OT Where is the safest place to hide cash...

[fathead]

non interest bearing checking accounts, no matter the balance it is never reported to the IRS. safe deposit boxes work well if you are on good terms with someone at a "smalltown" type bank. contribute to a 401 or other retirement account monthy, in the event of your untimely demise your family will have something to remember you by.

This may work until you are audited. Then the checking account is one of the first things they tally up. Any deposits are considered income unless you can prove otherwise. Substantial deposits with no tax paid on said deposits and you are screwed.

I guess you would be betting that you are never audited in your lifetime.

 

[RDC-3]

This may work until you are audited. Then the checking account is one of the first things they tally up. Any deposits are considered income unless you can prove otherwise. Substantial deposits with no tax paid on said deposits and you are screwed.

I guess you would be betting that you are never audited in your lifetime.

what would you consider a substantial amount? the most i ever deposit is under 1k.thanks.

 

[Anti-liberal]

guys this is a great question...so are your saying that all your neteller or citadel echeck transactions would not be reported/noticed either if they go directly to a non inerest bearing checking account?

If the IRS examines neteller or citadel echeck dispursements and your name comes up, they could do a cross reference with your tax returns, and that could cause problems for you if you didn't declare these payouts on your taxes. Neteller and citadel or "above board" companies that will gladly give information as to whom they are paying to tax authorites. They are probably legally obligated to do so. Why not just pay your taxes? Filing false taxes returns is a good way to end up Richard Hatch's butt-buddy in federal prison. It's felonious activity.

 

[quantumleap]

Do banks in Canada take your US SSN? Do they report any balance, interest or transactions to the US government?

If so, opening an account in Switzerland might be better. Correct me if I'm wrong but the only way the US government can get at your Swiss account is if you have been convicted of a crime.

So much for using a Swiss bank account:

http://useu.usmission.gov/Article.asp?ID=3E4C7E04-37D9-4BA3-8668-D7B30918B2AB

"I am pleased that this Mutual Agreement on tax information exchange has been reached with Switzerland, a key financial center," stated Acting Treasury Secretary Kenneth W. Dam. "This Mutual Agreement is a significant step in our efforts to ensure that no safe haven exists anywhere in the world for the funds associated with illicit activities, including tax evasion. I look forward to continuing progress with Switzerland and other financial centers in this important area."

"Access to needed information is vital to our efforts to ensure full and fair enforcement of our tax laws," stated Treasury Assistant Secretary for Tax Policy Pamela Olson. "This Mutual Agreement should improve our access to needed information under the current bilateral tax treaty between the United States and Switzerland. We look forward to working with Switzerland to further improve this relationship.

 

[fathead]

what would you consider a substantial amount? the most i ever deposit is under 1k.thanks.

Let's say the IRS has decided to audit you for tax year 2004. You earned $50,000 that year at your job.

If they only find a total of $1000 deposited in 2004 that no tax was paid on, it will be no big deal. If you have a reasonable explaination (gift from my mother) and the deposit checks out, then all is well. For $1000 they probably won't even verify that you are telling the truth.

On the other hand, if they audit your checking account records and discover $17,000 deposited beyond your paycheck with no tax paid, this amount is over one-third of your declared income for that year. You better have a great explaination with good records to back it up.

You can receive up to 10k as a gift tax free from a person, so saying that Mom gave me 10k and Uncle Joe gave me 7k will be fine as long as you have the records to prove it. If you cannot prove it you are out of luck.

 

[JudgeWapner]

Under my mastiff's dog house.

 

[Dawoofdaddy]

Do banks in Canada take your US SSN? Do they report any balance, interest or transactions to the US government?

If so, opening an account in Switzerland might be better. Correct me if I'm wrong but the only way the US government can get at your Swiss account is if you have been convicted of a crime.

Yes, in Canada they do take the SSN, but if you are keeping the dough or whatever else in a bank box I dont see any reason to worry.

I dont know about Swiss accounts....since the Patriot Act, all these things have changed. Again, with Swiss accounts, if its less than several 100k its probably not worth the time or hassle. Its much easier to wash several 100k (or more) through various real estate projects and/or cash businesses.

Anyone thats living close to the Canadian border would be doing themselves a favor by having a Canadian bank account. If its an interest bearing account, just report the interest with the rest of your income.

Personally, I prefer to keep most of my extra cash in precious metals where I know the value will be maintained.

Harrington seems to be asking where he should keep extra money. Not that hes planning to invest it, but he wants to keep it anyplace other than the standard bank account.

Living in Buffalo (a place hes not likely to be audited anyhow), putting it in a safety deposit box at the bank he already does business is as good as anyplace. But since hes so close to Canada, its more diversification if he opens a Canadian bank account.

Anyway, Harrington, hope you find a safe place to store the wealth and dont stop betting or posting for alot of us appreciate knowing what you think about football...just keep posting winners.

