Anybody here been through asset forfeiture?

[headiez247]

Oh man.....I can't believe I have to explain this.



The way it's done is as following:
(don't do this @ home if you got/intend to use illegal assets...because it is...ILLEGAL!)

Open foreign US$ account. (not illegal)

Transfer funds as needed to US account. (not illegal)

Withdraw x amount from US account as needed. (not illegal)

Use moneys as needed. (not illegal)

The only thing that IS illegal is this: Transferring undeclared & illegal funds from out of the country to deposit them in foreign country account.



Capriche now?

No.

First of all, as we all know, something being technically legal never stops eyes from looking into you. If you ever get looked into as a US citizen and they see you have a foreign bank account, good luck.

Second of all, "transferring undeclared and illegal funds" isn't that what we are talking about? Most people who grow on here fulltime this is their only source of income, thus it is undeclared AND illegal.

This is all a dead point anyway because we are talking about making >$10,000 purchases which is a no no unless ur paper is all legit.

If your sole source of income is growing or something illegal, you don't buy/finance anything over 10k unless you want to get caught. it's as simple as that.

 

[Strainhunter]

...

This is all a dead point anyway because we are talking about making >$10,000 purchases which is a no no unless ur paper is all legit.

If your sole source of income is growing or something illegal, you don't buy/finance anything over 10k unless you want to get caught. it's as simple as that.

The 10k threshold is history, it does NOT exist anymore.

 

[BigDawg]

you have to wash the dirty money in a legit business.. then transfer overseas. How you choose to wash it is very important.

 

[whateverman]

No.

First of all, as we all know, something being technically legal never stops eyes from looking into you. If you ever get looked into as a US citizen and they see you have a foreign bank account, good luck.

Second of all, "transferring undeclared and illegal funds" isn't that what we are talking about? Most people who grow on here fulltime this is their only source of income, thus it is undeclared AND illegal.

This is all a dead point anyway because we are talking about making >$10,000 purchases which is a no no unless ur paper is all legit.

If your sole source of income is growing or something illegal, you don't buy/finance anything over 10k unless you want to get caught. it's as simple as that .

How do you mean? I'd imagine basically every full-time grower in the United States has bought or financed something over 10K. A car, a hot tub, something. Are you referring to that IRS form thing? I don't know man, I think that's most a random chance scare tactic. If they investigated every claim they say they do, they'd require way more employees than they have. For millions of Americans, ten thousand dollar purchases are almost literally non-events, and are a weekly if not daily occurrence.

 

[headiez247]

How do you mean? I'd imagine basically every full-time grower in the United States has bought or financed something over 10K. A car, a hot tub, something. Are you referring to that IRS form thing? I don't know man, I think that's most a random chance scare tactic. If they investigated every claim they say they do, they'd require way more employees than they have. For millions of Americans, ten thousand dollar purchases are almost literally non-events, and are a weekly if not daily occurrence.

I wasn't being clear. I was referring to cash based purchases from people whose only source of income is from growing (ie not legal and no taxes are paid on it). If you have no income on paper, and go to a car dealership and put $25k in cash down on a Corvette, the dealership will be happy as fuck for sure, but they will also file this little form with the IRS. Will the irs look at it? who knows, but I sure as fuck wouldn't take the risk. Because if they do look at said form, and see that you just put $25k in cash down yet havent filed taxes in 5 years, bad news bears.

IRS form 8300 absolutely does still exist and is used (as required by law) on a daily basis. A quick search of google will show many news stories where people are busted by this method. I actually saw a episode of DEA recently where the dealer was making $9,900 cash deposits consistently, and the dea got caught on after a bank reported it. Even if under 10k there are things that can catch up with you.

 

[BigDawg]

that's why i think it's best, if you don't have much of a legit income, to lease a solid vehicle; or buy a couple of modest ones (one for transporting the goods, and one for everyday use). If you wanna live like a king and buy fancy stuff then you gotta work your way up the ladder in my opinion. Take the right steps before you try to get flashy.

 

[rambo6372]

I dont want to quote your whole post but cosmik debris deserves an award for that post.

 

[dtfsux]

yes, LEO has been known to pay off assets, seize them, then sell them for a profit. But it must be significant profit, no brainer, no risk type deal. Like a BMW worth 50K with only 5k owed. They can not risk loosing money.

A simple way would be to title all the toys to a family member and keep them at another location.

A lot of this depends on how big you are, and the cops you are dealing with. My stuff got taken because it was in my garage. But here ATV's are not registered so if they would have been elsewhere, LEO never would have known about them.

I also still had the title to a motor cycle I sold years ago, seller never picked it up. LEO questioned me about it wanted to know where it was, etc. So obviously they didnt do a registration search.

Or have a trusted friend/family member hold the liens on everything in a formal business name


I went to a supermarket to western union some money. It was around 13K and the tellers jaw dropped. But it was to my mortgage company so I guess it all seemed very legit. Well it was legit, I was catching up a past due mortgage. Never heard from the IRS.


