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I see it as some sort of punishment for not using the banking system, which is where transactions, balances and such can be observed by the IRS. When you use a
by 29athrowaway 3y ago
I see it as some sort of punishment for not using the banking system, which is where transactions, balances and such can be observed by the IRS.
When you use a bank account, all transactions over $10,000 are reported to the IRS.
https://en.wikipedia.org/wiki/Bank_Secrecy_Act https://en.wikipedia.org/wiki/Bank_Secrecy_Act
- kickout 3y agoNice wad of cash you got there, be a shame if you had to prove provenance...
- jlick 3y ago...also if you make deposits just under $10k or make multiple deposits that add up to $10k+ in $ArbitraryTimePeriod they can be reported as suspected "structuring." Structuring is a technique to spread out transactions to avoid reporting. But it also catches people who just happen to have transactions that look like structuring. There was an example of a rural store owner that made deposits around $8k because that was their revenue and it got seized because the government thought they were structuring.
- 29athrowaway 3y agoYes. They also can flag you using Benford's law https://en.wikipedia.org/wiki/Benford%27s_law https://en.wikipedia.org/wiki/Benford%27s_law