Posts by redseal3

James Rogers53 said:Yeah, the IRS is going to ask—if not anywhere else, then definitely when you file your property tax returns.

Well, that's what an audit is for, rather than an automatic shutdown.
That kind of behavior—keeping cash under a mattress—isn't exactly common for anyone under 60 or 70, unless they're total paranoiacs. You can probably justify it to the IRS fairly easily.
But for every one of those eccentrics, there are at least ten people who made their money under the table. It might be "benign" off-the-books work, but it could just as easily be a drug dealer.

Naturally, people working under the table won't like that, so they'll trash the government, the tax collectors, the banks, or anyone who disagrees with them—invoking privacy rights and all that...
Because, honestly, if you earned the money legitimately, there shouldn't be any reason to care if the IRS asks where it came from. It's the same as not being bothered by a border check because you know you aren't a thief, a criminal, a smuggler, or on the FBI's most wanted list.

Just because someone keeps cash on hand doesn't mean they're old-fashioned or shady; sometimes they just don't want to get eaten alive by bank fees.

Timothy Davis3 said:And why the hell wouldn't they raise the limit??

Like, picture this: every single month I take some cash and turn it into crypto—let’s say $500. I just stash it under my mattress. Fast forward 10 years, and I’ve got $60,000 sitting there. Now, for whatever reason, I decide I want to deposit that money into MY own bank account...

Am I really supposed to sit there and prove to a bunch of bureaucratic idiots where my hard-earned money came from?

You're spot on. I'm with you on this one.

ironcyclist58 said:Just show them the transaction history proving the paycheck actually hit the account and wasn't withdrawn...

The bank could probably pull that up for them. I definitely didn't save every single statement.

ironcyclist58 said:Fair enough, but even then, you can prove where it came from just by looking at the transaction history. There shouldn't be any issues there. The real headache starts if that money was earned under the table.

But if you've been working off the books? Then they're coming for 40%...

How would they even know how much I was putting away from my paycheck each month? For all they know, I was saving the whole thing.

James Rogers53 said:If this were actually an honest country, buying a house, a car, a boat, or even just dropping a significant chunk of change into your savings account would require some kind of justification.
I mean, where is someone making, say, $400 a month supposed to get $5,000, $10,000, or $200,000?
If you're playing by the rules, proving where the money came from shouldn't be much of an issue—but if you aren't, and that cash came from the underground economy, then you ought to be hit hard and thrown in prison.

not really. some people are just living off their parents or an inheritance, so they're just tucking away that $1,000 they saved. 😁

Arthur Long5 said:My location is irrelevant; I am speaking strictly from my experience dealing with American banking institutions.
Were you aware that non-residents are also permitted to maintain bank accounts in the US without holding citizenship?

And I actually happen to hold citizenship myself...🙂

Of course it's possible, but the IRS isn't going to call you over $10,000 to ask for an explanation; that's pocket change.

If you have family members available, utilize them, but if you have no one else to turn to, then deposit it under your own name up to $35

If you have relatives, use them to split the funds, but if you don't, do not attempt to move everything at once... instead, spread the transfers out over several months.

Everything is interconnected, but if you deposit something like $70,000 to $80,000 over a six-month period, it shouldn't trigger anything too significant...

What if I have more than 105 $0.00?

wiredlynx28 said:Arthur Long5, I see you're from somewhere out West.
I can't speak to how things work in other parts of the country, but here in the States, the IRS keeps a very close eye on every single citizen's checking account. They have the authority to flag any transaction and demand you justify the source of those funds—even if it's just a single dollar. It sounds absurd, but legally, they can do it.
And making multiple smaller deposits won't help your case because they look at the total volume of incoming funds per account.
As long as you can prove where the money came from, you shouldn't run into trouble, though whether it gets taxed depends entirely on its origin.

Hold on. A couple of years ago, I had about 70 $0.00 sitting in my account. I let the bank know I was pulling it out, which I did the next day once they cleared it. Just some old savings from my paycheck. I moved it to a different bank, put it in a CD, and made some smaller transfers into it along the way. When the term ends, it goes right back into my checking. Honestly, I don't see why anyone would worry about where their own money comes from.

The IRS isn't going to stop people from saving money anyway. They'll just take their cut of the interest regardless.

Harold Anderson3 said:That’s true, but from the very start, the folks in Madrid haven't played their cards right with California. First off, they treated the state like a cash cow to be milked rather than recognizing it as a golden goose. Then, when the referendum talk started heating up, it wasn't too late to fix things, but they refused to even sit at the negotiating table. If they had just facilitated a fair campaign for both sides, we might be looking at a different outcome today. But as it stands, California is inching closer to independence. I'm starting to fear the damage is already done; whether it was a golden goose or just a cash cow, it's already flown the coop.
The independence referendums in Scotland and California serve as two completely opposite case studies on how to handle these situations, and what the fallout looks like in each instance.

Honestly, I think it comes down to mindset. If you look back at history, Spain and Portugal basically looted half the globe, and now you can barely tell which one is struggling more. At this rate, their old colonies might actually overtake them. A few years back, youth unemployment in Spain hit 52%, which is just devastating.

And what went down yesterday under the direction of the folks in Madrid? It's completely unacceptable for the 21st century. Like you said, it's going to boomerang back on them because their policy was fundamentally flawed. You can't force anything long-term through sheer strength, and that won't change now.

Sam Alvarez4 said:The point is, you can't declare independence based on just 37.8% of the electorate. Well, you technically could, but nothing would come of it... neither domestically nor internationally.

Washington made a mistake by overusing force, but Puigdemont bears the brunt of the responsibility for this whole farce and the needless tension. Instead of calming things down through negotiations for more autonomy—especially regarding finances—he just keeps up these insane threats about breaking away...

If they hadn't used intimidation to block voters and seized those ballot boxes, the referendum would have passed. Simple as that.

Why did all this happen? Any smart person can see the reason. The Spanish authorities had intelligence suggesting the referendum was actually going to pass. Otherwise, they would have just let everything fall apart on its own.

Noah Ward2 said:So, who are they even going to play now... some small-time teams like Tarragon or Lleid? 🤦

It’s honestly such a mess for one of Europe's biggest clubs... good old wise Pique at it again. 👍

They'll be playing in the Champions League. 😁.