Silk Road forums

Discussion => Legal => Topic started by: Holly on August 30, 2013, 11:17 pm

Title: No job, online shopping, prepaid cards?
Post by: Holly on August 30, 2013, 11:17 pm
I use a prepaid greendot visa card and I reload it with moneypak cards to buy shit online, if I spent $6000 on reloads this year to buy random crap online but I don't have a job/no verifiable income, am I going to get looked into by the IRS?   If i've been going about this all wrong what are some decent anonymous prepaid cards for online purchases?
Title: Re: No job, online shopping, prepaid cards?
Post by: Kiwikiikii on August 31, 2013, 12:02 am
u can buy prepaid non-reloadable cards but that can get expensive at $5 a card. reloadable have the ssn requirement to combat money laundering so you have to assume all these things are reported by the card company. i would make up some sort of fake ass income stream to validate it and pay tax on it, but chances are they dont give a fuck about small time criminals. after 3 years they cant do shit about it anyways.
Title: Re: No job, online shopping, prepaid cards?
Post by: MissNatural on August 31, 2013, 04:12 am
I doubt you will. Even paypal only reports transactions to the IRS if you have RECEIVED over 90,000(I think that's the number, could be wrong) in cash. Despite what many people think, most of the time nobody gives a shit about how much money you spend, it's about the money you MAKE, well within reason. Besides, $6000 is nothing.

The IRS most likely won't look into you. They look into people when bank accounts get reported(all banks report accounts that have had over a certain amount of cash in them at any given time), and their computer tells them this person has no tax-pay history.

Old school drug dealers get away for years and years without paying taxes while spending hundreds of thousands of dollars because they don't put that money in the bank. IE, they never get reported to the IRS. A lot of prepaid card/money transfer companies such as paypal, will only report you if the total amount of a single transaction exceeds something specific(such as in excess of 5 digits or more at once). As far as I know most splitting up the card values won't draw attention by card companies, though it's not something you want to make a habit of.

For instance, there was one bank I talked to that said if any account ever has more than $10,000 in it at any given moment, then at the end of the year it will be reported, even if that money was immediately spent. But if that account never has more than $9,999 in it at any given time, and the balance never exceeds that, then it is never reported, no matter how much money was spent. That bank account could spend a million dollars but as long as the balance never exceeds 10k in a single moment, then it doesn't matter. I could be wrong about this as I am not an IRS expert, but this is what multiple banks have told me.

Asking about this stuff isn't illegal, so don't be afraid to call these companies or banks. They're not going to call the IRS on you for asking about this stuff. A lot of people have legitimate concerns about this type of stuff, people who run legitimate businesses who legitimately pay their taxes. Just have a legal reason in mind to why you might be asking this stuff to the company. There are a million reasons you can come up with.