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/biz/ - Business & Finance

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16981780 No.16981780 [Reply] [Original]

What can I say to the bank when depositing over $10k so they won't be suspicious? The money was earned in an interesting way.

>> No.16981787

Tell them exactly that. It will help if you dress up like your pic related.

>> No.16981796

Deposit $9,999 then keep the leftover $1 bill in your wallet.

>> No.16981806

>>16981796
I'd rather not get accused of structuring kek

>> No.16981831

>>16981806
so don't do it all at once?

>> No.16981863

>>16981780
I got a 10 thousand dollar check from my grandmother and was able to deposit it with no questions asked
stop being such a paranoid schizo

>> No.16981893

>>16981863
Well, I'm 18 so I'm still pretty naive and inexperienced. Can you really blame me for being so cautious?

>> No.16981908

>>16981831
This, especially if it's cash.

>> No.16981909

>>16981863
they see where the money comes from and probably know that it is your granny.
>>16981780
tell them the truth, you had to swallow a lot to earn it

>> No.16981921

>>16981780
Show them your worn out kneepads

>> No.16981928

>>16981780
It's not simply a matter of them getting suspicious, the bank is legally obligated to report a cash deposit of that size to the federal government

>> No.16981950

>>16981893
Don't listen to >>16981863
Obviously they won't question a check from your fucking grandma or parents or family for that matter.

>> No.16981953

Dont do it at once just give it dome time and put it in small pieces

>> No.16981964

>>16981780
depositing cash or crypto ?
if cash just keep it cash unless you need to buy something that doesn't accept cash, in that case just deposit a few grand at the time with a few months in between the deposits.

>> No.16981976

the only issue with depositing anything over 10k is if it was done illegally, or if it was done and you are trying to avoid taxes. the only thing that happens if you deposit 10k+ is that the bank has to tell the IRS about the deposit. that's literally it. Then they can ask where the money came from. (which never happens). OP just pay your taxes like a good goy and stop wasting your youth stressing about everyone coming after you. nobody cares if you make money except you and people close to you (if you let them know) or if it's an insane amount (like 100M+)

>> No.16981982

>>16981950
Checks are also treated differently from cash deposits

>> No.16981992

also if it's from crypto you can probably just purchase whatever it is you want to purchase via btc. for example if you want to buy a house you can get a trust fund with the btc in it, create an LLC under the name of the trust fund (obviously the trust fund doesn't have your name openly attached) then purchase whatever you want to purchase through the LLC. tada

>> No.16982021

>>16981976
so if you've made 100k on crypto and you deposit them in intervals of 5k, nobody will know you have to pay tax on it?

>> No.16982024

Just be yourself, OP.

Sweat a lot
Tremble occasionally
Stutter
Look around nervously
Speak a little too quietly

I'm sure you'll be fine.

>> No.16982028

The money is from some Nigerian prince as thanks for helping him retrieve his locked funds.

>> No.16982044

>>16982021
that is called suturing which is illegal. for example if you try to depost 5k once a week for 2 weeks or something, a bank will probably take notice. then you will still get audited, and you have legal issues too

>> No.16982066

>>16982044
what if you deposit 5k once a month

>> No.16982095

i dont understand how hard it is that if you've actually got any worth then why is it so hard for you to make a trip to a different country and make a bank account there?

>> No.16982107

>>16982066

Just pay the government's tax. If you want to sell out crypto for the government's fiat then play by the government's rules or its your own fault you end up getting ass fucked in a jail cell. Don't want to pay taxes? Don't be a pussy bitch and sell.

>> No.16982139

>>16982107
the problem is crypto rules aren't clearly defined in my country. there is no law that makes it obvious whether you should pay tax or not, they gave like 4-5 different "examples" as to what happens in different cases but basically it's completely up in the air whether one should pay tax or not. the only thing that is clear from their examples is that if you constantly trade very large sums of money, in that case, yes you have to pay tax. but other cases are not clear at all. however, i have the suspicion if i reach out and ask them what i owe them, they will make up the highest number possible, because that's what is their job, when there is a distinct possibility that i would have not paid anything if not for reaching out in the first place.

>> No.16982150

>>16982139
for example in their example they define HODL-ing as non-taxable, even if you make half million, provided you have not touched your investment for 1-2 years+. But I know if you go out and ask them whether you owe any tax, they will say yes that you do, even if you fall into this category where they previously stated that one does not have to pay tax for it.

