that right there should tell you all you need to know about the money, not only will he not get a penny he out $500..
Interesting we just bought the wife a 2018 Kia Rio hatch and paid $20k also wrote a check out of my savings , not a peep from the IRS or anyone else.. Also paid cash (check) for our property and house... In fact I have not taken out a loan in years for a house or car, ask me what my credit score is , damn near non-existent..
True and not worried about it in the least , most came from the sale of another home that was paid for also paid taxes on that sale already, the purchase of the home car , tractor etc are all above board not hiding a thing , it's for sure uncle sam knows every thing we do almost before we do it..
Do you really think the other guy's bank knew about it either? If so, why keep it in a storage unit? Think about that....
I was not talking about the $7.5 million but the "semi new vehicle". If you bought it off a person he could put it in the bank, he gets audited and he has to answer the deposit. That $7.5 million could have come from anywhere in one go or over years time from different people.
With a sum of cash like that left One has to think there was extraordinary circumstances. Drug dealer goes to jail, drug dealer gets killed or something.
That’s why you take it to the bank, or several banks, in less than 10K amounts. IMO, it’s not the governments business how much cash I legally obtained, and legally deposited in my bank account. And frankly, I’ll go out of my way, legally, to ensure that they never do. Let’s just say I have personal family experience with this, though our situation was 100% legal, and not nearly that amount.
Brings up another question actually. This isn’t really earned income, so how would it be taxed, and under what statute? First thing I would do is hire a lawyer.
That is called structuring and will get you on the radar of IRS quicker than making one large deposit.
I agree with everything you said. Does anyone think bookies or gamblers turn in their money? I could get a check from someone that is for a loan, pay them back with cash, done deal. You just have to know the right people. The options are endless.
