krustytheclown
Member
Any ideas on how to legitimately invest your sale proceeds without drawing scrutiny by the government (i.e., IRS)?
Investing your proceeds?
- Thread starter krustytheclown
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bury it ,dont get greedy. theres all kinds of ways, find your own unique one thats not advertised on the net
Trade it for crack.
you can start by declaring some of that on your taxes so you can legitimately have it deposited some in the bank....around 30-50k a year is usually pretty safe...only deposit it 2-3k at a time, one or two times a month, and use different banks if you can. dont go and drop anything more than 5k cash into the bank at one time is my basic rule.....a couple grand at a time you can have many excuses for...handyman work, landscaping, sold a music beat, sold a used car, cleaned out my garage and sold some old car parts, etc....
yep
money in the bank does no good at all. your money is not gonna make anything so who cares? they can question you if you pull out a large amount.. just don't do it. Banks are not secure. whats secure is hiding it no one will ever find.....
sounds ridiculous to just hide a large pile of cash, but in the end, best method..
G
Guest 150314
How much are you talking?
Prop215 has good advice but I wouldn't deposit more than 30K a year that way, especially if you don't have a legitimate job on the side.
If you have a legitimate job I would use your cash money to pay for day to day expenses let the legit money pile up in your bank account until you can mortgage a cheap fucked up house. Use your cash money to fix the house up and rent it out for a nice legitimate monthly income. Repeat.
Prop215 has good advice but I wouldn't deposit more than 30K a year that way, especially if you don't have a legitimate job on the side.
If you have a legitimate job I would use your cash money to pay for day to day expenses let the legit money pile up in your bank account until you can mortgage a cheap fucked up house. Use your cash money to fix the house up and rent it out for a nice legitimate monthly income. Repeat.
G
Guest 150314
I disagree, some things can't be bought in cash. If you have a way to get the money in to the bank legitimately like a small business or a rental property your golden.
If you don't have a safe way to do it than just stick with the cash or silver/gold.
Start buying and selling used cars that cost under 9k.
R
rick shaw
I'd start by soliciting advice from random strangers,on websites that have nothing to do with finance,investments or fiduciary investment...oh wait,you've have done that already.
You prolly should have used 'What Would Yummybud Do With A Million' as a thread starter
You prolly should have used 'What Would Yummybud Do With A Million' as a thread starter
Chances are you have a buddy who is involved in some other "trade" perhaps a more legal one. Working on cars, construction, catering, who knows. See what kind of deal you can arrange with them that involves little work mainly financial backing. Be sure your buddy is a trustworthy reliable person who is gonna value your friendship more than the money you might loan them. This really is win win though, you help a friend succeed and get some extra cash on the back end.
Buy a big lot of something and piece it out on CL or ebay, can be a lot of work but also decent money.
Or do what a lot of people do, buy a property, grow for a few years to pay off the mortgage, turn it into a rental property, buy another property for a new grow, rinse and repeat. In 10 years you'll have several rental properties earning a decent income.
Buy a big lot of something and piece it out on CL or ebay, can be a lot of work but also decent money.
Or do what a lot of people do, buy a property, grow for a few years to pay off the mortgage, turn it into a rental property, buy another property for a new grow, rinse and repeat. In 10 years you'll have several rental properties earning a decent income.
MurderDeathKill
Member
give me your money and i will write you business checks @ 70 cents on the dollar...
what? ink is expensive...
what? ink is expensive...
well I disagree with you also
what are you thinking this guy's gonna buy, a 2 million dollar house? ferrari enzo?
there is no legitimate way to get this type of money into a bank account. if they audit you, you will be caught. don't think you want to go to court / jail for embezzlement do you?
I deal with large sums of cash, multiple bank accounts, lawyers and tax lawyers all the time. in the end of all my experience from dealing with all this, and all that.. do not do it
and as stated before, your money in the bank is not safe / doesn't make anything / can raise suspicion / paper history trail ..... there is not one good reason to put your money into there system
sorry, if you have any good reason, please state them again, as I didn't see any
G
Guest 150314
buying real estate. i am not talking about or advocating huge sums of money in the bank... under a 100k a year for sure... personally i would not do more than 30k in the bank a year
prop215 has good advice...
Cash transactions >10k need to be reported to the IRS, but smaller sums of money can easily go unnoticed and can be explained away. Find something creative that you can do that could bring in some extra cash and mix your proceeds in with that.
also, use cash to get groceries, pay bills with (using a MO), etc.
Of course if your asking what to do with tens of thousands coming in every month, thats a whole different story and you "Better call Saul" !
Cash transactions >10k need to be reported to the IRS, but smaller sums of money can easily go unnoticed and can be explained away. Find something creative that you can do that could bring in some extra cash and mix your proceeds in with that.
also, use cash to get groceries, pay bills with (using a MO), etc.
Of course if your asking what to do with tens of thousands coming in every month, thats a whole different story and you "Better call Saul" !
So you suggest going to a investment forum, and start asking members how to invest money made from weed?
Brilliant.
