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Banks only report >$10000 cash deposits/withdrawals to the IRS. They do not report checks wires or anything else unless they are using them as part of a suspic

by from 4y ago

Banks only report >$10000 cash deposits/withdrawals to the IRS. They do not report checks wires or anything else unless they are using them as part of a suspicious activity report. Gifts from foreigners aren’t subject to gift tax. There are websites where you can convert this amount of crypto to dollars in cash or in a bank account in a couple of hours if the official exchanges don’t want to touch you either (of course the fees can be higher).

dmos62 4y ago
The other commentor makes a good point about taxes being a bother. You can get around it, but scaling that is similarly (or more) bothersome.
shagie 4y ago
40x deposits of $9,990 will set off more suspicious activity alerts than one deposit of of $393k. The gift of a foreigner (challenge: prove that it is a foreigner) has reporting requirements described in https://www.irs.gov/businesses/gifts-from-foreign-person https://www.irs.gov/businesses/gifts-from-foreign-person As this came from a sanctioned entity (Tornado Cash), then https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information https://home.treasury.gov/policy-issues/office-of-foreign-as... may be interested in it. https://home.treasury.gov/policy-issues/financial-sanctions/faqs/added/2022-09-13 https://home.treasury.gov/policy-issues/financial-sanctions/... covers more on what to do. Trying to avoid this is likely to get someone in more trouble later.
- from 4y ago
  40 deposits of $9900 is a felony called structuring and is not what we are talking about here. Go to p2p.binance.com or Karachi or Dubai or Hong Kong and you will find an ecosystem of people who routinely buy and sell 7/8 figures worth of crypto for wire transfers and cash. I do think that by transacting with this ETH he would be violating 18 USC 1957 (Transacting in proceeds of specified unlawful activity) so he should either get an opinion from OFAC or return the money.

by from 4y ago

dmos62 4y ago

The other commentor makes a good point about taxes being a bother. You can get around it, but scaling that is similarly (or more) bothersome.

shagie 4y ago

40x deposits of $9,990 will set off more suspicious activity alerts than one deposit of of $393k. The gift of a foreigner (challenge: prove that it is a foreigner) has reporting requirements described in https://www.irs.gov/businesses/gifts-from-foreign-person https://www.irs.gov/businesses/gifts-from-foreign-person As this came from a sanctioned entity (Tornado Cash), then https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information https://home.treasury.gov/policy-issues/office-of-foreign-as... may be interested in it. https://home.treasury.gov/policy-issues/financial-sanctions/faqs/added/2022-09-13 https://home.treasury.gov/policy-issues/financial-sanctions/... covers more on what to do. Trying to avoid this is likely to get someone in more trouble later.

from 4y ago
40 deposits of $9900 is a felony called structuring and is not what we are talking about here. Go to p2p.binance.com or Karachi or Dubai or Hong Kong and you will find an ecosystem of people who routinely buy and sell 7/8 figures worth of crypto for wire transfers and cash. I do think that by transacting with this ETH he would be violating 18 USC 1957 (Transacting in proceeds of specified unlawful activity) so he should either get an opinion from OFAC or return the money.