Check Cashing Stores?

[BuffaloBill]

Just wondering if anyone knows what these places are required to report.

If were to go to a check cashing store every week with a large check, would the IRS ever notified of this?

Just trying to figure out the best ways of cashing out without getting flagged.

I know that small amounts are not a problem, but I am wondering what to do about large amounts.

Thanks guys.

 

[sport81]

keep your checks under 10 grand

 

[thom24ad]

keep your checks under 10 grand

:iagree:
Cash transactions for 10K or over call for a CTR...I have no idea how check cashing places would handle that large amount but I do know that charge a % of the check and its a good %...I hate those places all they are good for is ripping off the hourly employee...

 

[The Sponge]

:iagree:
Cash transactions for 10K or over call for a CTR...I have no idea how check cashing places would handle that large amount but I do know that charge a % of the check and its a good %...I hate those places all they are good for is ripping off the hourly employee...

I like the ones with free money orders. only positive. Some shady people walk into those places.

 

[BADTODABONE]

Tried to call a buddy of mine that owned a check cashing store, no answer. When I hear from him I'll post here...

I recall him saying he was audited once, nothing happened to him or any of his customers.

He is also a local book and bondsman :mj07:

 

[treynolds]

i actually own a couple of these stores, its your responsibility to report it if your worried about taxes the typical fee is anywhere from 3% to 5% of large checks.

 

[BuffaloBill]

i actually own a couple of these stores, its your responsibility to report it if your worried about taxes the typical fee is anywhere from 3% to 5% of large checks.

Thanks Treynolds, appreciate the help.

If I were to go to one of these stores, say once a week, with a check for a few grand, is there any way the IRS would ever find out about it?

It just seems too easy to do.

Wouldn't everyone use these places if there was no way the IRS could find out?

If one of these places gets audited, wouldn't it be their responsiblity to give the IRS all of their customer's information?

Thanks again.

 

[BuffaloBill]

Anyone else have any info?

Thanks guys.

 

[RAYMOND]

listen keep ypur checks under 9 grand and you will be fine, if your withdraw alot more . withdraw every 10 days, you will be fine and kept your mouth close and you will be fine

 

[RAYMOND]

i will cash your check for 15 %

 

[Rcxslam]

are you guys talkin about checks you receive from sportsbooks? cause I've tried a few times cashing checks I've received from sportsbooks and everytime the check cashing place won't accept them.

If you've had any success in cashing a check from a sportsbook, please let us know which book. Thanks!

 

[RAYMOND]

are you guys talkin about checks you receive from sportsbooks? cause I've tried a few times cashing checks I've received from sportsbooks and everytime the check cashing place won't accept them.

If you've had any success in cashing a check from a sportsbook, please let us know which book. Thanks!

you to know the people at check cashing

 

[BuffaloBill]

are you guys talkin about checks you receive from sportsbooks? cause I've tried a few times cashing checks I've received from sportsbooks and everytime the check cashing place won't accept them.

If you've had any success in cashing a check from a sportsbook, please let us know which book. Thanks!

What do they say is their reason for not cashing them?

 

[Rcxslam]

well they said something to this effect I believe: " does this bank (bank that issued the check) have a location in new york city?" I said no...they said sorry then...I guess it has to be from a bank that has a location in the same city...not sure...anyone know for sure please clarify.