ABSDOLUTELY STUPID New Rules

[coinman123]

For 2.5% and I'll send you a sworn statement that you bought it from me.

I'll do it for free.



Plus 75% of your yearly income

 

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[Duckshot]

Just tell the bank you are 'stilling 'shine.

 

[BosnMate]

I was at the income tax lady that prepares my taxes. Asked her if she'd heard anything about having to provide proof when making a deposit. She laughed and said yes, it has to do with the Patriot Act, but that's all she knew about it.

 

[boogeyman]

Make em prove the money they loan you is theirs to loan by demanding an account of all serial numbers of all bills borrowed- after they give it to you.

And not joking around, take a test pen with you too! We had a lady that tried to pay a $1200 something commercial electric bill in cash. The business office found $800 of it was counterfeit. We talked to her and she had the withdrawal slip with her and the time date stamp was a little over an hour before. She was almost hysterical thinkinh she was going to the pen. Guess where she got the bogus bills from? Kid you not! A B of A teller!!!! Thank god we got to hand it off to the FBI, and missed that paperwork fiasco! All I heard was they found some others at the bank, and we got a call from B of As internal investigators requesting copies of our reports. Since then I've heard other stories like this and worse from B of A over the years. Like Elmer Fudd used to say "Be very careful be very careful".

 

[sandfisherman]

Bit coins

 

[DirtDiggerDaveinMD]

The mortgage process is very stressful. When we bought our house we had to give weekly bank statements to the loan officer during the underwriting process. This is done not to make it difficult on you, but to make sure the applicant is not hiding assets or receiving money from a source with an interest in the property, but not on the application. While in underwriting, if cash deposits are suddenly showing up, it raises suspicion about where it came from and why. Using cash for earnest deposit money also raises suspicion for the same reason. They lender needs to see the money came from your account and not from Uncle Bob or from another source such as a payday loan or a cash advance on a credit card. Any indications that additional debt is is being accrued will bring the process to a screeching halt.

If you are still required to provide an explanation regarding the cash suddenly appearing just explain the circumstances of you hobby and that you sold items from your collection that you found over the years. The lender may find that sufficient or not. But remember you will be entering an explanation into a legal financial transaction and may now be on the hook for tax liabilities from the sale of your collection. Whatever you do, do not do as some have suggested and fabricate invoices or make up "stories" about where the money came from.

 

[Mifarmer]

I walked into my bank that I'm never in, wife does all that while I treasure hunt, with 9600 in cash I told them I wanted to deposit it and he made a very concerned look to me and I said I feel better about having this here, I sold my old combine head this morning and have had this in my pocket all day... he smiled and said yeah I understand that feeling, and that was it

 

[RustyGold]

I've used Chase for many years and have had zero problems with them. BofA on the other hand was a fingerprinting nightmare when I cashed in my customer's check back when I was in construction.

 

[ScubaDetector]

The mortgage process is very stressful. When we bought our house we had to give weekly bank statements to the loan officer during the underwriting process. This is done not to make it difficult on you, but to make sure the applicant is not hiding assets or receiving money from a source with an interest in the property, but not on the application. While in underwriting, if cash deposits are suddenly showing up, it raises suspicion about where it came from and why. Using cash for earnest deposit money also raises suspicion for the same reason. They lender needs to see the money came from your account and not from Uncle Bob or from another source such as a payday loan or a cash advance on a credit card. Any indications that additional debt is is being accrued will bring the process to a screeching halt.

If you are still required to provide an explanation regarding the cash suddenly appearing just explain the circumstances of you hobby and that you sold items from your collection that you found over the years. The lender may find that sufficient or not. But remember you will be entering an explanation into a legal financial transaction and may now be on the hook for tax liabilities from the sale of your collection. Whatever you do, do not do as some have suggested and fabricate invoices or make up "stories" about where the money came from.

I gave them an explanation of my hobby and gave them my website to see some of the gold I have found over the years. i doubt I made any dent in a tax obligation as my income is all tax free. Selling 2800.00 in gold doesn't put me on the hook for income tax. No I won't fabricate anything. I am truthful and if I don't get the loan through them I will try another mortgage company.

 

[DeepseekerADS]

There's a thing or two I'd like to say here.

I'm going up to that awesome river! You ain't jumping in that flow and coming out alive! Let me say to that PERIOD!

It is a lovely place to just relax and don't give up whatever you think is your life!

Scuba, let's get it on! Talk and plan my friend. I'm not so fixated that I can't walk away with nothing!

I don't think it would end that way

Roger

 

[Tom_in_CA]

... Selling 2800.00 in gold doesn't put me on the hook for income tax..... .

Really ? How do you figure ? If someone makes an income, by WHATEVER means (nugget shooting, coin-shooting, ring-hunting, mowing lawns, computer repairs, driving a taxi, etc...), how do you figure they "don't owe taxes on it" ?

