buddyboy said:the amount doesn't matter. There is no magic $$$ amount you can send/receive to avoid detection. Banks are required to report any and all suspisous transfers.
Money sent/received from offshore no matter what the amount is suspicous.
here is how it was explained to me:
anything over $10k IN CASH generates an automatic report to the feds (no way around it)
any unusual deposits/transfers/withdrawals will go across the desk of the branch manager, who either sees it as normal or thinks it is fishy... if it's fishy he passes it along to his boss who then makes the same decision until it is either dropped or reported to the feds.
So, do what I do, I told my banks branch manager that I send/receive funds offshore from time to time to play poker and such. That way when it comes across his desk as suspicious he stops it right then and there from going any further.
enjoy and good luck
moethepuppy said:I can't remember the exact source (possibly the Wall Street Journal or maybe the ABA Journal) but I recently read that the government is being overwhelmed by these suspicious activity reports being submitted by Banks. Since 9/11 there has been much discussion and concern about money being funneled to terrorist groups overseas. The regulations are a bit vague in regards to what constitutes these so-called "unusual activities." Therefore banks are filling out so many SAR's that the feds can't keep up and have a very large backlog. It is my understanding (as was said before) if you keep it under $10 grand you should be ok. And even if one was to be filled out by your bank on you, it may end up at the bottom of a huge pile of some government worker who may never even see it.
Fishhead said:Individuals mention this $10 grand thing........so what if one were to withdraw say $7500 a week in 3 $2500 installments on Monday, Wednesday, and Friday for a total of $30,000 for the month.
So that is LESS of a red flag then doing one $11,000 withdrawl for the entire month?
Not being a smartass here. just flat out inquiring and looking for opinions.
Thanks,
-Fish-
harrington said:I was doing a cash deposit last year and I had the coolest teller in the world. I was depositing $18,000 in cash and she said it was none of her business where the money came from but she urged me to deposit half and then come back in a few days and do the other half. I asked her why and she said they have to report any deposit over $9999.99 to the IRS and that she would have to fill a form out. And she was also smokin hot too.
Fishhead said:Don't think anyone really knows the answer to this question, at least with 100% certainty.
We have had the $2500, $3000, $5000, anything over $10000 figure, to some suggesting it ALL raises a red flag no matter what the amount is, even if it is as little as $50.
If your main worry is the IRS as far as a red flag is concerned, simply pay your taxes on your winnings, which for the majority is the correct thing to be doing.
Whoson1st said:Fish,
When you say simply pay your taxes on your winnings, which for the majority is the correct thing to be doing..... Can you tell us which minority should not claim their winnings or under what circumstances should they not do this?