If I'm stopped & have 1 million dollars. Do I have to explain my cash to the police?

[stuyguy]

@SCSimmons

He was talking about $100s, not $1000s. His example was a brick of 1000 $1 bills, something he had experience in handling. A brick of 1000 $100 bills, worth $100K, would be exactly the same size; and ten of those bricks would be worth $1M.

Right you are! Sorry about my sloppy reading of minor7flat5’s post and my wrong-headed post.

[DrDeth]

@Little Nemo

One more factor: I’m pretty sure there are laws about taking high amounts of currency across international borders. So if you’re planning on taking a day trip to Niagara Falls or Tiajuana, you’d probably want to take a credit card rather than a million dollars in cash.

Yes, there’s a Customs Form, you have to declare anything over $10,000. The Admin has been wanting to lower this, so check before you take $9000, OK?

[Paul_in_Qatar]

I have often wondered about this. I often pay for big-ticket items in cash. It is simply easier for me. So what if the bank files a SAR or other report? Would some Treasury agents visit me or what?

[Eleusis]

@Paul in Saudi

I have often wondered about this. I often pay for big-ticket items in cash. It is simply easier for me. So what if the bank files a SAR or other report? Would some Treasury agents visit me or what?

I think the law is mostly in place to catch tax cheats.

First order of business would likely be a tax audit.

[Eleusis]

@Eleusis

I think the law is mostly in place to catch tax cheats.

First order of business would likely be a tax audit.

Errr… I think the “law about buying expensive shit with cash” is mostly in place to catch tax cheats…

The “law about driving across state lines with $1,000,000 in unmarked twenties”… mostly there for drug runners.

[DrDeth]

@Paul in Saudi

I have often wondered about this. I often pay for big-ticket items in cash. It is simply easier for me. So what if the bank files a SAR or other report? Would some Treasury agents visit me or what?

The CTR form is for transactions over $10000, the SAR is for suspicious (usually structured) transactions under $10000. One of these won’t make a difference. No one will visit you. Of course, if you do get audited by the IRS, they’ll have the CTR on file. If you had a fair number of CTR’s you could get an inquiry or get audited. After all, if your reported income is $25K a year, but you have made $50K in cash transactions, something’s odd.

Several SAR’s could start an investigator (IRS, DEA, Homeland Security, Customs) checking around after you.

The purpose behind CTRs & SARs is to prevent Drug money laundering and terrorist financing. Taxes are secondary.

Thus “Paul in Saudi” might have some agents carefully looking at his dealings.