I have about 50k in cash but it's located in a foreign bank account.
That foreign bank account has ATMs in the US through which I can withdraw up to $400 per day cash and a another owner with the ability to wire the money to me in the US.
How can I get this money into my US bank account without setting off a currency transaction report at the bank, thus alerting the feds and IRS?
Bump.
I'm assuming sending 1 wire transfer and calling it a "gift" from the other owner would work?
Sending multiple wires will set off structuring red flags, correct?
bump
Why cant you invest the money in to bitcoin then its available to you globally? Is this bank in some 3rd world shithole that doesnt have internet or something?
this is your only option
Agree with this guy - just buy 50k worth of bitcoin then sell 50k worth of bitcoin and you've just converted that foreign currency into USD fiat.
Of course keep in mind you'll still need to inform the IRS when tax season comes. But taxes on 50k of income isn't bad. Also if it was a gift - $0 in taxes. Call a tax attorney/CPA/bookkeeper and give them a run down of the situation and you can probably get away with less than 10% taxes on it (and possibly 0%).
Withdraw 400 every day, deposit when you accumulate 10k ("a gift"), repeat
But would he pay tax on it, since its not income unless his bitcoin goes up.
JUST BUY BITCOIN... JESUS... WTF IS WRONG WITH PEOPLE... biz is full of cryptocurrency and u really dont think about buy bitcoin on the shitttycountry then just use it on the us?
Smuggling wealth out of a shitty country in to a better country is pretty much the number 1 value in bitcoin.
Ah yes. There is a reason that won't work for me. See the person in this other country has to purchase cryptocoins at an extreme premium and upon depositing it into my bank account, it would more than likely set off all kinds of triggers for the IRS and feds. I need a solution which does not involve Bitcoin. Please.
You don't really understand. This money has already been laundered through Bitcoin.
I need to get it into my bank account without cryptocurrency. If it were that easy, I wouldn't be asking here.
Then buy bitcoin then convert it to monero then have your person mail it to you on a flash drive.
You're not getting it. I can't explain it. This can NOT be done through cryptocurrency. The other person is not in a position where he/she can buy cryptocurrency to send it to me. That will not work.
I need a solution which does not require cryptocurrency.
okay law enforcement here
If you send under 5k per transaction. No one will be the wiser
4,999.00
One dollar more, oh oh, your gonna flag at the bank and by law, they must report it. Name bank account number which feds have full accounting access if requested.
You're not getting it. If its illicit money that needs moving, it CAN be done through crypto. What is he being bugged? Then buy it through a physical meetup. Have someone else buy the bitcoin, then sell it to him, then convert it to monero, then mail it to whereever.
The only other way to move money with out the government catching wind would be to move the physical currency or having the corrupt banks move it for you.
There is no wire transfer, check or money order you can utilize. Crypto is the only thing that goes over the air waves thats not currently tracked by the banks and reported. If there was, the cartels would not have to move mountains of cash in trucks or as I said, cut deals with corrupt banking money launderers.
That would require many transactions, each one becoming more and more suspicious. Sounds risky to me.
I'm almost positive a bunch of 5k wire transfers will raise structuring law violation concerns.
People have said to just send the whole sum at once and call it a "gift".
My other question is if I can simply keep taking out $400 per day and depositing it into my bank.
Would $50,000 spread across a bunch of $400 cash deposits be enough to trigger something?
So wire transfers or cash deposits, which is better?
you must do 4,999 only ONCE a day.
5k will flag
I work closely with our FCU financial crimes unit
As a wire transfer yes?
Would depositing 1k per day in cash to my bank cause a flag?
Assuming I got the 1k from an ATM in the United States which came from the foreign bank?
I can fix this for you but i want to keep a percentage
So what you are saying is buying it would negate your profit. Sounds like a really shitty backwater country with no internet access. You been dealing with North Korea or something?
I ask because it will be easier and cheaper for me to make cash ATM withdrawals 100 times than to have my friend make 10 wire transfers over 10 different days.
But I risk setting off an alert for adding about $400 in cash to my bank account everyday doing this, or if I wait, maybe $1000 a week or something.
no, the way the bank flags a transaction
If it's outgoing or incoming. And they really only care about incoming. Cause they want to know what or where the money is coming from.
It used to be 10K but that was 6 or 7 years ago. Now the rules have changed and it's 5k.
You make a deposit of 4,999 every day, and they won't even notice. I can promise you that.
Anything 5k and over, the computer system flags, and then a financial controller looks at the flags for the day.
They submit them by email to a body that monitors it further. If you flag once, twice ect ina short period of time. Yes...they are going to take a very keen interest in you. And the bank WILL get a supena to peer into where those transactions are coming from and request a statement from the bank to where you got those funds from.
At which time, the bank will contact you with a non suspicious email either requesting you specify what for and where that money is coming from. Which they will then send to an FCU group, like the one i work with.
