What would you do?

[themanej2001]

I am making a 17500 withdrawl from my account as a check because that was the only option I had. I am going to deposit the money into my bank account then forward 16000 to another bank account as the money needs to be broken up later. You think this will red flag? You think I will have to pay the taxes on this? Take into account I am only a 19 year old kid with no steady income.

 

[The_Man]

yes and yes.

you will be arrested and jailed as well.

 

[oldirtyku]

Yes. Anything over 10k will be flaged...

 

[MoneyManager]

Pay the taxes ----- if it's your only income it won't be that much. You don't want to dance with the IRS.

 

[themanej2001]

Do you honestly think that?

 

[themanej2001]

The Tax will be 17%

 

[themanej2001]

If someone else pays Tax on this number from there account would it still be flagged?

 

[Timetopay]

you will go to jail guaranteed.

 

[G.MONEY]

what about getting 2 checks for that amount....keep them under 10k each

 

[themanej2001]

No now I am asking if the money was forwarded to someone else could they pay the Tax on it?

 

[Sportsrmylife]

Its going to be flagged and you don't pay taxes on it until you report your taxes next year. If this is your only income keep great records of where the money has come from as you will be audited.

 

[MoneyManager]

Don't forget to offset it with your losses at the track ---- you know those losing tickets in your top drawer you saved in case you need receipts for your losses ---- you should be able to find them by years end.:thumbsup2:

 

[BankerC]

FOR THE LOVE OF GOD, BANKS ONLY HAVE TO RECORD CASH TRANSACTIONS OVER 10K. HOW MANY TIMES DO PEOPLE HAVE TO POST THAT ON HERE. However you should pay tax on the money in case you ever get audited. Pay it now or Pay it later, what ever you choose.

 

[themanej2001]

Would it really matter if it was two checks?

Ok and when you say records you mean I should keep the record of the check? Of the provider? And things like that? Sorry I am new to this I have only withdrawn in small amounts never even close to this so it makes me nervous... I usually never pay tax on it because it isn't big enough amounts of money to record them

 

[G.MONEY]

Yes it makes a differnce get one check for 9k and the other for 8,500 and then the banks are not required to report it

 

[themanej2001]

But don't you think they still would report it. I feel that I am going to pay the Tax on it... but my worry is if I pay the tax on it and then transfer it to another account they will have to pay the taxes on it as well again... SO we would be double taxed

 

[Brooklynbomber]

This is called check kiting and is a Federal offense

http://en.wikipedia.org/wiki/Check_kiting

So you are only 19? - explains alot of your recent posts...

 

[themanej2001]

Also if I third partied the check would it red flag because my name was on the check?

Like would I have to pay the tax on it or would the guy who recieves and deposits the check have to pay tax on it?

 

[G.MONEY]

But don't you think they still would report it. I feel that I am going to pay the Tax on it... but my worry is if I pay the tax on it and then transfer it to another account they will have to pay the taxes on it as well again... SO we would be double taxed

You are going to pay taxes on it, i believe on your 2007 tax's..by then you MAY HAVE enough deductions to go against it.

 

[themanej2001]

No I'm not check kiting... I am waiting for the funds to clear before the transfer