Members BrainChild Posted May 13, 2009 Members Share Posted May 13, 2009 When I went to buy a used Corvette in another state I arranged with the bank to get $36k in cash from my account (they need few days notice). No problems other than I didn't like the car and redeposited the cash when I got back. You must report amounts over $10,000 that are transported outside the USA but it is not illegal to do so. Link to comment Share on other sites More sharing options...
Members BornUnderBadSgn Posted May 13, 2009 Members Share Posted May 13, 2009 In Canada, suspicious transactions including those over $10,000 are reported to FINTRAC. There are specific institutions that are required to report by law, such as financial institutions and casinos (among others). Other businesses offering goods or services are encouraged to report suspicious transactions to their local Integrated Proceeds of Crime unit who would then report to FINTRAC. Some businesses are willing to cooperate others are not - it is not required by law. Link to comment Share on other sites More sharing options...
Members Ron Burgandy Posted May 13, 2009 Members Share Posted May 13, 2009 If I pull 15Gs out of my bank account in cash, the tax man has nothing to do with it. It has already been taxed. When I purchase the vehicle, I will be subject to a sales tax, thats it. How could you equate winning money and having money as the same? Anything above $10k needs to be reported. It's to prevent people from hiding cash from illicit activities. As in the drug dealers that hold regular jobs as "fronts". Say a guy makes $8/hour working at Wendy's, but he's buying Escalades in cash. They don't want that "off the records" by allowing him to toss around $60k without some sort of documentation. It'd be hard to explain how he saved up $60k while making $20k/year.When I closed out my savings account at a local credit union, I had to fill out some form before they handed me the cashiers check. Link to comment Share on other sites More sharing options...
Members BornUnderBadSgn Posted May 13, 2009 Members Share Posted May 13, 2009 Why wouldn't you keep the money in your bank, and roll up there with a check book? This is what most normal people (who earn an honest living) would do. For those trying to launder money, it is easier to purchase assets from someone who doesn't care where the money is coming from. It is hard to deposit large sums in a bank account without raising suspicions. Around my parts, the only people who carry large sums of money are fishermen, farmers, old people who don't trust the banks and those involved in organized crime. Edit: ^^ lol... yeah, you know what's up. Link to comment Share on other sites More sharing options...
Members soc_monki Posted May 13, 2009 Members Share Posted May 13, 2009 IMO it would be stupid to walk around with so much cash anyway. walk in there, make a deal and tell them you want to pay in full. get the deal you want, go to the bank, get the check, go back and buy your car. that way, if someone robs you, you arent out all that money that you probably wont get back. i almost never carry cash on me...ever. i use my debit card...screw checks, they suck to deal with. screw cash...if i lose my wallet its gone pretty much. if my card gets stolen i can call the bank and have them cancel it and stop any transactions going through. win-win! Link to comment Share on other sites More sharing options...
Members BornUnderBadSgn Posted May 13, 2009 Members Share Posted May 13, 2009 IMO it would be stupid to walk around with so much cash anyway. walk in there, make a deal and tell them you want to pay in full. get the deal you want, go to the bank, get the check, go back and buy your car. that way, if someone robs you, you arent out all that money that you probably wont get back. Some people are willing to give you a better deal if you are willing to pay in cash :poke:... you can't cover the paper trail when you are dealing with plastic or a cheque... cash on the other hand, well that's a different story all together. Link to comment Share on other sites More sharing options...
Members pioneerprogress Posted May 13, 2009 Members Share Posted May 13, 2009 haha weird... I haven't had to fill one of these out for a while. Then this thread pops up, and someone who had financed a car through us 6 weeks ago comes in to pay it off. $8k!!! Form 8300, in my hand, hot off the printer. Link to comment Share on other sites More sharing options...
Members Ron Burgandy Posted May 13, 2009 Members Share Posted May 13, 2009 IMO it would be stupid to walk around with so much cash anyway. walk in there, make a deal and tell them you want to pay in full. get the deal you want, go to the bank, get the check, go back and buy your car. that way, if someone robs you, you arent out all that money that you probably wont get back.i almost never carry cash on me...ever. i use my debit card...screw checks, they suck to deal with. screw cash...if i lose my wallet its gone pretty much. if my card gets stolen i can call the bank and have them cancel it and stop any transactions going through. win-win! Change debit card to credit card and you're spot on with my methods. Debit card still carries too much risk for the most part. I'll use it at places I trust, if the amount is low, but that's about it. CC's have far better fraud protection, should your card get stolen. If your Debit card is stolen, all the charges are on you until you report it. ie if someone cleans out your account before you notice the card is gone, then you won't be seeing any of that money unless the bank recovers it. Link to comment Share on other sites More sharing options...
Members JerryP Posted May 13, 2009 Members Share Posted May 13, 2009 Anything paid cash anywhere over $10K is supposed to be reported. If you deposit over $10K in your bank account it gets reported. There was a car dealership here in town that was shut down for money laundering for selling cars and not reporting the cash. Jerry Link to comment Share on other sites More sharing options...
