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So years ago I won a very large settlement. I never got the chance to cask the check but I'm pretty sure it can be reissued because I got kidnapped by a local police department and tortured. I collect SSI and is it possible I can give the check for people I know to deposit it and hide it for me?
"Very large settlement" is relative. Are you saying millions of dollars, or are you saying under $10k?
You are required to report any windfalls on your taxes, so that it becomes part of your income for that year. Not doing so, is fraud. Posting about how to commit fraud then leaves evidence of intent.
Wherever you are getting the settlement from, will likely have to report it on their taxes, likely from a law office which will most certainly report it to the IRS. You can cash it, and then determine how much you'd likely have to pay taxes on, and donate to a charity of your choice, which will allow you to reduce the taxable amount.
Just received my Sherlock Holmes detective kit from my cereal box.
Here is what I surmise.
The check was to pay his ransom.
He forgot to give it to the kidnappers.
Best retain it for when they swing back around .
Settlement checks via court distribution are routed to the bank . Haven't seen it done any other way... Though in order for the lawyer to get paid it is put in an account that has both names on it..
Someone sent me an anonymous message that my post above is misinformation. Can someone please explain to me how I misunderstood the article below and made an incorrect post?
It wasn't me, but the $10,000 threshold is for cash transactions, not every transaction. So depositing a check from the sale of a house, or transferring money to your brokerage account would not trigger a filing with the IRS because there is already a paper or electronic trail.
Also, if the bank suspects an individual is making smaller cash transactions totaling $10,000 or more to circumvent the reporting requirement, they may report that, too. And it's not just banks. Any business that handles money, even the supermarket where you buy Western Union moneygrams is subject to IRS reporting requirements.
IMO you've been defrauding the government since 2004 when you were granted your settlement.
SSI benefits are for someone who doesn’t have income, hasn’t paid into the system (which differentiates SSI from Social Security benefits), and who needs help. The program is income and asset-based. You need to prove you can’t make money and have no assets. You need a lawyer.
So years ago I won a very large settlement. I never got the chance to cask the check but I'm pretty sure it can be reissued because I got kidnapped by a local police department and tortured. I collect SSI and is it possible I can give the check for people I know to deposit it and hide it for me?
I think it depends how large the settlement is. If your friend deposited $100,000 check, they would have to pay taxes on it. If it comes out that they were hiding it for you, that’s called money laundering and is a crime. And you better make sure you trust that person because they’re under no legal obligation to give you the money once they cash the check in their own account.
There may be ways and places to put that money where it won’t affect your disability payments, such as some kind of trust or opening a retirement account with it. I would actually consult a lawyer for that. Many will do the consult for free just to let you know what your options are. I had a free consultation with an attorney not that long ago over estate planning, and he stayed on the phone with me for about 45 minutes answering questions.
It wasn't me, but the $10,000 threshold is for cash transactions, not every transaction. So depositing a check from the sale of a house, or transferring money to your brokerage account would not trigger a filing with the IRS because there is already a paper or electronic trail.
Also, if the bank suspects an individual is making smaller cash transactions totaling $10,000 or more to circumvent the reporting requirement, they may report that, too. And it's not just banks. Any business that handles money, even the supermarket where you buy Western Union moneygrams is subject to IRS reporting requirements.
Yes, sometimes my fiancé makes payments to his credit card via Walmart wire services (he’s too unorganized to have a checking account and constantly incurred fees when he tried), and if it’s over $1500 they require i.d. and a form they fill out. I bought three $100 Amazon gift cards earlier this summer for graduation gifts, and the clerk asked me for my drivers license and filled out a form for that too. They are looking for money laundering.
No, this can be worked out by an attorney, or not! The problem is that OP initially hid this "large" inheritance! If accepted then, there would be no issue. But, suddenly finding the check causes the problem
This is a financial, legal and tax issue. Asking random strangers on CD is not a good idea. And its a settlement not an inheritance. They need a lawyer experienced in these areas.
Quote:
Originally Posted by mike1003
SO, by waiting, OP is in the position a Judge of friend of mine always says, "If you can.t do the time, don't do the time, Take him/her away
Hiding the cash only gets OP into deeper doodoo
Obviously hiding the cash is a very bad idea. They claim they did not cash the check. But regardless at least the best course of action can be determined with proper legal help. And will a million dollars involved there will be no shortage of lawyers ready to take them on as a client.
If it was me I would shop around for an attorney willing to take it on for a flat fee. Not a big percentage.
This is a financial, legal and tax issue. Asking random strangers on CD is not a good idea. And its a settlement not an inheritance. They need a lawyer experienced in these areas.
Obviously hiding the cash is a very bad idea. They claim they did not cash the check. But regardless at least the best course of action can be determined with proper legal help. And will a million dollars involved there will be no shortage of lawyers ready to take them on as a client.
If it was me I would shop around for an attorney willing to take it on for a flat fee. Not a big percentage.
No offense to the OP but the way it was worded, the large amount of money that they need help depositing "discreetly" etc. is pretty much the classic "Nigerian Prince" scam.
If so, that would make this thread a phishing issue.
It wasn't me, but the $10,000 threshold is for cash transactions, not every transaction. So depositing a check from the sale of a house, or transferring money to your brokerage account would not trigger a filing with the IRS because there is already a paper or electronic trail.
Also, if the bank suspects an individual is making smaller cash transactions totaling $10,000 or more to circumvent the reporting requirement, they may report that, too. And it's not just banks. Any business that handles money, even the supermarket where you buy Western Union moneygrams is subject to IRS reporting requirements.
I see my mistake now that you explained it, thanks!
How am I hiding my settlement money from the SSI since I never cashed the check?
The police department owes me money! A few people have told me that pain and suffering settlements are non taxable. So maybe I can get the whole $1 million dollars.
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