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[Y-Guy]

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[Rusty PW]

I would open up a couple of new bank accounts at different banks. And dump $3,000 a month into each one This wouldn't attract attention. Start paying the bills I could with cash.

 

[Hootbro]

I would open up a couple of new bank accounts at different banks. And dump $3,000 a month into each one This wouldn't attract attention. Start paying the bills I could with cash.

I have always wondered if one just declare it as income, pay the tax man his cut if you could just move on without the worry of the feds going forward? I know there is laws on books mainly at state level of "unjust enrichment" but that is basically saying the money you found was theirs to begin with and/or obtained it through fraudulent means.

 

[Alfonz]

 

[Rusty PW]

I have always wondered if one just declare it as income, pay the tax man his cut if you could just move on without the worry of the feds going forward? I know there is laws on books mainly at state level of "unjust enrichment" but that is basically saying the money you found was theirs to begin with and/or obtained it through fraudulent means.

The feds would want to know where the money came from. The other idea would be to start some type of business like a repair shop where everyone paid you in cash. But you wouldn't have any real customers. You would have receipts with labor charges on them. Pay your taxes on that.

 

[Hootbro]

The feds would want to know where the money came from.

Everything I have found from the perspective of the IRS is that they really do not care about provable sources of income, just that the tax is paid for what is declared. Proving source only comes into play if you are taking deductions against that amount.

 

[Volt0]

Everything I have found from the perspective of the IRS is that they really do not care about provable sources of income, just that the tax is paid for what is declared. Proving source only comes into play if you are taking deductions against that amount.

You could always ask Raymond Reddington for money laundering advice, or perhaps an attorney, or a handful of other options. Personally, I would start with a tax attorney.

 

[Dartboy]

First thing you do is check the bag for a tracking beacon. Has no one seen No Country for Old Men?

After that- file as "Miscellaneous income" https://www.irs.gov/newsroom/reporting-miscellaneous-income. Better to give Uncle Sam his cut and have ~$300K "found" than spend time in Federal Prison

 

[bill61]

Hell, just stuff it in a safe and spend when you need something. You have a lifetime.

 

[HooliganActual]

If we take the hypothetical at face value and assume that no one is looking for the money, the post doesn't imply that anyone is looking for it, rather it is asking about "raising red flags"; so I take the hypothetical to mean how do you take advantage of $750K without flagging the IRS or the cops(or your Ex) to your unjust enrichment.

I think for starters, as @Rusty PW said, I'd start paying everything I could in cash; groceries, eating out, birthday/Christmas/etc gifts. I realize that doesn't spend through it terribly fast but I view it as more of a long game. All the while my actual income I just start diverting to savings, 401K, whatever. I think there are a lot of ways to spend larger sums of cash as well; for instance, I've bought stuff at the local gun shows which can be a few thousand dollars and no one bats an eye at cash. Again, not a lot of money is being moved but it's a long game...and besides 750K isn't a lot nowadays.

Personally, I think I'd want to avoid setting up a "fake business" (also as Rusty PW said) simply because at that point you are doing something illegal and in the spirit of the original post, I'm assuming that having the money isn't illegal in and of itself, just that you don't want the feds to catch wind of it.

Yeah, I think I'd have to play the long game and intermittently look for ways to spend larger sums where it wouldn't be noticed, like buy a hurricane damaged boat down in the Caribbean and then start using the cash locally down there for the repairs/refurbishment.

Or I'd blow it all on a McLaren and have a helluva weekend before it caught up with me...

 

[bill61]

In reality I’d be more worried about who lost the money. It would most likely be drug or some other illegal activity related. Those people aren’t known to be gentle when it comes to retrieving currency. Soooo, low key spending would be absolutely necessary. That only leaves Hookers and Blow.

 

[Hootbro]

If we take the hypothetical at face value and assume that no one is looking for the money, the post doesn't imply that anyone is looking for it, rather it is asking about "raising red flags"; so I take the hypothetical to mean how do you take advantage of $750K without flagging the IRS or the cops(or your Ex) to your unjust enrichment.

I think for starters, as @Rusty PW said, I'd start paying everything I could in cash; groceries, eating out, birthday/Christmas/etc gifts. I realize that doesn't spend through it terribly fast but I view it as more of a long game. All the while my actual income I just start diverting to savings, 401K, whatever. I think there are a lot of ways to spend larger sums of cash as well; for instance, I've bought stuff at the local gun shows which can be a few thousand dollars and no one bats an eye at cash. Again, not a lot of money is being moved but it's a long game...and besides 750K isn't a lot nowadays.

Personally, I think I'd want to avoid setting up a "fake business" (also as Rusty PW said) simply because at that point you are doing something illegal and in the spirit of the original post, I'm assuming that having the money isn't illegal in and of itself, just that you don't want the feds to catch wind of it.

Yeah, I think I'd have to play the long game and intermittently look for ways to spend larger sums where it wouldn't be noticed, like buy a hurricane damaged boat down in the Caribbean and then start using the cash locally down there for the repairs/refurbishment.

Or I'd blow it all on a McLaren and have a helluva weekend before it caught up with me...

I still would think one would get caught by other reporting methods that have $10K reporting requirement when they pay cash. Even if a business takes less than that and you do it quite frequently, they can still report those cash payments and then it becomes "structuring" to avoid the $10K limit and that is a crime in an of itself.

Nor do I think if one was to put every bit of their paycheck into the bank or investments and cash was paid for everything else, there still would be no withdrawals showing payment of daily expenses and that would be flagged in a IRS audit.

I still think it circles back around to just declaring it, paying the taxes and then you can be above board with that money.

 

[Free2roam]

I tell no one! If you start spending a shit ton of money they will ask eventually. 10k you can move around. As long as you don't exceed that. Move a little offshore, move a little to the Cayman Islands, move a little to Swiss banks, move a little to a business front in Montana . Include Malta and Mauritius in your island move.

 

[Y-Guy]

 

[Y-Guy]

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