What can you do with large amounts of cash?

[zinfamous]

2 chicks at the same time, obv.

 

[Cappuccino]

buy 1●k worth of baby puppers

 

[BurnItDwn]

Do you already have a hoopty fleet like Tyler Hoovie? https://hooviesgarage.com/

 

[Homerboy]

 

[ctbaars]

You?
step 1: Move
http://bitcoinist.com/crypto-billionaires-are-building-a-utopia-in-puerto-rico/

Me?
Step 1: Pay my taxes.

 

[shortylickens]

2 chicks at the same time, obv.

 

[Fern]

-snip-
- If you try to buy a house or car and use $10K or more, the government is notified.

Are you sure about that?

Metric crap ton of money has long been laundered in Miami by using cash to purchase real estate, cars and boats.

Fern

 

[Carson Dyle]

Are you sure about that?

Metric crap ton of money has long been laundered in Miami by using cash to purchase real estate, cars and boats.

You'd think that somewhere up the line it would be. Maybe not a car dealer depositing, say, $60,000 in cash at the end of a day, but a home seller trying to deposit $500,000?

 

[Fern]

You'd think that somewhere up the line it would be. Maybe not a car dealer depositing, say, $60,000 in cash at the end of a day, but a home seller trying to deposit $500,000?

The home seller's deposit into his/her bank acct would come from an attorney's escrow account (at least the portion not paid to settle outstanding mortgage). Normal everyday stuff.

Unless something has changed I'm unaware of reporting requirements affecting lawyers. I think the lawyer would have to report the sales proceeds to the seller (and to IRS). But that's a different matter.

Fern

 

[ponyo]

Are you sure about that?

Metric crap ton of money has long been laundered in Miami by using cash to purchase real estate, cars and boats.

Fern

They're supposed to but I'm sure you can easily find lawyers who won't in order to get your business. Trust me, lawyers don't want lot of cash since they have to deal with the hassle of depositing it. And banks charge for commercial cash deposits unlike personal accounts. Cash is pain in the butt.

 

[madoka]

Are you sure about that?

Metric crap ton of money has long been laundered in Miami by using cash to purchase real estate, cars and boats.

I thought it was.

https://www.irs.gov/businesses/smal...rade-or-business-motor-vehicle-dealership-qas

Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or related transactions must complete a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business (PDF).

 

[Carson Dyle]

Unless something has changed I'm unaware of reporting requirements affecting lawyers. I think the lawyer would have to report the sales proceeds to the seller (and to IRS). But that's a different matter.

Unless I'm missing something about what you're calling "cash", somewhere, somehow, _somebody_ is depositing a pile of bills into a bank account.

 

[madoka]

As long as your not structuring I doubt the IRS would be too concerned with it unless it's ridiculous. It's not worth their time to go after a person who make a single $40,000 cash deposit. Many people have cash that's been handed down through generations.

That's what I kinda thought until I was audited. I ended up getting a refund to which my IRS agent said that I was only the second refund case he's had in the past 5-7 years. However, I was sweating bullets for the two weeks prior to the audit. I couldn't figure out what I did wrong. At the end of the audit, I asked him why I was chosen, and he said that he wasn't 100% but it was probably because I reported an increase in my income during the Great Recession which made me an outlier.

After that experience, I've decided to steer well clear of any government intrusion into my finances as much as possible.

 

[Fern]

I thought it was.

https://www.irs.gov/businesses/smal...rade-or-business-motor-vehicle-dealership-qas

Private sales.

In Miami nobody wants to report anything. Vestiges of South American policies by dictators etc. Also, I suspect lots of shell companies still in use down there.

Fern

 

[tynopik]

start a microloan service

 

[dasherHampton]

I just wanted to be sure about cash inheritance so I looked it up.

Here's what turbo tax says about cash inheritances:

https://ttlc.intuit.com/questions/3...checks-to-us-70k-each-to-distribute-the-money

If it's a one time deal you can probably claim it was inherited. Just don't do it over and over.
I'm assuming, of course, you received an inheritance and its value didn't exceed the inheritance tax threshold.

Maybe I'm missing something obvious. I'm tired. If I am I apologize.

 

[ultimatebob]

"1000s of Beautiful Girls & 3 Ugly Ones!"

Why 3 ugly ones?

 

[ultimatebob]

start a microloan service

Like prosper.com? A lot of ATOT members got screwed on that one back in the day, by lending a bunch of money to people with supposed "A" credit ratings that stopped paying after three months.

 

[ponyo]

Why 3 ugly ones?

Affirmative action.

 

[tynopik]

Maybe I'm missing something obvious.

his parents aren't dead?

 

[dasherHampton]

his parents aren't dead?

Inheritances don't come exclusively from parents.

 

[Raincity]

I like the concept of using your equity to score favor....but I'm fairly certain they track what you actually bet too. I mean, it's their business to watch you close. I've never been to vegas because I was never rich enough to throw money away there...definitely sounds like a good way to spend some of it on entertainment.

The casinos do watch and keep track of you cash versus wagers to avoid laundering. They also know to detect structuring and will report it.

 

[Skunk-Works]

Open several bank accounts and deposit maybe 1,000 to 5,000 in each every so often for when I need the bank account to buy shit.

 

[shortylickens]

 

[JulesMaximus]

Ok, ok, hookers and blow. Or in my case, Lego and guns.

But with that out of the way, what else can you do with large amounts of cash that doesn't involve the government becoming suspicious?

- You have to report taking $10K or more out of the country.
- You have to report foreign bank accounts over $10K.
- If you try to deposit $10K or more, then the government is notified.
- If you try to buy a house or car and use $10K or more, the government is notified.

What is left to do?

Use it for spending money.