How to hide money

[jtur88]

Originally Posted by mathjak107

hmmmm does the irs still have that finders fee?

I think I heard a few years ago that the amount the IRS paid in finders fees was higher than the amount they recovered from those the finders found. I knew a woman who blew the whistle on her ex, with name, address, phone number, place of employment, and copies of supporting documetns, and the IRS didn't even acknowledge receipt of the info, much less follow up on it. Small potatoes, not worth the trouble.

In my experience, and that of people I've known, the IRS bark is worse than its bite, and compliance by ordinary people is enforced mostly by fear.

There are still a lot of other reasons why a person might not want Big Brother to know what assets he has, and nowadays it is very easy for just about anybody to find out. Millions of clerks in thousands of offices can find out anything they want about my financial history in a few seconds, and do whatever they want with the dossier, including sell it to the highest bidder. Just as easily as a waitress can find out my credit card number and the "secret" security code on the back.

[mathjak107]

article in todays newspaper said irs is going to start a new amnesty program for tax dodgers. heavy fines and penalties but no jail time.

they said it will specifically go after hidden financial institutions shielding american tax payors. last time they did this they expected about 1,000 people to come forward when it came to offshore accounts. 15,000 came forward and spilled their guts about many of these places which have been under investigation and will now be challenged for names and info of american citizens.
they are looking back as much as 8 years they said.

[Bluesmama]

Originally Posted by jtur88

Just as easily as a waitress can find out my credit card number and the "secret" security code on the back.

Ah, but that's if you pay for your meal with a credit card. Not something I do.

I know what you mean, though.

[teachertype]

Originally Posted by jtur88

You can also place funds in an investment account outside the USA,

Does anyone know of any other ways to keep money, other than cash in a sock drawer, in a form that is not reported to the prying eyes of Big Brother?

There's a discussion here:

http://www.bkforum.com/showthread.php?12810-How-the-rich-make-themselves-judgment-proof (broken link)!

http://www.moneysupermarket.com/savi...****-accounts/

Find & Compare The Best Savings Accounts & ISAs | Moneysupermarket.com

It's difficult to do from inside the US. I'm a Euro citizen and have very legal Euro bank accounts that are not visible to the US as long as transaction amounts to/from US stay under $10k. It's expensive and cumbersome to move money back and forth and even small legal transactions involving banking, like a money order, are recorded and reported to Homeland Security.

It depends on the amount of money and how accessible/liquid you want it to be. Panamanian banks are an option, or Isle of Mann. Canada doesn't allow and Swiss accounts are for the very rich. If you want to set something aside just in case, a mix of currencies, metals, diamonds, collectibles, jewelry, and undeveloped land held in a trust are essentially under the radar and legal. I know a working guy who has taken a $100 bill from every pay check, for years, and leaves the wad in the kitchen in a Medaglio-D'oro coffee can in case he needs cash in an emergency.