 

[Dawoofdaddy]

If the IRS examines neteller or citadel echeck dispursements and your name comes up, they could do a cross reference with your tax returns, and that could cause problems for you if you didn't declare these payouts on your taxes. Neteller and citadel or "above board" companies that will gladly give information as to whom they are paying to tax authorites. They are probably legally obligated to do so. Why not just pay your taxes? Filing false taxes returns is a good way to end up Richard Hatch's butt-buddy in federal prison. It's felonious activity.

Even if they werent obligated to do so (which they probably are), they would cave in or the IRS would just breathe down their backs for other reasons until they complied information requests.

You guys moving serious amounts of money (you cannot prove the source of funds) using your own names via western union and netteller are not being wise.

 

[foreignlegion]

would you bother to report anything under 10K?if so, how do you go about reporting it on the taxes?thanks

that is a very slippery slope that you would probably slip up on and get more :monsters- :monsters- looking at you than you would need.


When i started out i was repelled by the bullshit laws on the books and actually had to hold off about a year more in order to get my paper work straight.


Its indeed possible to screw yourself over trying to do the right thing. The guy i was using told me it was likely that the IRS would think i was a drug dealer if i filed my paperwork the way it was back then...(I kid you not...Some drug dealers actually wash their money via las vegas ) needless to say i walked out of his office with some good advice, got my shit in shape and filed it a year later.

 

[RDC-3]

that is a very slippery slope that you would probably slip up on and get more :monsters- :monsters- looking at you than you would need.


When i started out i was repelled by the bullshit laws on the books and actually had to hold off about a year more in order to get my paper work straight.


Its indeed possible to screw yourself over trying to do the right thing. The guy i was using told me it was likely that the IRS would think i was a drug dealer if i filed my paperwork the way it was back then...(I kid you not...Some drug dealers actually wash their money via las vegas ) needless to say i walked out of his office with some good advice, got my shit in shape and filed it a year later.

I appreciate the advice. I was thinking the same thing. I make so little overseas (actually lost the past few years) that it would only make matters worse if I attempted to try to explain it on my taxes. Even if the IRS were to look back on my gambling history they would laugh at how much ive lost over the years.Maybe im eligible for a refund!!uppy:

 

[harrington]

I think I'll just hide it in the house!!!


uppy:

 

[oldirtyku]

A Bank...

 

[Marco]

Just read this thread, and have read a lot of "put it in a safe deposit box"......if you're hiding it from the government this is an incredibly BAD idea, because if they are hunting your finances they will get ahold of and seize your safe deposit boxes.....a few years ago a bookie in my state got raided and the feds confiscated between 200-300K that was kept in safe deposit boxes the bookie had at banks. BAD, BAD IDEA. If the bank knows where it's at then so does the government.

If you're keeping it in your house the best case scenario is a hidden room or area out of the ordinary thoughts of the freezer or places a burglar would almost automatically go. If you're looking at fire/tornado protection then you need it somewhere low in the basement.....fire safe or such, at least if the top half of your house blows away or burns your stash should be safe....if you go the route with the hidden room or such you need to be real inventive and real secretive, nobody else should know and you'll need a cover story if the project materials get seen by a neighbor that just happens to show up at the wrong time. Doesn't pay any interest but if you're just trying to sit on a mountain of cash and still look poor this approach might work.

 

[Fishhead]

Again, Just Pay Your Taxes...........and Invest Your Money!!

 

[$tinky]

Again, as long as one is not making money illegally, there is no need to hide cash if one pays their taxes.

As stated also, one will have MORE money in the longterm by paying their taxes as it will allow an individual to invest that money and make a mimimum of 5-9% .............which compounded daily/monthly grows to a nice nestegg..............WHICH ONE CAN SPEND AND CONTINUE NOT TO HIDE.

Not to mention, one will sleep much better at night.

Look buddy the title of the thread is not "should I pay my taxes?" The guy is asking about good places to hide money. Quit playing Dudley Do-right, and telling everybody how the should handle their business. If you don't have a suggestion for hiding money just don't post.

 

[punter]

Again, Just Pay Your Taxes...........and Invest Your Money!!

Some of us do not use offshores, we use locals and agents and we pay and receive in cash, real green by-god cash. Where to keep it is a legitimate problem.

 

[buddyboy]

take the cash and roll it into rolls about the same diameter as your girlfriends strapon and shove the $$$$ up your ass.


arty:

seriously, if you need to hide cash, then you might as well launder it. buy a small vending machine route, claim the cash came from kids playing video games or buying gumballs.

:money8:

 

[punter]

Why in the hell would you want to launder something that you might not own next week? Also either your roll is smaller or your ass is larger. Or both.

 

[BAGIANT]

At your Momma's house@

 

[Horseshoe]

Tonight, obviously has proven it yet again, the safest place to hide money..is in #2s on the moneyline when facing #1s in national title games..what is the streak at now?..8 of 9?..Canes game in 2003 only loss in 15 years?