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The IRS isn't even going to blink if the OP puts 2 - 3K in a bank or brokerage. I deposit extra cash that I've saved up, taking it in about once a year. And you can always use real estate in a Roth, if you really have a bank/broker phobia.
Don't you think you guys are being a little paranoid? 10K is a tiny amount of money especially considering putting it in the bank would be a 1 time transaction. Not to boost but I move a lot more than that every month and have for more than 10 years without any black helicopters hovering over my house. This all seems a little whacky if you aks me.
Don't you think you guys are being a little paranoid? 10K is a tiny amount of money especially considering putting it in the bank would be a 1 time transaction. Not to boost but I move a lot more than that every month and have for more than 10 years without any black helicopters hovering over my house. This all seems a little whacky if you aks me.
If you have not been a victim of a bank or your govt you are a lucky person. It feels good to know others distrust your govt as much as I do. You keep passing money like you said you do and it's only a matter of time before your bank gives you the shaft.
I say my idea I said earlier is best but the previous few ideas about buying gold are very good too. Or you can just give it to Nobama so he can pass it along to Afganistan or maybe bail out some financial company who uses that money to buy some Chinese banks.
Don't you think you guys are being a little paranoid? 10K is a tiny amount of money especially considering putting it in the bank would be a 1 time transaction. Not to boost but I move a lot more than that every month and have for more than 10 years without any black helicopters hovering over my house. This all seems a little whacky if you aks me.
Thank you. My parents lend me 20,000 once that they sent from Sweden to my bank account here in the states. Nobody said a word. 10 K is nothing. Come on now?
Taking cash and purchasing gold coins or bars from someone is about as "under the radar" as you can get.
Sounds good; I was just reading up on using gold to help diversify one's portfolio. I might do $2K-$4k in gold coins/bars. What would be the best place to buy from?
If you have not been a victim of a bank or your govt you are a lucky person. It feels good to know others distrust your govt as much as I do. You keep passing money like you said you do and it's only a matter of time before your bank gives you the shaft.
I say my idea I said earlier is best but the previous few ideas about buying gold are very good too. Or you can just give it to Nobama so he can pass it along to Afganistan or maybe bail out some financial company who uses that money to buy some Chinese banks.
The more you say the less sense you're making.
How exactly is the bank going to shaft me?
Explain exactly how money in my bank account is being taking by Obama and given to Afganistan or some financial company?
Bank Secrecy Act: Bank Secrecy Act (http://www.irs.gov/businesses/small/article/0,,id=152532,00.html - broken link)
Also, the business that reports a transaction is not allowed to tell you they filed a report, so you will never hear about it unless the IRS contacts you.
Any receipt of cash not specifically excluded under IRS rules is included in income for tax purposes. If you received less than $5K a year per person in gift money then I do not believe it is taxable. However, due to the size of the transaction, the IRS would not be able to take your testimony as fact in an audit (I believe) and would probably want to see documentation supporting the $10k as gift money instead of income.
I am not a tax accountant (although I am a CPA and a lot of the rules are vaguely familiar to me.) I would recommend consulting with a CPA who specializes in taxes or with a former IRS Agent who now represents taxpayers before the IRS.
Sounds good; I was just reading up on using gold to help diversify one's portfolio. I might do $2K-$4k in gold coins/bars. What would be the best place to buy from?
Look under coin or bullion dealers in the yellow pages. Find one who is willing to sell bullion as close to the spot price as possible. Do the same thing when you sell it.
One thing to note is some states have sales tax on gold. It's a good idea to check on your state and the ones around it to see if you can avoid that expense.
Another thing you might want to consider is trading in some of your dollars for foreign currencies. Some travel agents do it for a small fee, or you could go to a place like Western Union.
There is no reason to think that you will have to pay taxes on this. It is flat out "tin hat crazy" to do anything other than put it where you will get the best return and safety.
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