked up over.
I have to agree with DrMDA, and I don't think he's getting worked up, just a little passionate about the correct values.
I do work at a bank, and I can tell you $10,000.00 is the limit. If you were reported for $9k, then that was the dealership's choice. Bar's, auto dealerships, and other high-volume cash businesses sometimes do place their own rules so that if the government ever comes knocking, they are always in the right.
The most fishy businesses we are taught to look out for are bars and dealerships, just because there is so much potential to flip cars and alcohol to launder their cash.
Like I said dealerships that's what most drug dealers do when they get the money up is want to get a fancy car and when they do have to report those transactions they don't send that form to the bank they send it to the IRS. With that said unless you know the owner or what ever I wouldn't spend that much unless you wanted some heat on you.
Anyways, back to the original point, get a car you can put no more than $7,000 down on (or in that neck of the woods). Then pay it off like a normal human, and viola it is YOURS! You could even go get a Cashier's Check from your bank for $7,000.00 with the cash, and if they ask about the cash say a sibling, parent, friend loaned you the money. They have the potential to report any transaction over $3,000.00, but most tellers don't want to do more paperwork... as long as you aren't a super sketch ball.
Voracious
On the original point I agree with you there your not spending a large amount of money and at the same time you will build your credit up so it's a no win situation, unless your supply goes dry and your out of work or don't make enough so you can't afford the payments no more. Another good option would be if you know someone that goes to auctions or knows somebody you can get great deals on cars for good prices that you would pay a lot more getting off the lot. And you would have no payments so one less thing to worry about every month.
-
It all depends where you get your cash from. If you've nothing to hide, go for it. Otherwise, find a crooked dealer and pay a premium for a wink / nudge deal.
-
It all depends where you get your cash from. If you've nothing to hide, go for it. Otherwise, find a crooked dealer and pay a premium for a wink / nudge deal.
I think the issue is that he does have something to hide :)
Just be careful with what you do, I hope the best for you. Stay low key, don't be flashy, hold a real job, you should be fine.
Voracious
-
"Most recently, the largest bitcoin exchange to halt trading was Bitfloor, run by Roman Shtylman, who blamed "circumstances outside of our control." His New York operation had average daily trading volume of about $300,000 (depending on the exchange rate), with U.S. dollar deposits and withdrawals running through a Capital One bank account – which the bank unilaterally closed. "I had very little time to act between receiving the account closure letter and the account being closed," Shtylman told PaymentsSource.
In this case, the regulatory guidance may have had an indirect effect. Bitfloor was registered with Fincen as an MSB but was not licensed as a state money transmitter. Shtylman surmised that Capital One had judged his business to be "not worth the risk." "
http://www.americanbanker.com/bankthink/fincen-regulations-choking-bitcoin-entrepreneurs-1058606-1.html
If bitfloor didnt register in a state i think you'll be fine. 300,000 a day is huge.
I believe you've missed the entire point of this thread...
Voracious
-
It'll be fine 50 cent did it in his first film
-
Why not buy a car off craigslist for cash? Maybe pay a little extra if they don't seem willing to write it down as you paying much less.
When my friend bought his car (for only $3k though) the guy wrote it as he sold it to him for like $200 because you get a tax refund I believe.