Quick CRHing Binge ... Your thoughts

baddbluff · Oct 9, 2015

So I have $100k+ sitting in a company 401k with a previous employer that I have been meaning to rollover to an IRA for some time now. According to IRS rules, I have 60 days to deposit it in the IRA once I get a distribution check to avoid tax penalties. Know where I'm going with this? That's 200 boxes of halves in one turnover. Based on this year's numbers so far, I should be able pull about 400 silvers in one swoop. I'm just wondering if the IRS would be knocking on my door or if my bank would shut me down after trying to deposit that much coin in a week or so? It would be a crazy week or so, but I bet I could get/dump 100 boxes at least with my pickup and dump banks I already have. Your thoughts?

usandthem · Oct 9, 2015

It sure would suck if you got caught holding the bag and had to pay the penalties. :cat:

oxbowbarefoot · Oct 9, 2015

It might take more than 60 days to process an order that big for many smaller banks. Also, that is so much to dump. I bet your area would be pretty dry for a while after, but you'd certainly get quite a few.

Greastart · Oct 9, 2015

That's a bunch....I think if you plan it fairly well it's easily doable. 200 Boxes/60 Days only equals 3.333 boxes/day. Order ahead, stick to your schedule and be prepared to have dirty fingers!! I want to see a pic of all your keepers from this one marathon!

BigWaveDave · Oct 10, 2015

I wouldn't do it.... because my wife wouldn't let me.

IceePirate · Oct 10, 2015

Will your bank even order 200 boxes of halves is the question. I would imagine that it would take up so much space. I would start dumping the day you got them though as to not overwhelm the banks too much. I would also dump every single day for the same reason.

baddbluff · Oct 10, 2015

IceePirate said:
Will your bank even order 200 boxes of halves is the question. I would imagine that it would take up so much space. I would start dumping the day you got them though as to not overwhelm the banks too much. I would also dump every single day for the same reason.

I actually have several order banks (3 diff chains with multiple locations) and about 30 branches of the same bank I have dumped at before. I was thinking of dumping 4 bags ($2K) at each branch at a time, but I'm just wondering if they will stop taking my coin after about $10K in a day when they noticed all the action on my acct at other branches.

Cobbolicious · Oct 10, 2015

Why would you risk paying tax at your top rate (almost certainly 28% or higher), in add'n to state income tax if applicable, on $100,000 (taxed as ordinary income), plus a $10,000 penalty (10%, assuming you were not 59.5 on the date of distribution)? See Common IRA Rollover Mistakes. If you don't have a financial adviser, you need one, and if you do, your adviser would look at you pitifully at the mention of this idea. CRH is a hobby that doesn't ordinarily pay min. wage, so just search sequentially like everyone else.

mark1982 · Oct 10, 2015

Having different banks is fine but it means nothing in terms of getting and dumping coin.people make the mistake where they think BOA gets there coin from a different supplier than the chase or whatever down the street. In some cases this may be true but in most cases it is not. Your coin comes from a centralized location where most of the banks pull from including the same bank 15 miles away. So with that being said i think it is a awesome idea and would be cool to see the results and you car tires explode when your picking up :laughing7:

but keep in mind that regardless of how many different banks your order from and how many different banks you dump at chances are its going to be the same garda, loomis , dunbar, or whatever truck and employees that are delivering and picking it up. Even if its a bank 30 miles away from the others. This is going to raise red flags and most likely get your cut off at some of the banks. I would say dont ruin it for yourself. HH

Zero · Oct 10, 2015

I would say...cool idea...maybe you could just double or triple your orders for a few weeks and just have a little more volume without maxing it out. You definitely don't want to get cutoff or find yourself struggling to get the coins cashed before the deadline.

It has taken me 3 years to go through $75,000 in half boxes. Wow...you could do that in two weeks if you have some time on your hands. Good luck!

DeepseekerADS · Oct 10, 2015

Having done the same thing, next Thursday I have to pay up, and this is going to be a very frugal month ahead of me. I had those grand ideas too, not involving CRH, but things can go too wrong, too much can happen. My advice is to play it safe.

BuffaloBoy · Oct 10, 2015

I'd say go for it if you have the banks to support the dumping and ordering, just don't order more than that $9,500 amount and a red flag should not be raised.

Joe777Cool · Oct 10, 2015

I would so do it. order $9000 worth from every branch you have for a few weeks. Get to "the bottom of the pallet" where all the good coins that we day dream about are. Hold on to as much as you can as to not recycle the coins. I'm not a legal expert but If you turned in over $10,000, and had to fill out an IRS form, you have an air tight reason. Reading the IRS rules, you are permitted to use the money for the 60 days, any gains need to be reported as taxable income (of course), but as long as you redeposit the same amount you should be in the clear. You just need all your ducks in a row. When you turn in the halves to the bank, instead of getting cash, just get a certified check made out the the new 401k company. Thats a pretty good paper trail.

Dozer D · Oct 10, 2015

I would say "NO, Don't do it". It's too risky, raising red flags with the IRS, timing, logistics must be planned perfectly. Too much at stake.

TroutBumDave · Oct 12, 2015

Don't be a puss. DO EEEEETTTT!!!

baddbluff · Oct 12, 2015

TroutBumDave said:
Don't be a puss. DO EEEEETTTT!!!

Good answer

Zomotion · Oct 12, 2015

If your banks don't charge you per box they most certainly will after those orders. Banks get charged a fee by the couriers and that much coin will definitely get someone's attention....

But with that said, it would be bleeping awesome to hear what you find if you could pull it off

I just hope you don't come back and post you're on a 200 box skunk streak

barneyb71 · Oct 13, 2015

And this is one of those examples that make CRHers look bad!!! Just my opinion though. It's your money, do whatever you want with it. It's funny how most people in here want to fly low, under the radar....but you see a post like this and everyone is like "go for it dude"! I have a family and responsibility so to me that is more important then playing around with a 401 and my future. But like I said it's "your money"

Styfflin · Oct 13, 2015

I think this combined with a week off of work would be one awesome week. I also have a 401k with a previous employer...not with that much scratch in it, but enough to have an awesome weekend hunting coins. Thanks for the idea.

Zero · Oct 13, 2015

BuffaloBoy said:
I'd say go for it if you have the banks to support the dumping and ordering, just don't order more than that $9,500 amount and a red flag should not be raised.

I am changing my vote based on the IRS asset structuring rules that I had forgot about.

http://www.treasurenet.com/forums/showpost.php?p=4528205

The IRS is actually looking for people that are trying to avoid reporting deposits that add up to more than $10000 in a day. Making cash deposits between $5000-$9999 is the red flag!

I also heard that the IRS was backing off this crazy overreach, but I still think this is something not to be messed with.

Don't do it. Not worth the headache.