>> No.16982174

>>16982139
>>16982150

Then get a tax lawyer or w/e is licenses so if they fuck up its on them. Like in the US if any enrolled agent, accountant, or tax layer signs off on your return you are immune from any fines, except if you provided them with wrong information of course.

>> No.16982181

>>16982150
So I am conflicted as to what the better option is. If they want to take your money, they will take it either way.

Option one is: stay quiet until they approach you and point out their own example. They might still end up taking your money but at least your own action will not trigger them and they might not even bother checking you out. Worst case scenario: they take your money and also fine you for tax evasion, taking even more money in process.

Option two: warn them that you will cash out and ask them what you owe them. They will almost certainly say you owe them money, however it is likely to end up being less than the worst case scenario of option 1 as you will not have to pay any fines. But even if the law is in your favor in paper, they will almost certainly take money from you and say that you reaching out was an admission that you knew you owe tax.

You tell me what to choose.

>> No.16982192

>>16981780
Don't put it in the bank, inflation will eat away at it. It's worth more under your mattress. Or buy PM or crypto = profit.

>> No.16982203

>>16982174
Well I can ask them before/when cashing out. But my opinion is the moment you ask them, because it is a grey area, they will make up the highest possible number that they can tax you for. In that case, I can't really defend myself against anything. My lone defense is if I don't say anything because my investment practice followed the example they provided themselves as non-taxable, but I know from experience it is basically impossible to win a legal case against them if they decide to tax you, especially in a grey area like crypto.

>> No.16982222

>>16982203
Ask them about hypothetical numbers 'for a friend' then figure out the calculation

>> No.16982235

>>16982203

Then just pay the highest tax. If you want to sell out for government fiat, then lube up and spread your ass out for the government so its at least less painful. Best thing is just put/keep it in crypto, that is the whole point of crypto, so you are a slave to the government and banks. You want to put your money in a government bank then expect to get abused.

>> No.16982315

Just deposit $500 every Friday for the next 20 weeks

>> No.16982320

>>16982192
Doesnt even make sense. Imagine being this fucking stupid and giving advice.

>> No.16982330

>>16981831
The definition of structuring hahah.

>> No.16982332

>>16981787
This

>> No.16982491

>>16981780
Just deposit it in amounts of 150$-220$ here and there daily. I worked a cash daily job and deposited money almost every day for crypto and no one ever said a thing.

>> No.16982537

>>16981780
you dont you buy xmr instead mr glow

>> No.16982671

>>16981863
actual dumb fuck

>> No.16982686

>>16982671
I know he’s lying but it’s pissing me off

>> No.16982808

Tax systems are based on fear mogering populations into paying taxes. The actual people running it are incompetent.

>> No.16982992

Just saying you're making room in your safe. Lots of people still hoard cash.
The only time they ever asked me where it came from was I deposited about $30k in cash.

>> No.16984364

>>16981976
I'm not trying to avoid taxes, but I want a good alibi in case they were to ask.

>> No.16984371

>>16981921
I see you speak from experience.

>> No.16984390

There are bitcoin ATMs widely available in my area, would it be possible to say I've been making constant cash withdrawals?

>> No.16984396

>>16981780
Put 1k at a time in. They won't report it.

>> No.16984421

>>16984390
then they forward that info to the irs

>> No.16985134

>>16984390
Don't they have high fees?

>> No.16985159

Yeah don't do that. You're gonna get audited no matter what if you deposit 10k+ in cash.

>> No.16985168

Tell them it’s from your winter job cleaning snow and salting.

That’s if they ask.

Once deposited 11k and it worked. Also go to your home branch.

I once cashed a cheque for 4K at a distant branch and they gave me a hard time. They did it tho.

>> No.16985177

>>16981780
I can't remember if it's 5 grand or 10, but once you cross that threshold, the bank is required by law to alert the IRS.

>> No.16985185

>>16981893
I'm a year older, so idk if that helps, but I've deposited around 7k in cash before and nothing happened. Idk if 10k would trigger anything

>> No.16985217

>>16985177
Yes, but specifically depositing in lower amounts to avoid this is called structuring and compared to the level of shit you will wade through for a deposit over the threshold, it will seem pleasant in comparison to the bucket of fire ants the IRS will pour on your dick if the bank confirms that your structured deposits.

>> No.16985225

>>16981921
/thread