All this talk of SAR's is a non issue if you get the money in the bank FIRST. large CASH transactions are the problem. But if you put 500-600 a week into 4-5 bank accounts, you can quickly put some money i the bank.

Everything gets paid cash, nothing from your bank account. Electric, mortgage, car payments, etc. Typically when paying bills like mortgage payments, car payments etc, you can wire up to 5k for like $15

 

[dtfsux]

As far as the TN guy, yeah if there was some type of tax stamp or fine, I guess they could put a lien on the house. But that is not seizing it. Hell you could put a lien on his house too. Anyone can put a lien on someones house if they owe you money. And it will stay there till the lien is paid, the house is sold or foreclosed. The house can not be sold unless the lien is paid. But a foreclosure will wipe out just about all liens including second mortgage's. Property taxes are not wiped out, and probably IRS liens remain. Not sure about liens from other govt agencies.

 

[Dislexus]

This is why I loved og/love ic. Now we need a thread all about forensic accounting. Knowledge is power.

 

[Strainhunter]

This is why I loved og/love ic. Now we need a thread all about forensic accounting. Knowledge is power.

The type of accounting that may work for me might not work for you in the same and exact form.

The whole subject is rather something everyone slowly has to grow into than there being a generic "manual" for doing so.

 

[Yes4Prop215]

a friend is putting 30k down on a property...its grow money and he doesnt declare taxes on legit income afaik.....so hes having his ex wife, mother in law, parents, and another relative each get random cashiers checks for 4-7k each, and each one of those persons is gonna deposit that into the escrow account as "investors" to the propeerty...all the other people have legit incomes no grow money...

think this is pretty chill?

 

[headiez247]

a friend is putting 30k down on a property...its grow money and he doesnt declare taxes on legit income afaik.....so hes having his ex wife, mother in law, parents, and another relative each get random cashiers checks for 4-7k each, and each one of those persons is gonna deposit that into the escrow account as "investors" to the propeerty...all the other people have legit incomes no grow money...

think this is pretty chill?

Yes, I personally think this is optimal because 4-7k can easily be accounted for with people who have normal incomes on paper. This is exactly how I would do it.

 

[Dislexus]

Cool idea Yes4Prop215, sucks to have to involve several people though. He grows and he has the EX-WIFE and MOTHER IN LAW helping him launder the proceeds? I wouldn't..

 

[Yes4Prop215]

haha the craziest part is his ex wife is a former IRS agent...pretty funny...



im real lucky an older family member of mine owns a business and hes putting me on payroll for 30k a year...taxable legit income..ive been declaring around 20k a year in self employement income for the last few years....could i put 30k down on a property if its from money in my bank account thats been saved up? because im looking for my own property soon...terms are probably gonna be 30k down and around 1200 a month..

 

[headiez247]

im real lucky an older family member of mine owns a business and hes putting me on payroll for 30k a year...taxable legit income..ive been declaring around 20k a year in self employement income for the last few years....could i put 30k down on a property if its from money in my bank account thats been saved up? because im looking for my own property soon...terms are probably gonna be 30k down and around 1200 a month..

wow.. you are so lucky. talk about iron clad setup. ya if i was in your position id be comfortable putting 30k down from a bank account since u have such a solid setup on paper.

 

[Yes4Prop215]

well he just put me onpayroll this year so i might have to wait a year or two and start filling up the account.....its technically not illegal because i do work for the company i just get grossly overpaid haha...not up to the IRS to dictate how much a manager can pay his favorite employee....

i also deposit money orders from fake tenants every once and a while...give my friends some free nug send them into the PO with 900 for a MO, write their name on it, i deposit bada bing bada boom...

 

[dtfsux]

I suspect your issue is going to be more with the lender than anyone else. Loans are very very tight now, all income verified etc. The other issue is down payment money usually has to be seasoned. A bunch of relatives chipping in weeks before closing is not favorable, they want to see that the borrower has saved up

 

[Strainhunter]

I suspect your issue is going to be more with the lender than anyone else. Loans are very very tight now, all income verified etc. The other issue is down payment money usually has to be seasoned. A bunch of relatives chipping in weeks before closing is not favorable, they want to see that the borrower has saved up

Most lenders require 90 days seasoning, many 6 months.

However there are still loans available where "gift funds" are accepted. For details I recommend checking in with a Mortgage Broker.
Broker!
Not just a single lender.

Or one can try getting a "hard money" loan.
For those who don't know what that is please Google it. A "hard money" loan may be an option for some.

 

[Strainhunter]

The best thing to do when acquiring Real Estate is finding a property where the owner is willing to do owner financing over @ least 5 up to 15 years to stretch your payments.

Length of pay-off depends on total amount to be paid off over the given period of time.

Of course all IMHO. Or maybe experience.