WTF is the deal with Currency Transaction Reports?

Mully

Mully

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Here's the deal. I get limited edition (rare) high dollar putters for a collector. I have a connection in the industry who is able to get these, as Im the middle man. The buyer always writes a check to me that I cash and deposit into a personal account of mine. I then wire transfer my contact the money. These checks are normally 5-7k, However on three seperate occasions, they have been 13-14k. Is the IRS gonna come after my ass or what? Obviously I make some money on this, or I wouldn't be doing it. However, the money I take in is nothing in comparsion to the High dollar checks Ive cashed, as my connection gets the big loot. I've had to give my ID, SS# and business occupation each time the amount has been over 10k. Do I need to be worried about this?

Thanks in advance...
 
MadJack

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Just keep accurate records and pay the man his taxes you owe and everything will be fine.

:toast:
 
gardenweasel

gardenweasel

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yeah,but he`s cashing 14 k checks and only getting a small return for being the middle man...

he`s worried he`ll have to pay taxes on the 14k....which could potentially wipe out his profit....

am i hitting the g-spot on this mully?...
 
Last edited:
Handi Capper

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Mully said:
Here's the deal. I get limited edition (rare) high dollar putters for a collector. I have a connection in the industry who is able to get these, as Im the middle man. The buyer always writes a check to me that I cash and deposit into a personal account of mine. I then wire transfer my contact the money. These checks are normally 5-7k, However on three seperate occasions, they have been 13-14k. Is the IRS gonna come after my ass or what? Obviously I make some money on this, or I wouldn't be doing it. However, the money I take in is nothing in comparsion to the High dollar checks Ive cashed, as my connection gets the big loot. I've had to give my ID, SS# and business occupation each time th e amount has been over 10k. Do I need to be worried about this?

Thanks in advance...
Click to expand...

why do u cash the check then deposit it instead of just depositing check :shrug:
 
MadJack

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gardenweasel said:
yeah,but he`s cashing 14 k checks and only getting a small return for being the middle man...

he`s worried he`ll have to pay taxes on the 14k....which could potentially wipe out his profit....

am i hitting the g-spot on this mully?...
Click to expand...

records

proof
 
gardenweasel

gardenweasel

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MadJack said:
records

proof
Click to expand...

yeah,but he cashes this large check and deposits the money in a personal acct....he then withdraws cash and wires the money to the contact....

how can he prove that the money he deposits and the money he withdraws are related to the money he wires to the other guy?....

all the irs knows is that he deposited and cashed a big check he`ll have to pay taxes on...he can claim the withdrawals are related...but what real proof does he have?...

anybody think the other guy is gonna take the hit on this?...he`s getting wired money i`m pretty sure he`s not declaring....:shrug:
 
MadJack

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gardenweasel said:
yeah,but he cashes this large check and deposits the money in a personal acct....he then withdraws cash and wires the money to the contact....

how can he prove that the money he deposits and the money he withdraws are related to the money he wires to the other guy?....

all the irs knows is that he deposited and cashed a big check he`ll have to pay taxes on...he can claim the withdrawals are related...but what real proof does he have?...

anybody think the other guy is gonna take the hit on this?...he`s getting wired money i`m pretty sure he`s not declaring....:shrug:
Click to expand...

If you have to ask somebody if you might be in trouble with the IRS.......

:director: ALAN, ALAN, ALAN, AL, ALAN!


:sadwave:
 
yyz

yyz

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Mully said:
Here's the deal. I get limited edition (rare) high dollar putters for a collector. I have a connection in the industry who is able to get these, as Im the middle man. The buyer always writes a check to me that I cash and deposit into a personal account of mine. I then wire transfer my contact the money. These checks are normally 5-7k, However on three seperate occasions, they have been 13-14k. Is the IRS gonna come after my ass or what? Obviously I make some money on this, or I wouldn't be doing it. However, the money I take in is nothing in comparsion to the High dollar checks Ive cashed, as my connection gets the big loot. I've had to give my ID, SS# and business occupation each time the amount has been over 10k. Do I need to be worried about this?

Thanks in advance...
Click to expand...



The funny thing is, I am watching "American Greed" on tv right now.


I can see you getting in a bind over this quite easily. It looks like pure money laundering, and this is exaclty why that law was put into place.
 
vinnie

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Mully said:
Here's the deal. I get limited edition (rare) high dollar putters for a collector. I have a connection in the industry who is able to get these, as Im the middle man. The buyer always writes a check to me that I cash and deposit into a personal account of mine. I then wire transfer my contact the money. These checks are normally 5-7k, However on three seperate occasions, they have been 13-14k. Is the IRS gonna come after my ass or what? Obviously I make some money on this, or I wouldn't be doing it. However, the money I take in is nothing in comparsion to the High dollar checks Ive cashed, as my connection gets the big loot. I've had to give my ID, SS# and business occupation each time the amount has been over 10k. Do I need to be worried about this?

Thanks in advance...
Click to expand...

yyz said:
The funny thing is, I am watching "American Greed" on tv right now.


I can see you getting in a bind over this quite easily. It looks like pure money laundering, and this is exaclty why that law was put into place.
Click to expand...
........................................................................................................:sadwave:
 
MadJack

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vinnie said:
........................................................................................................:sadwave:
Click to expand...
:sadwave:
​
no dots :shrug:​
 
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