Large deposits to my account

Use crypto for large sums and then move it into gold bullion to dodge taxes. There's also sites like Bitcoinstore.us where you can withdraw up to $2,500 anonymously without providing any ID.
Basically, if someone sends you a million dollars in Bitcoin, you just hit a site like Bitcoinstore.us—they have branches in NYC and Chicago—and run 100 separate transactions of $2,500 each. They can't touch you.

Same deal with buying gold bars through Bitcoinstore.us using Bitcoin, keeping each purchase under $1,700, then flipping them at a local dealer. No questions asked. There is zero tax on gold or bullion.
You can even have a gold bar shipped directly to your house, then just turn around and sell it to a different gold buyer.

Hey there. I’ve been thinking about a couple of scenarios lately:

1. Say you sell off a car, some jewelry, or just some other personal item that’s worth a decent chunk of change, and the buyer hands you $5,000 in cash. Is it going to be an issue if you try to drop that money into your checking account without having to jump through all those hoops to prove where it came from?

2. Here’s another one: imagine you’ve been tucking money away in a jar alongside your parents for years, and you’ve finally scraped together a significant amount—let's say $5,000. Can you just deposit that into your account, or are you forced to justify the source? Because honestly, there isn't much of an explanation besides saying you’ve been saving cash under a mattress for years. I’m not entirely convinced the IRS considers "I kept it in a sock" to be a valid excuse. Or maybe these amounts are small enough that they don't even bother sweating the details.

goldentrucker3 said:Hey there. I’ve been thinking about a couple of scenarios lately:

1. Say you sell off a car, some jewelry, or just some other personal item that’s worth a decent chunk of change, and the buyer hands you $5,000 in cash. Is it going to be an issue if you try to drop that money into your checking account without having to jump through all those hoops to prove where it came from?

2. Here’s another one: imagine you’ve been tucking money away in a jar alongside your parents for years, and you’ve finally scraped together a significant amount—let's say $5,000. Can you just deposit that into your account, or are you forced to justify the source? Because honestly, there isn't much of an explanation besides saying you’ve been saving cash under a mattress for years. I’m not entirely convinced the IRS considers "I kept it in a sock" to be a valid excuse. Or maybe these amounts are small enough that they don't even bother sweating the details.

If you had said 5 million dollars...
I have no idea what the threshold is for when the IRS actually takes notice. Personally, I highly doubt they care about anything less than a six-figure sum.

You have a signed contract for the car sale, but that’s beside the point.
A larger transfer wouldn't even hit $10,000, let alone anything less than that.

We have already discussed this matter previously, so I would suggest reviewing the earlier pages before you begin posing such questions...

I’ve got a question for you guys... I’m looking at selling my place sometime soon and I was thinking about just parking all that cash in a foreign currency account so I can grab it when I get to England. I’ve been reading through some threads here suggesting it might be smarter to move the money in smaller chunks rather than all at once, so I'm wondering if there's any crazy commission or hidden fees involved if I play it that way... I know the "proper" thing to do is just walk into a bank branch and ask them directly, but I figured I'd see if anyone here has dealt with this before and could point me in the right direction...

Why not just deposit a significant lump sum all at once? It’s perfectly transparent where the money came from—it was from the sale of a house, so there isn't anything shady about the source. My only hesitation is that if the bank were to collapse, the federal government only guarantees deposits up to a certain limit per person, I believe it's around $250,000.

Yeah, look, the paper trail is all there... I’ve got nothing to hide, but what I’m actually wondering about is whether I can pull that cash out in another country without hitting any major roadblocks. I’m a total amateur here and this might sound like a stupid question, but I’ve only just started seriously thinking about moving abroad, so I'm just trying to weigh my options...

I don't see why that wouldn't be an issue 🤷 Your money. Generally speaking, banks are notorious for throwing up hurdles when you try to withdraw a massive sum all at once, yet they rarely raise an eyebrow when you're depositing it.

You’re totally right about that, and while I was typing this out, I actually hopped on a call with my bank just to be safe... they told me there shouldn't be any issues with my foreign currency account, but they did suggest I swing by the IRS to double-check the tax situation. Honestly, I don't think there's even anything to pay since the developer already handled the property taxes when the condo was bought, but hey, better safe than sorry, I guess... 😁

I find myself agreeing with the sentiment that they lack any legitimate justification for taxing the money used to purchase a home, let alone the savings one has painstakingly set aside for such a purpose. In any logical fiscal system, taxes should be levied on income; what you manage to retain after those obligations are met should rightfully belong to you, not the government.

There is also an income tax applied if you flip a property sold within three years of purchase.

But that has absolutely nothing to do with depositing funds into an account or withdrawing them in another country.

Sam Wright21 said:I don't see why that wouldn't be an issue 🤷 Your money. Generally speaking, banks are notorious for throwing up hurdles when you try to withdraw a massive sum all at once, yet they rarely raise an eyebrow when you're depositing it.

They might eventually ask for a day or two of heads-up, too.

Lawrence Wright80 said:There is also an income tax applied if you flip a property sold within three years of purchase.

But that has absolutely nothing to do with depositing funds into an account or withdrawing them in another country.

That rule applies to first-time homebuyers—I assume that legislation is still on the books. Essentially, if you're buying your very first home, you can be exempt from certain transfer taxes on up to about 540 square feet per person. It used to be 5% of the sale price, though I believe they lowered it to 4% recently. The catch is that you aren't allowed to flip that property within three years; if you do, you'll be on the hook for those transfer taxes.

Alexander Thompson said:They might eventually ask for a day or two of heads-up, too.

I have a hazy memory of a friend of mine actually being shaken down for cash—it was ages ago, and the specifics have blurred, but it happened.

