can one get busted if they buy a high cost item such as a house with their profit
- Thread starter stronic
- Start date
sargent mowinstein
Well-Known Member
ya u can ez 2. buy a apartment so they can only take that from u, also every 5 grad r so stash in the woods r something, cuz u will get caught so when u do get out, led a "straight life" with a fortune u have saved, comes in handy for lawyers 2, n as for cars buy used ones, ppl my think thats lame but a 1993 chevy 454 isnt, muscle cars fall into that group to
KushNOBush
Member
if they catch on to you, they could probably charge you with tax evasion. but good luck!
SlikWiLL13
Well-Known Member
i dont know exactly what im calling Bullshit on...but im calling it.
i dont think someone with the smarts to make the kind of money it takes to buy a house, needs to ask such a rediculous question.
any transaction over 10K must be reported to the IRS.
SlikWiLL13
Well-Known Member
as a contractor im under the impression that i have to claim any money i make over $499.
as the son of a bank teller i know that any deposits 10K or more must be reported and suspicious transactions 5K or more can be reported.
c5rftw
Well-Known Member
yeah im one too, really that low of money has to be reported?
Cali chronic
Well-Known Member
yeah about--- that there a laws on deposits see BSA bank secrecy act also see money laundering as that is what they call it at the bank as well as when they fill out SAR suspicious activity report (with safe harbor)
If you deposit money in one day no matter how many different branches if it adds up to 10k or more or lets say 7000 day for a window washer.... the SAR is filled out. I know I work at a bank.
You need to straw purchase it with a legit buyer and have them add you to title after close then take them off title later.
But in an audit situation you will have to justify your means. Even the Cayman Islands are working with the US FEDs as well as few other treaties are being formed. The best way to park your non taxable income is for you to create a corporation with a canadian Attorney with a fictitious name so even in an audit situation your name does not flag the corp name. then you can park your money in that institution and have it out of reach, or at least not easy to track down. Not an attorney but that is what they make me learn in my meetings..... Then you have to deal with inbound wires unless they offer a credit card/ debit card you can access funds with. Now where is the start a thread button G"D'it ???
If you deposit money in one day no matter how many different branches if it adds up to 10k or more or lets say 7000 day for a window washer.... the SAR is filled out. I know I work at a bank.
You need to straw purchase it with a legit buyer and have them add you to title after close then take them off title later.
But in an audit situation you will have to justify your means. Even the Cayman Islands are working with the US FEDs as well as few other treaties are being formed. The best way to park your non taxable income is for you to create a corporation with a canadian Attorney with a fictitious name so even in an audit situation your name does not flag the corp name. then you can park your money in that institution and have it out of reach, or at least not easy to track down. Not an attorney but that is what they make me learn in my meetings..... Then you have to deal with inbound wires unless they offer a credit card/ debit card you can access funds with. Now where is the start a thread button G"D'it ???
SlikWiLL13
Well-Known Member
if its a check
if its cash fuck 'em. i end up doing about 1/4 of my actual business in cash and i report none of it. i also dont deposit any of it either, that way theres no record of me ever even having it.
cbtwohundread
Well-Known Member
silly wabbit trixs are for kids
noob4life
Member
Yo Cali, I have about 25k in credit card debt and I need to get rid of it so I need money that I can throw at debt. With that said, I do have a job and was thinking of getting rid of my direct deposit and every time I go to deposit my check from work I also put in $500 - 1000. I know this shows up as a check was put in and however much cash I put in seperately, however would this draw any red flags?
Know of a better way to turn this money into a way to get rid of my CC debt??
morgentaler
Well-Known Member
Keep your ass covered and pay income tax on that income. Yes, it sounds stupid when you're already breaking the law, but consider that you might get busted for some trivial amount and get a fine, but then end up in prison for years because a forensic accountant found a substantial amount of unclaimed taxable income.
I remember an article where they asked accountants what their most interesting clients were. (It will probably turn up again on CNN or one of the news sites at tax time. I've seen it more than once.) One mentioned a fellow who put "drug dealer" under employment and had very well maintained financial records. The IRS did not care. They were only concerned that he provide records that reconciled with the information available to them.
In the US you'd be protected under disclosure laws.
http://www.irs.gov/govt/fslg/article/0,,id=158487,00.html
Just to be on the safe side, claim some other form of employment
I remember an article where they asked accountants what their most interesting clients were. (It will probably turn up again on CNN or one of the news sites at tax time. I've seen it more than once.) One mentioned a fellow who put "drug dealer" under employment and had very well maintained financial records. The IRS did not care. They were only concerned that he provide records that reconciled with the information available to them.
In the US you'd be protected under disclosure laws.
http://www.irs.gov/govt/fslg/article/0,,id=158487,00.html
Just to be on the safe side, claim some other form of employment