Investing your proceeds?

[Yes4Prop215]

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

real estate down payment and for depositing into escrow...you cant just waltz into the bank with 30k cash and use that to buy a house. unless you find OWC and the owner is cool enough to launder the 30k himself for you....also 30k a small ass downpayment most are around 70-100k...

my recent deal, i had a really cool agent who was an investor in the house. he was down to take cash, but not the whole thing....hes a grower who deals with cash too so he knows the deal. usually you need at least 10-15k legit washed money in the bank to make the escrow legit and not raise red flags....then after that i gave him the balance in cash and he readjusted the value of the sale price...and then i make the monthly payments with money order to the owners account..

with my other spot is under direct deposit...so i gotta put 1200 a month into my bank to cover that payment....i do this buy depositing money orders with the memo titled "RENT" and i have a friend who agreed to be my "tenant" even though he doesnt live here and doesnt pay rent...i just get money orders in his name and deposit them into the mortgage account..


theres ways to get around it...but in most cases you will need money in the bank to buy real estate legally in california...

 

[dalonghorn]

Today is a great day to buy gold and silver...

Just bought 7 oz's myself today

 

[bagend12]

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.

Wow...I wasn't aware of all of that. So my monthly deposits of anywhere from a few hundred to a few thousand (always less than 4k) could raise eyebrows?

 

[Yes4Prop215]

under 4k should be cool....now if you walk in with a bunch of 10s and 20s that migh raise red flag....you could say you ran a t-shirt stand and sold each one for 20 bucks or something..

i usually deposit a nice mix...100s, 50s, and a few 20s to round it out, and never more than 2k at one time.. if the teller gets nosy i mention i sold a set of rims or car parts or some thing...

i see people depositing cash all the time at the bank...mostly contracters and handyman type workers...dropping 5k into the bank is nothing considering alot of their jobs might total 40k in work....

 

[MurderDeathKill]

take cash to casino, play a little bit.... cash out for large bills...

this is also a logical place to say you got the money from

 

[DuskrayTroubador]

take cash to casino, play a little bit.... cash out for large bills...

this is also a logical place to say you got the money from

Casinos can file Suspicious Activity Reports as well as bankers and investment brokers.

 

[Strainhunter]

Wow...I wasn't aware of all of that. So my monthly deposits of anywhere from a few hundred to a few thousand (always less than 4k) could raise eyebrows?

Yes.

These days ANY amount is considered "open game".

That doesn't mean someone WILL get put under the microscope but he/she could and that a whole lot easier than it used to be.

Those w/o a legit income are especially prone to get looked @ closer if they make regular (cash) deposits.

"Regular" by their definition can be anything from a "few hundred bucks" per month to "just" a few hundred bucks every few months stretched over years.
In other words you "just won't know" anymore these days.

The thing is unlike about pot busts you will hardly ever hear or read a story where one got busted for making those deposits.
Reason why is there are loopholes in the system officials don't want to become public.

 

[Strainhunter]

The key these days is to avoid a pattern.

If you haven't bought a big ticket item in a while (years) you easily can buy a brand new car for say 30k cash w/o raising any flags, absolutely no problem there (I have done it).

Just don't get the idea to buy a 25k boat cash you can pull with that truck you bought cash for those 30k the year before.
That's a BIG NO NO NO to do!

 

[One Love 731]

Lol, proceeds. Glad to hear somebody's making a buck. I'm lucky to make bills. 1

 

[Dislexus]

The casino thing.. uhh... it don't work.

Unless you cash in $100, have someone else cash in $1000, they hand you the chips, you cash out with $1100...

But why go through all the hassle, at a place with cameras covering every inch and a bunch of sharp-eyed trained behavior analysts.

 

[mtbazz]

The key these days is to avoid a pattern.

If you haven't bought a big ticket item in a while (years) you easily can buy a brand new car for say 30k cash w/o raising any flags, absolutely no problem there (I have done it).

Just don't get the idea to buy a 25k boat cash you can pull with that truck you bought cash for those 30k the year before.
That's a BIG NO NO NO to do!

This is a great thread, hopefully it will stay open as it raises many questions for me in my attempts to stay under the radar.