Lawrence Wright80 said:There is also an income tax applied if you flip a property sold within three years of purchase.

But that has absolutely nothing to do with depositing funds into an account or withdrawing them in another country.

I mean, I could definitely walk away with some decent cash if I played my cards right... Honestly, it might be smarter to just sit tight and wait out that three-year window until everything is officially in my name before I even think about selling. Thanks for the heads-up, I actually had no idea about that part, and honestly, waiting an extra year isn't exactly breaking the bank for me...

Sam Wright21 said:I find myself agreeing with the sentiment that they lack any legitimate justification for taxing the money used to purchase a home, let alone the savings one has painstakingly set aside for such a purpose. In any logical fiscal system, taxes should be levied on income; what you manage to retain after those obligations are met should rightfully belong to you, not the government.

But they’re only looking at the exit strategy and how much profit they can squeeze out of it, just like Google said... honestly, they won't let you see a single cent of profit without taking a massive bite out of your margin first... 🙄

Sam Wright21 said:That rule applies to first-time homebuyers—I assume that legislation is still on the books. Essentially, if you're buying your very first home, you can be exempt from certain transfer taxes on up to about 540 square feet per person. It used to be 5% of the sale price, though I believe they lowered it to 4% recently. The catch is that you aren't allowed to flip that property within three years; if you do, you'll be on the hook for those transfer taxes.

I have a hazy memory of a friend of mine actually being shaken down for cash—it was ages ago, and the specifics have blurred, but it happened.

That has nothing to do with capital gains tax. What you are describing was a first-time homebuyer exemption, and that has been repealed; we just deal with the IRS now.

Capital gains is the profit margin—the difference between what you paid and what you sold it for. If you flip a house within three years, you owe capital gains tax on that profit.

Transfer taxes are paid at the moment of purchase.

Jeffrey Chase442 said:I mean, I could definitely walk away with some decent cash if I played my cards right... Honestly, it might be smarter to just sit tight and wait out that three-year window until everything is officially in my name before I even think about selling. Thanks for the heads-up, I actually had no idea about that part, and honestly, waiting an extra year isn't exactly breaking the bank for me...

But they’re only looking at the exit strategy and how much profit they can squeeze out of it, just like Google said... honestly, they won't let you see a single cent of profit without taking a massive bite out of your margin first... 🙄

Correct, but none of this concerns how you deposit or withdraw funds from a bank.🙂

Your only priority should be finding a major US bank that allows fee-free transfers to the country where you intend to relocate.

Alternatively, move everything into a digital banking account.

Lawrence Wright80 said:That has nothing to do with capital gains tax. What you are describing was a first-time homebuyer exemption, and that has been repealed; we just deal with the IRS now.

Capital gains is the profit margin—the difference between what you paid and what you sold it for. If you flip a house within three years, you owe capital gains tax on that profit.

Transfer taxes are paid at the moment of purchase.

Correct, but none of this concerns how you deposit or withdraw funds from a bank.🙂

Your only priority should be finding a major US bank that allows fee-free transfers to the country where you intend to relocate.

Alternatively, move everything into a digital banking account.

i know there isn't one, I was just asking because I was worried I might get slapped with some random tax bill...
The part in bold is my actual priority, and honestly, I think the smartest move is to just head down to my Chase branch—or maybe check out Wells Fargo too—to see who actually offers what I need. I have to be super careful about avoiding exchange rate markups or hidden transaction fees... I'm looking for a GBP currency account where I can withdraw cash without being penalized. From what I've been reading, Bank of America seems like the best bet...

I'm low-key panicking because I'm trying to get this whole mess sorted before January 1st, 2021... because of Brexit...

I’m looking for some advice here. My parents are planning on gifting me about $15,000 in cash. My plan is to deposit it directly into my savings account, but I’m feeling a bit unsure about the logistics. Should I actually bring them along to the bank with me, or is there a more standard way to handle this kind of thing?
Also, does anyone know if the IRS is going to come knocking with a tax bill once that money hits my account? 🤔

restlessbadger2 said:I’m looking for some advice here. My parents are planning on gifting me about $15,000 in cash. My plan is to deposit it directly into my savings account, but I’m feeling a bit unsure about the logistics. Should I actually bring them along to the bank with me, or is there a more standard way to handle this kind of thing?
Also, does anyone know if the IRS is going to come knocking with a tax bill once that money hits my account? 🤔

Look, if everything is above board, you aren't going to have any issues. However, if I were you, I wouldn't drop the whole lump sum at once. If you break it up into smaller transactions, you won't trigger those pesky red flags with the IRS if the individual amounts stay under $35. For instance, just do three separate deposits of $5,000 each. Space them out—maybe one a week. As for the account itself, you can deposit funds into your own savings whenever you like, provided you're the primary holder or have authorized someone to act for you.

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So, with the transition to the dollar happening over the next year, everyone's gonna have to swap out those piles of cash they've been stashing under their mattresses for actual dollars. The Federal Reserve even pointed out that Americans hold onto way too much physical cash—basically suggesting we should all just dump it into bank accounts so the conversion happens automatically. Which makes this whole thing a massive headache right now. Like, say someone’s sitting on $200k or $300k in cold hard cash... how are they supposed to swap that for dollars without the IRS breathing down their neck? Especially if they aren't working right now or don't have a long enough job history to easily explain where that mountain of money came from.

It feels like the laws have gotten even stricter since the last time this topic popped up, so I figured I'd ask.

Yeah, sure. But why do you think they’re pushing for direct deposits? It’s just so they can track exactly who owns what...

It feels like a bit of a trap, honestly, even if everything eventually converts to dollars automatically.