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Thread: Has any one ever been questioned by ......

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  1. #1
    Charter Member
    us
    Dec 2006
    Left Coast
    XLT & Bigfoot
    3,915
    1401 times

    Has any one ever been questioned by ......

    Has any one ever been questioned by the tax guys? I am sure they have robots that scan everything especially chat groups like this. I pay my taxes but a few years ago, when I was heavy into CRH, I would buy $1000 to $1500 in JFKs at bank A and then deposit the rejects into bank B and then withdraw and go back to bank A. On paper it look like I would have a very good income, but it is just moving lots of $$ around in circles.

    In my check books I kept pretty good notes of money going back and forth. (just in case)
    Johncoho and Honest Samuel like this.
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  2. #2
    us
    Randy

    Feb 2015
    Fullerton CA
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    Pretty sure you don't have anything to worry about. They only chase what they think they can make money on. Not enough to make it worth their while.
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  3. #3
    us
    Apr 2011
    1,558
    991 times
    Never been questioned, but I keep very detailed spreadsheets showing why I've withdrawn & deposited each time. If audited or investigated I could confirm my data easily enough. As trdking noted, there's nothing for the IRS to take interest in, at least until the silver is sold.
    PirateLabs likes this.

  4. #4

    Sep 2012
    469
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    All Types Of Treasure Hunting
    Honest Samuel likes this.

  5. #5
    us
    Ryan Quinlan

    Oct 2015
    Michigan
    Minelab X-Terra 30 Garrett Ace 400
    390
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    All Types Of Treasure Hunting
    Wow...that first story is scary. I wonder...is anyone still hunting $10K per week? Maverick maybe?

  6. #6
    us
    Apr 2011
    2,197
    1169 times
    All Types Of Treasure Hunting
    I wouldn't worry about it - for every deposit there's a withdrawal. If you sat down with them and did the math, they'd see that you really aren't making much. Even building a large stack, it costs so much to do it, that you aren't even making min wage
    FormerTeller likes this.

  7. #7
    us
    Apr 2011
    1,558
    991 times
    Hunting 10k a week is not the issue. Depositing $10k in one transaction or in total between several branches of the same bank is what raises red flags. This is a banking regulation that had been in place for literally decades - we had to fill out the forms and send them in to the Secret Service back in the 80's when I was a teller.

  8. #8

    Sep 2012
    469
    291 times
    All Types Of Treasure Hunting
    Quote Originally Posted by FormerTeller View Post
    ...Depositing $10k ... in total between several branches of the same bank...
    This is the one that can really, really cause trouble. Whether it is intentional or not, if the bank chooses to call it suspected structuring (via a suspicious activity report [SAR]), the feds will most likely freeze the account.

    Do not make deposits that seem like structuring ( https://en.wikipedia.org/wiki/Structuring ).
    Do not do anything that would cause your bank to file a suspicious activity report [SAR] ( https://en.wikipedia.org/wiki/Suspic...ctivity_report ).
    Do not tangle with FinCEN ( https://en.wikipedia.org/wiki/Financ...cement_Network ).
    Do keep a clean ChexSystem/FACTA report ( https://en.wikipedia.org/wiki/ChexSystems ). it is not only for overdraft reporting, but any banking activity.

  9. #9
    us
    Dec 2009
    AR
    Minelab E-Trac
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    All Types Of Treasure Hunting
    I remember a story or two on this forum years ago about someone getting questioned by some alphabet gov't group.

  10. #10
    us
    Feb 2008
    Great Lakes State
    dirtfishing
    10,007
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    silver surfing
    Honorable Mentions (1)
    A teller can generate a SAR without your knowledge, when withdrawing your own cash from your account.
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  11. #11
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
    3,603
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    All Types Of Treasure Hunting
    I do not have much money to redraw except to pay bills.

 

 

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