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This is why you keep your mouth shut if you find $7.5M in cash


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Posted

Pay cash for all routine shit like meals, hotels, groceries, retail purchases   

Buy art and rare coins/stamps.  Hold and the sell a few years later.  

Buy gold and silver in small amounts  Store.  Sell a few years later.  

Charter a yacht a few times a year to Caribbean.  Go all over.  Deposit $100k or so in friendly banks.  

Get family involved - ones who are smart.   Give each of them $15k or so in untraceable cash they can spend but not deposit every year.   Ask for them to write you a check for $10k or so as a gift under annual exclusion.  You get clean money and help out family.  They get a $5k windfall every year.  

Posted
2 hours ago, Aqua Buddha said:

Don't forget the armed security you'll have to buy to protect yourself from whatever cartel/mafioso/gangster shit wants their money back.

This.  The storage company will have records who purchased the contents of the locker.  Those records can be stolen or taken.  Bottom line, the Storage Wars guy probably did the right thing by getting it in the open, and probably spoke with his attorney and accountant for advice.  Plus he netted a decent amount of cash too.

Posted

The bank reporting limit per transaction is $10k, but anything suspicious can be reported. Even $5,000 every two weeks. All depends on how strict/anal the compliance officers are at each bank. 

At my local bank, you wouldn’t have a chance.....our ladies are strict as shit. 

Posted (edited)
On 11/27/2018 at 12:51 PM, Chewbacca said:

There is no statute of limitations on fraudulent activity.

Correct. I was mistaken about that. The distinction seems to be for "willful" attempts to avoid tax. If it's intentional, is seems that there is no statute of limitations. 

You could renounce citizenship.

Edited by Thetexashammer
Posted
7 hours ago, Thetexashammer said:

Correct. I was mistaken about that. The distinction seems to be for "willful" attempts to avoid tax. If it's intentional, is seems that there is no statute of limitations. 

You could renounce citizenship.

Taxman still gets you for 10 years even if you renounce.

Posted
2 hours ago, FondrenRoad said:

Taxman still gets you for 10 years even if you renounce.

Basically, the decision comes down to whether you're willing to never come back to the US for $7.5 million.

Posted
26 minutes ago, Chewbacca said:

Basically, the decision comes down to whether you're willing to never come back to the US for $7.5 million.

How is this even a choice?   I mean other than having some cartel hitman looking for me while I'm on the run.

Posted
30 minutes ago, Macanudo said:

How is this even a choice?   I mean other than having some cartel hitman looking for me while I'm on the run.

You serious?  You likely wouldn't even be able to visit if the feds got wind of the money.  You'd be picked up at the airport.

Posted
Taxman still gets you for 10 years even if you renounce.

I thought you did a final return, can’t remember the form number, that basically taxed you on the unrealized capital gains of all your assets and that was it. Been awhile since I looked at it though. One of the big problems is that the US has bullied a lot of the offshore banks so they don’t even want to fuck around with US citizens anymore.

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