If everything checks out, you wont' hear from them again. If it doesn't. well.
ranges from kicking down of your door, to a letter from your IRS saying you need to come in to discuss shit.
sighhnnn
im going to say this only once more
IT"S A COMPUTER that's programmed to flag any transaction 5k or over
there is someone that will view that transaction log
the outgoing they will discard or send to fraud protection if it's credit card based (they have their rules)
its' the INCOMING they really look at
that flags, gets sent to another department
but it has to be over 5k PERIOD.
Says the Fed.
Ok ok but when you say 5k or more, that is wire transfers AND cash deposits, right? Is there a big difference I should be aware of here?
both the same
wiretransfers you will be questioned after the fact if you flag too often
cash at the ATM, they will process it, and same, after a few times, your bank will call you, and either ask over the phone, or ask you to come in, in person. to explain where your money is coming from.
Cash over the counter. They will straight up ask you were that money is coming from and enter that data, right then and there.
you have to go back
1k will not flag for "IRS" reasons. If it's done by wiretransfer or cash at ATM, you will not flag at all. (flagging is done all automatically by computer code)
so you will be under the radar
But if its' credit card, and it's outgoing. You are going to flag at a different department. CC fraud.
they will call you to make sure that outgoing transaction is good. and that's for their protection. it's really not for yours.
do you think im trying to snare you in a devious plan
i really don't care about any of you.
Im just telling you what you want to know. What do I care what you do with your money.
If your a bad guy, you will get caught. Sooner or later. I don't stress about these things.
Got it.
So $400 cash withdrawals into the bank, I'm good.
$4999 or less wire transfers into the bank say once a week, I'm good.
My issue is that they will notice repeated deposits and flag it after the tenth one or something.
I heard that depositing small amounts, even across different days, will still trigger the computer for structuring. If what you're saying is true, 1k a week shouldn't set it off.
That's $400 per day I meant. Just every day putting in $400.
Alright since you seem intent on saying it can't be done thru crypto, here's the issue:
No matter how little you split the deposits up, you risk the IRS/Feds finding out that you withdrew $400 per day and deposited it all into your bank account over a year or two. Even if you go below $5k, it can get caught (a bunch of $1k deposits can trigger as well - am a lawyer, have clients I have worked through this problem with).
You've really got one option - declare the money. Tax on 50k isn't bad, and is better than the penalties and interest the IRS will apply when they actually catch up with you (100% penalty will double the tax alone). You likely won't be looking at jail time, but its worth avoiding the hassle of dealing with tax collectors.
If you can call the money a gift from a US citizen living abroad, then great, its tax free. If the person is not a citizen, you will have to pay tax on it, gift or not.
If you want to hide the direct source of the money but the money isn't "dirty," laundering money is legal. Laundering only becomes illegal if the source of the money is illegal. Concealing the source (from everyone but the IRS) is fine.
If the money is dirty, you've got bigger problems and it isn't worth going to fucking jail over $50k. Man up and cut your loses and next time doing something that will make you more illegal money that would actually be worth risking going to jail for. If you can't afford to run away to Ecuador on the illegal money you are making, it isn't worth it.
To sum up: declare it as a gift and pay tax on it or you are gonna get fucked by the IRS one way or the other. Launder the money if you like (will cost about 20-40%) but if the money is going to get you arrested, cut bait now.
you're allowed to transfer money, no one is going to care. this thread is full of retards.
Of course you are allowed to transfer money and you are also obligated to pay tax on it.
unless it's earned income in this country, you do not pay taxes on it.
>If the person is not a citizen, you will have to pay tax on it, gift or not.
I've heard otherwise from this. I was under the impression that gifts from a foreign family member are tax free.
There are prior withdrawals out of my bank from before, and now the 50k isn't that much higher than the amount I took out to begin with.
It doesn't make sense that I took out the money before but now have to pay tax when I put it back in, apart from capital gains from what I used the money on before.
I'm considering just getting a safe and taking all the cash and keeping it in there spending it that way for a while. How about that?
But if you have been paying attention, it does not sound like it qualifies as earned income. We dont even know what country its in but the fact he cant use an exchange tells you its probably on the government watch list.
Wait a minute. The person in this other country, the one who owns the foreign bank account, is a joint owner with my personal bank account into which I am trying to transfer the money into.
Wouldn't that mean she could just wire the money from her foreign account to this account tax free?
>I took out the money before
Ok hang on...the 50k was originally your money? Just fucking wire transfer it back to you then, jesus. If you've got some gains on that money, pay the capital gains on that money. ffs google could have solved this stupid shit for you please end this thread.
No, sorry if this wasn't clear, but like 15k of it was originally my money. The rest could be considered "capital gains" on top of that I suppose.
I don't want to pay 25% of my earnings in taxes. That's my point
Nobody fucking does shithead. That's why they're called "taxes," not "rainbow party money fest payments." Just suck it up, pay the $8k in capital gains taxes (but itll probably be less than that if it was long term gains or if you have any deductions or past year losses, or even current year losses). So man up and pay your taxes like everyone else in this fucking country. Either that or 3 years from now when the IRS catches up with you, you will be looking at a tax bill of about $20k.