So you are basically saying paying for a 30k vehicle with cash without raising reflags is possible, it is the PATTERN of buying big ticket items over and over again that is the issue, I understand that. However, this goes back to people reporting suspicious activity to the IRS, wont the car dealer be obligated by law to report that cash transaction to the IRS? According to this webpage they are required to file a form 8300:

http://www.irs.gov/businesses/small/article/0,,id=148821,00.html


Now, I have a legitimate source of income that provides me with a very good salary..I also make "supplemental" deposits every month ranging from 1k to just under 5k in cash. Hopefully this will not attract too much attention. Whenever I bring money in to the bank, if the teller asks I usually just tell her I have an extensive guitar collection I am in the process of selling (not too far from the truth in reality).

I think the best thing for those with "large money problems" is to open up in/or invest in some kind of business. For instance, if I ever get to the point where I have a large money problem I'll probably take to buying and selling guitars and reporting some of it as income.

Other things you can do to stay under the radar is to use cash or M.O.'s for everyday items (gas, groceries, utilities, car payments, etc.), if you own a home, use cash to pay for home improvements from handymen and other people who come into do work. Most of these guys love to get paid in cash and I am betting they do not report it.

Also, I second the notion about burying some of it, along with buying gold and silver bullion as is being discussed in another thread.

 

[Strainhunter]

......

So you are basically saying paying for a 30k vehicle with cash without raising reflags is possible, it is the PATTERN of buying big ticket items over and over again that is the issue, I understand that. However, this goes back to people reporting suspicious activity to the IRS, wont the car dealer be obligated by law to report that cash transaction to the IRS?

........

Yes, any and every dealer for that matter.

It is their income hence the reports to the IRS - cash or not, suspicious or not.

The (car) dealer is not going to care where the $$'s come from unless the buyer has "Extortion commando" written on his forehead (you know what I mean).

 

[stillsmokin843]

you could always just pay me i work for cash and no questions asked... lol i like the flipping houses and alot of times the guys ya have doing the repairs will cut ya a break on he price if you pay in cash

 

[Sam the Caveman]

Burying cash is a horrible idea, ever heard of inflation. And on top of that they change the bills so often now, you won't be able to keep it buried long before everyone you give the bills to are giving you weird looks.

There are lots of ways to deal with this issue, just be creative.

ps- I guess JJ isn't around right now, cause he would have shut this down in a minute.

 

[Strainhunter]

......

ps- I guess JJ isn't around right now, cause he would have shut this down in a minute.

Please tell why.





Edit since you are not responding:

There is no discussion of illegal activity nor are there TOU violations in this thread, so far.
Buying something cash is not illegal.
Neither is knowing the time frame when to do the above.
Neither is transferring funds to an out of the country account.
Neither is posting/correcting/discussing monetary thresholds.
Neither is advising getting a CPA.
Neither is talking about making small deposits.

I don't know what else to list...lol

But maybe I missed something you can enlighten me about?

 

[Sam the Caveman]

they don't like threads about money laundering

they say it attracts the wrong kind of attention

 

[stillsmokin843]

strainhunter cause it is basically asking how launder money which could possibly bring heat to ic mag i think that just my guess on why sam said that not really sure just a guess

 

[stillsmokin843]

damm sam ya beat me in the typing too fast for me lol

 

[Strainhunter]

they don't like threads about money laundering

they say it attracts the wrong kind of attention

I understand where you are coming from now although I do not see a discussion of actual laundering but rather a mere list of how to handle proceeds in ways that are in line with the law (see my little list above) to keep the parties involved out of trouble instead of getting in it by not knowing/being aware of those legal ways listed.

 

[Sam the Caveman]

There is no discussion of illegal activity nor are there TOU violations in this thread, so far.
Buying something cash is not illegal.
Neither is knowing the time frame when to do the above.
Neither is transferring funds to an out of the country account.
Neither is posting/correcting/discussing monetary thresholds.
Neither is advising getting a CPA.
Neither is talking about making small deposits.

Alright, while it may not actually cross the line into the "money laundering" area, I would call it tinkering around the edges.

Determining where the line actually is, is the difficult part. Even cpa's would all have a different opinion on where it is, so I can't even begin to try and guess.

so from what I've seen in the past on the topic being discussed, it seems anything related to that topic get frowned upon and deleted or locked. It seems the attitude of, anything that could be seen as, will be assumed to be.