Members petejt Posted May 13, 2009 Members Share Posted May 13, 2009 Like if you go in and buy a car with a bag of money? Isn't there some limit where beyond that you have to be investigated and all that jazz? Just curious, I see rappers and the like doing that in videos - and was just curious what real-world procedures were for this. (embedding disabled) Link to comment Share on other sites More sharing options...
Members petejt Posted May 13, 2009 Members Share Posted May 13, 2009 Anything paid cash anywhere over $10K is supposed to be reported. If you deposit over $10K in your bank account it gets reported. There was a car dealership here in town that was shut down for money laundering for selling cars and not reporting the cash.Jerry What if you won the money? Link to comment Share on other sites More sharing options...
Members petejt Posted May 13, 2009 Members Share Posted May 13, 2009 Some people are willing to give you a better deal if you are willing to pay in cash :poke:... you can't cover the paper trail when you are dealing with plastic or a cheque... cash on the other hand, well that's a different story all together. Yup, Pay Less-> Pay Cash. Link to comment Share on other sites More sharing options...
Members petejt Posted May 13, 2009 Members Share Posted May 13, 2009 The largest amount of cash I ever carried was $1,000. It was bizarre. Link to comment Share on other sites More sharing options...
Members LaXu Posted May 13, 2009 Members Share Posted May 13, 2009 I'd really like to go buy something with a bag full of gold coins or a gold bullion bars. I bet most places would go crazy trying to figure how to count it. Link to comment Share on other sites More sharing options...
Members BornUnderBadSgn Posted May 13, 2009 Members Share Posted May 13, 2009 What if you won the money? Most casinos/lottos will cut you a cheque... but even if they did not, the money is still legit and there is (should be) a record of that. Link to comment Share on other sites More sharing options...
Members archers6 Posted May 13, 2009 Members Share Posted May 13, 2009 be good, and if not- wear a mask Link to comment Share on other sites More sharing options...
Members petejt Posted May 13, 2009 Members Share Posted May 13, 2009 Most casinos/lottos will cut you a cheque... but even if they did not, the money is still legit and there is (should be) a record of that. Ok well, what if you won Gold Lotto or something like that? Usually they publish that stuff in the newspaper so it's not like it's a secret? Link to comment Share on other sites More sharing options...
Members BornUnderBadSgn Posted May 13, 2009 Members Share Posted May 13, 2009 Ok well, what if you won Gold Lotto or something like that? Usually they publish that stuff in the newspaper so it's not like it's a secret? I'm not familiar with the golden lotto... but it doesn't really matter if it's cash or cheque. If you are dealing with a legit gaming corporation they should have some kind of record of transaction, thereby proving that you have obtained the money legally... which is enough to satisfy a forensic accountant, should they choose to investigate. If it's obtained through some back alley gaming house... Link to comment Share on other sites More sharing options...
Members JerryP Posted May 13, 2009 Members Share Posted May 13, 2009 What if you won the money? Anything over $600 the tax is taken out and anything over $10K gets reported. Jerry Link to comment Share on other sites More sharing options...
Members BornUnderBadSgn Posted May 13, 2009 Members Share Posted May 13, 2009 Anything over $600 the tax is taken out and anything over $10K gets reported.Jerry I'm not aware of how it works in Australia but this doesn't happen in Canada. If you win a 10 million dollar lottery, the 10 million is yours. The lotto is government owned/regulated so their share of tax dollars comes from the suckers who don't win a prize. Link to comment Share on other sites More sharing options...
Members DirtyBird Posted May 13, 2009 Members Share Posted May 13, 2009 I carried $1200 on me once... I was a bit nervous about it... but whatever.I bought myself a T-56 transmission... Link to comment Share on other sites More sharing options...
Members katillac Posted May 14, 2009 Members Share Posted May 14, 2009 Ok well, what if you won Gold Lotto or something like that? Usually they publish that stuff in the newspaper so it's not like it's a secret? The state lotteries here take out taxes before they print out the cheque and the net amount is reported to the Internal Revenue Service. Link to comment Share on other sites More sharing options...
Members OverDriven Posted May 14, 2009 Members Share Posted May 14, 2009 I'd really like to go buy something with a bag full of gold coins or a gold bullion bars. I bet most places would go crazy trying to figure how to count it. They would just not accept it since we aren't on a barter system. Link to comment Share on other sites More sharing options...
Members Megadeth Man Posted May 14, 2009 Members Share Posted May 14, 2009 Motors are the only things I've bought with cash in the thousands. I do this to blag a better deal. Can't think of anything else I'd be buying in cash with greater value.They would just not accept it since we aren't on a barter system.Here in England gold sovereigns are legal tender (have to be accepted). Although you'd have to be a bit strange to use them for that as a full sovereign has a face value of Link to comment Share on other sites More sharing options...
Members Kenny Powers Posted May 14, 2009 Members Share Posted May 14, 2009 Maybe I just like "making it rain" at the volvo dealership. {censored} that, I take quarters and make it hailthanks daniel toshBut yeah, I just get a cashiers check. Its how I bought my last car, and probably will be doing that this weekend! Link to comment Share on other sites More sharing options...
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