BTW, I manage a non-cannabis, private business that profits 1+ million a year.
Best advice, as stated earlier, is stick it in the ground. Go purchase some cheap "hunting land", and go bury it. Gold is taking a hit right now, so there could be a good buying opportunity on the horizon.
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qupee
Member
lol, right. Tell that to the guy I know with a big ass box full of small faced hundreds that he can't figure out how to convert anymore.
I can't believe some of the misconceptions posted in this (and other related) threads.
This is not meant in an arrogant way, it just is what it is.
I will try clearing up one of the most common ones, please don't bother writing me BS PM's about it (some have done that in the past, they must not know I am a master in ignoring Idiots!)
On another note what I am writing here is not a complete list by any means and just covering most of the very basics.
First of all there is NO "10K threshold" anymore.
ANY amount deposited in to a bank account (or used in an official transaction such as car, real estate purchase etc.) is suspect to investigation if the person in charge (Bank teller, Tax Collector Employee, DMV etc.) suspects something is not right or it has been "flagged" otherwise (such as automated systems etc. some banks & other places have in place).
"Something not being right" is being defined in many ways, here is just one:
Deposits made are frequently being scanned for "irregularity's".
This can be done by automated systems such as BOA has.
Or can be triggered by something as simple as a teller who does not like the color of your eyes. If he/she flags it & the depositor is ABOVE the radar.
You are making frequent deposits in to (one of?) your accounts!?
(learn THEIR definition of "frequent", it's not what you likely think it is)
Oh you think you're smart and have more than one?
Well guess what?
When you open an account I am sure you are reading ALL the paper work, right?
Then you'll know there is a paragraph in there stating IF you have more than ONE bank account you automatically agree to have become "an open book" for investigations of any and every kind regarding ANY transactions made.
Think you're smart and won't tell bank ABC you have another account with bank DEF?
You must not know Federal Banking Guidelines:
It states in there you automatically are becoming an "open book" for investigations if and when lying in an application for a bank account if you already have another one and do not state that in said application.
The above basically means if you are lying you are waiving the normally necessary step of the investigating entity having to go through a legal procedure before they can snoop around.
Anyway before I make this an endless post about what not to do I am going to give you 3 priceless advices here:
1
Get a (slick) CPA who has your trust (they cost money but are worth it)
2
Don't get a CPA and instead use an out of the country US$ account you opened and have a debit/credit card for.
3
Set up a regular cash business, pay your business related expenses from that account basically the whole shebang normally done, be VERY slick about what you are doing since you might become subject to an audit.
And yeah you CAN get away making money order deposits in to your account...this likely will work for a long time but it is not a 100% safe & secure way to do for an extended period of time.
The above is NOT a complete "write up" by any means but it covers most of the very basics.
This is not meant in an arrogant way, it just is what it is.
I will try clearing up one of the most common ones, please don't bother writing me BS PM's about it (some have done that in the past, they must not know I am a master in ignoring Idiots!)
On another note what I am writing here is not a complete list by any means and just covering most of the very basics.
First of all there is NO "10K threshold" anymore.
ANY amount deposited in to a bank account (or used in an official transaction such as car, real estate purchase etc.) is suspect to investigation if the person in charge (Bank teller, Tax Collector Employee, DMV etc.) suspects something is not right or it has been "flagged" otherwise (such as automated systems etc. some banks & other places have in place).
"Something not being right" is being defined in many ways, here is just one:
Deposits made are frequently being scanned for "irregularity's".
This can be done by automated systems such as BOA has.
Or can be triggered by something as simple as a teller who does not like the color of your eyes. If he/she flags it & the depositor is ABOVE the radar.
You are making frequent deposits in to (one of?) your accounts!?
(learn THEIR definition of "frequent", it's not what you likely think it is)
Oh you think you're smart and have more than one?
Well guess what?
When you open an account I am sure you are reading ALL the paper work, right?
Then you'll know there is a paragraph in there stating IF you have more than ONE bank account you automatically agree to have become "an open book" for investigations of any and every kind regarding ANY transactions made.
Think you're smart and won't tell bank ABC you have another account with bank DEF?
You must not know Federal Banking Guidelines:
It states in there you automatically are becoming an "open book" for investigations if and when lying in an application for a bank account if you already have another one and do not state that in said application.
The above basically means if you are lying you are waiving the normally necessary step of the investigating entity having to go through a legal procedure before they can snoop around.
Anyway before I make this an endless post about what not to do I am going to give you 3 priceless advices here:
1
Get a (slick) CPA who has your trust (they cost money but are worth it)
2
Don't get a CPA and instead use an out of the country US$ account you opened and have a debit/credit card for.
3
Set up a regular cash business, pay your business related expenses from that account basically the whole shebang normally done, be VERY slick about what you are doing since you might become subject to an audit.
And yeah you CAN get away making money order deposits in to your account...this likely will work for a long time but it is not a 100% safe & secure way to do for an extended period of time.
The above is NOT a complete "write up" by any means but it covers most of the very basics.
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