[QUOTE=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.
[/QUOTE]
Right you are! Sorry about my sloppy reading of minor7flat5’s post and my wrong-headed post.
[QUOTE=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.
[/QUOTE]
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?
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?
[QUOTE=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?
[/QUOTE]
I think the law is mostly in place to catch tax cheats.
First order of business would likely be a tax audit.
[QUOTE=Eleusis]
I think the law is mostly in place to catch tax cheats.
First order of business would likely be a tax audit.
[/QUOTE]
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.
[QUOTE=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?
[/QUOTE]
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.