If the gold is in an accepted standard form, such as krugerrands, you just need to find a precious metals dealer. If it’s just a pile of gold, then there’s a lot of hassle. I imagine ingots of the sort national gold reserves hold would be somewhere in between.
Shifting a large quantity of gold may require a non-optional explanation of its provenance, with “I woke up and it was just there” or “a genie gave it to me after I did an online quiz” not being adequate, and an inadequate explanation resulting in its forfeiture if not more serious legal hassles. With a large pile of gold and no good explanation, you may be reduced to smurfing small pieces of it to different dealers, moving around a lot and avoiding the attention that such a pile would inevitably draw.
People like Al Capone would have a few things to say about unverified sources of wealth in any form. Pretty sure if I show up at a car dealer with a briefcase of bills it’ll raise a few questions too.
Yet another way society is biased against the poor. A rich guy shows up with a briefcase full of money and nobody bats an eye, it’s just another day. A poor guy shows up with a briefcase full of money and then suddenly everyone starts asking questions, and if he doesn’t have good enough answers he might get thrown in jail.
What if I mowed a rich guy’s lawn and he gave me a really big tip? No, I don’t remember his name. No, I didn’t keep the address. It was over there somewhere, go that way, it’s the big house with the mown lawn. You’ll find it, just keep looking…
US law requires any cash transaction of $10,000 or more be reported to the IRS/Treasury Dept. to include the federal tax ID # of both parties/entities, and the deposit accounts involved.
Not necessarily, it’s a crime to deposit 9999 instead of 10 and not report. When I worked at a bank anyone who knew what they were doing and deposited 8-9k in cash got the form. People who found out and then did anything else? You get a form. People who walk out? They get a surprise notice from the fbi later.
Basically if the bank thinks you might be close we just give you the form and you don’t get to say no anymore.
That depends as well. Gold in specimen and nugget form can be worth considerably more than its value by weight and there’s plenty out there chasing these. These are not hard to move at all.
But yeah, there can be difficulties trading it and it’s generally subject to taxes. Quite often you need to be licenced as at least a fossicker if you’re selling unrefined gold as a prospector.
That’s without the pain in the arse process of separating it from impurities.
If the gold is in an accepted standard form, such as krugerrands, you just need to find a precious metals dealer. If it’s just a pile of gold, then there’s a lot of hassle. I imagine ingots of the sort national gold reserves hold would be somewhere in between.
Shifting a large quantity of gold may require a non-optional explanation of its provenance, with “I woke up and it was just there” or “a genie gave it to me after I did an online quiz” not being adequate, and an inadequate explanation resulting in its forfeiture if not more serious legal hassles. With a large pile of gold and no good explanation, you may be reduced to smurfing small pieces of it to different dealers, moving around a lot and avoiding the attention that such a pile would inevitably draw.
People like Al Capone would have a few things to say about unverified sources of wealth in any form. Pretty sure if I show up at a car dealer with a briefcase of bills it’ll raise a few questions too.
Yet another way society is biased against the poor. A rich guy shows up with a briefcase full of money and nobody bats an eye, it’s just another day. A poor guy shows up with a briefcase full of money and then suddenly everyone starts asking questions, and if he doesn’t have good enough answers he might get thrown in jail.
What if I mowed a rich guy’s lawn and he gave me a really big tip? No, I don’t remember his name. No, I didn’t keep the address. It was over there somewhere, go that way, it’s the big house with the mown lawn. You’ll find it, just keep looking…
US law requires any cash transaction of $10,000 or more be reported to the IRS/Treasury Dept. to include the federal tax ID # of both parties/entities, and the deposit accounts involved.
5002 $9999 transactions
Yup that looks very normal to me. Probably looks nothing suspicious to your FBI agent either.
Structurization.
I know someone who worked in a software company that developed algorithms and systems for banks and gambling to detect these.
Yep.
Literally pulling out $9,999 instead of $10,000… that in and of itself is a crime, even if you’re not actually doing anything funny with it.
Not necessarily, it’s a crime to deposit 9999 instead of 10 and not report. When I worked at a bank anyone who knew what they were doing and deposited 8-9k in cash got the form. People who found out and then did anything else? You get a form. People who walk out? They get a surprise notice from the fbi later.
Basically if the bank thinks you might be close we just give you the form and you don’t get to say no anymore.
Depends on the dealership, heh
Same would be required for 50M in cash not to mention Taxes.
Btw cash is 50M gold is ~90M
(And yes the “M” dose mean Monopoly money)
That depends as well. Gold in specimen and nugget form can be worth considerably more than its value by weight and there’s plenty out there chasing these. These are not hard to move at all.
But yeah, there can be difficulties trading it and it’s generally subject to taxes. Quite often you need to be licenced as at least a fossicker if you’re selling unrefined gold as a prospector.
That’s without the pain in the arse process of separating it from impurities.
I wonder if i should pick the option that is going to make someone else rich off their commission, or just cash?
You don’t think you’ll be investogated for a massive gold transaction?