Am I missing something in the tax laws, that exclude metal detecting finds as being exempt from needing to pay taxes on a source -of-income ?

 

[NorthernTesoro]

All of these garbage requirements are just another step towards a cashless society where carrying around or dealing in cash makes you feel like a criminal. Sometimes I do hope the power goes out for a few days to see what everyone does with all their plastic.

 

[Skynyrd]

It has been my experience that if you don't have a history of depositing cash and then you show up with anything much more than a grand the questions start. I once wanted to withdraw 10500 cash OMG had to talk to the manager who feared I would be robbed, told him I was perfectly fine walking out with that in my pocket. Still made him very nervous to give me that much. As far as proving you own something it never ends. I know of a guy who's employees got busted steeling, in the raid law enforcement seized his guns. Try proving grandpas shotgun or great uncles Freds rifle is really yours.

 

[ScubaDetector]

Really ? How do you figure ? If someone makes an income, by WHATEVER means (nugget shooting, coin-shooting, ring-hunting, mowing lawns, computer repairs, driving a taxi, etc...), how do you figure they "don't owe taxes on it" ?

Am I missing something in the tax laws, that exclude metal detecting finds as being exempt from needing to pay taxes on a source -of-income ?

If 2800.00 is the only taxable income I have for a year. I am WAY below poverty. My veteran disability is not taxable.

 

[Tom_in_CA]

If 2800.00 is the only taxable income I have for a year. I am WAY below poverty. My veteran disability is not taxable.

Don't people or businesses with incomes that will .... after deductions .... leave them with "Zero due" for taxes STILL file their taxes ? In the course of my business, for example, in our starting years had so many deductions (start up expenses) and so little income (just getting off the ground), that our tax bill became zero. But that did not relieve me (my company) from filing returns.

Same with individual (non corporate, non-business) returns: A person could realize their tax bill will be zero. But they still file, don't they ?

 

[ScubaDetector]

Don't people or businesses with incomes that will .... after deductions .... leave them with "Zero due" for taxes STILL file their taxes ? In the course of my business, for example, in our starting years had so many deductions (start up expenses) and so little income (just getting off the ground), that our tax bill became zero. But that did not relieve me (my company) from filing returns.

Same with individual (non corporate, non-business) returns: A person could realize their tax bill will be zero. But they still file, don't they ?

Looks like you are right. Hobby income is taxable. I didn't know that. I wonder if hobby expenses are deductible? If so I really lost!

 

[Tom_in_CA]

Yes. And that's why all the rest of us md'rs here rush to declare our md'ing proceeds on our tax returns. And it's also why you NOW do not have the proper IRS paperwork to show the bank. Tsk tsk. NOT TO MENTION the lawlessness of lack of police lost & found receipts to show them. Tsk tsk.

Honestly scuba, I simply don't know how you sleep with yourself at night. This is worse than clubbing baby seals.

 

[Tom_in_CA]

Now we're back to clubbing baby seals? I thought we did the rounds on this already, Tom... They're IN FASHION right now... Even stars like Megamind wear them... Why you gotta hate?

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Hmmm, ok, you got me. Perhaps not a good example of scuba's despicable behavior.

Ok, can we liken it to " using puppies for bayonet practice" ?

 

[Keith Jackson]

And not joking around, take a test pen with you too! We had a lady that tried to pay a $1200 something commercial electric bill in cash. The business office found $800 of it was counterfeit. We talked to her and she had the withdrawal slip with her and the time date stamp was a little over an hour before. She was almost hysterical thinkinh she was going to the pen. Guess where she got the bogus bills from? Kid you not! A B of A teller!!!! Thank god we got to hand it off to the FBI, and missed that paperwork fiasco! All I heard was they found some others at the bank, and we got a call from B of As internal investigators requesting copies of our reports. Since then I've heard other stories like this and worse from B of A over the years. Like Elmer Fudd used to say "Be very careful be very careful".

A coworker of mine will make cashiers who have the pens check the bills before they give them to him in change. If they complain that they have already been checked, he will tell them that he didn't see them check them so how does he know?

 

[Limitool]

Yes. And that's why all the rest of us md'rs here rush to declare our md'ing proceeds on our tax returns. And it's also why you NOW do not have the proper IRS paperwork to show the bank. Tsk tsk. NOT TO MENTION the lawlessness of lack of police lost & found receipts to show them. Tsk tsk.

Honestly scuba, I simply don't know how you sleep with yourself at night. This is worse than clubbing baby seals.

So, again... are you saying if someone takes just 5 construction grade 2x4x8's and turns them into something for a $100.00 net profit in a day owes the Government and its citizens something? If so... WHY?