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The best way today is to give the money to friends and family and then have them give it back to you as a gift. Gift income is legitimate, the IRS can’t go chal

The best way today is to give the money to friends and family and then have them give it back to you as a gift. Gift income is legitimate, the IRS can’t go challenge the people and ask where they got the money to give to you.

riskpreneurship 4y ago
IIRC you can only gift in the range of 5 figures/year/person.
MrPatan 4y ago
> the IRS can’t go challenge the people and ask where they got the money to give to you Isn't that what the IRS very much does? You're moving the risk to your "friends". Or more likely, to a bunch of mules you found on the internet who want to believe that they have a job sending money back and forth.
- AlbertCory 4y ago
  All of us are script kiddies in this game. My bet is, the real cartels have moved way beyond anything that any of us knows about. Art, jewels, shell companies, real estate... the list of possibilities goes on. That said; banks have to report any transaction that's large ($10,000 is it?), no matter to whom. I'd add "even if it's a gift" although I only suspect that's true.
  - zxcvbn4038 4y ago
    There is always the old trick of just depositing the cash into safe deposit boxes - all the protection of a bank with none of the reporting. Works best if the bank is more then thirty miles from your home and business.
    - boring_twenties 4y ago
      > safe deposit boxes - all the protection of a bank Nope: https://news.ycombinator.com/item?id=34266095 https://news.ycombinator.com/item?id=34266095
refurb 4y ago
But how do they give it to you? If it's cash that’s going to raise all sorts of red flags. Thats why the KYC and cash deposits are such a focus. The financial world is basically split into “money in the system” (where tracking source and destination are easy) and “money outside the system” (cash which is anonymous). The government has just made it really hard to get money “into the system”. Its basically the chokepoint where you catch money from illegal sources.
- AlbertCory 4y ago
  Hard, but not impossible. Probably they just raised the commission that a money launderer charges you, which is progress I guess.

riskpreneurship 4y ago

IIRC you can only gift in the range of 5 figures/year/person.

MrPatan 4y ago

> the IRS can’t go challenge the people and ask where they got the money to give to you Isn't that what the IRS very much does? You're moving the risk to your "friends". Or more likely, to a bunch of mules you found on the internet who want to believe that they have a job sending money back and forth.

AlbertCory 4y ago
All of us are script kiddies in this game. My bet is, the real cartels have moved way beyond anything that any of us knows about. Art, jewels, shell companies, real estate... the list of possibilities goes on. That said; banks have to report any transaction that's large ($10,000 is it?), no matter to whom. I'd add "even if it's a gift" although I only suspect that's true.
- zxcvbn4038 4y ago
  There is always the old trick of just depositing the cash into safe deposit boxes - all the protection of a bank with none of the reporting. Works best if the bank is more then thirty miles from your home and business.
  - boring_twenties 4y ago
    > safe deposit boxes - all the protection of a bank Nope: https://news.ycombinator.com/item?id=34266095 https://news.ycombinator.com/item?id=34266095

refurb 4y ago

But how do they give it to you? If it's cash that’s going to raise all sorts of red flags. Thats why the KYC and cash deposits are such a focus. The financial world is basically split into “money in the system” (where tracking source and destination are easy) and “money outside the system” (cash which is anonymous). The government has just made it really hard to get money “into the system”. Its basically the chokepoint where you catch money from illegal sources.

AlbertCory 4y ago
Hard, but not impossible. Probably they just raised the commission that a money launderer charges you, which is progress I guess.