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Old Dec 16th 2009, 7:14 pm   #16
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Default Re: Paying taxes ... sigh

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Originally Posted by sunflwrgrl13 View Post
Yes, they'll look at bank statements and see that large deposit. Btw, the IRS is automatically notified by the bank of any xfer over $10k so they'll know that you received those funds anyways. Only way you could get around paying taxes would be to make sure you don't leave a paper trail. i.e buy $80k in traveler's checks in $$ or something like that and then cash those checks slowly...and I'm not sure if even something like that could work.
Even then it is a legal requirement to declare money over $10K when entering the US...this includes cheques, cash, travellers cheques, money orders etc.

Gingerert...just transfer it...I've transfered larger amounts in and out of the US several times.
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Old Dec 16th 2009, 7:17 pm   #17
 
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Default Re: Paying taxes ... sigh

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Originally Posted by sunflwrgrl13 View Post
I've never heard the term 'smurfing' or structuring though. Always thought it was basically tax evasion.
You would have thought so, as would I. But it turns out that avoiding reporting is a separate crime in it's own right. So they could do you for that, even if there were no tax evasion.

"Smurfing" was coined by some geezer in FL, I think. It refers to lots of mules accessing multiple accounts, like busy little Smurfs.
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Old Dec 16th 2009, 8:05 pm   #18
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Default Re: Paying taxes ... sigh

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Originally Posted by sunflwrgrl13 View Post
Btw, the IRS is automatically notified by the bank of any xfer over $10k .
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Originally Posted by chartreuse View Post
Good point. IIRC, you also have to declare any amount over $10,000 to CBP, upon arrival in the USA.
Um, it's Treasury that's notified isn't it?
Not a tax issue.
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Old Dec 16th 2009, 8:09 pm   #19
 
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Default Re: Paying taxes ... sigh

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Um, it's Treasury that's notified isn't it?
That might be where the info ends up (not sure) but you declare it to CBP, on your Customs Declaration Form. Question 13.

Edited to add: But you're correct that reports from banks go to FINCEN, which is part of Treasury. Though most bank staff still call it reporting to the IRS, 'cos they're clueless.
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Old Dec 16th 2009, 8:10 pm   #20
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Default Re: Paying taxes ... sigh

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"Smurfing" was coined by some geezer in FL, I think.
Why does 'smurfing' just sound dirty?
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Old Dec 16th 2009, 8:13 pm   #21
 
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Default Re: Paying taxes ... sigh

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Why does 'smurfing' just sound dirty?
'Cos you're a pervert?
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Old Dec 16th 2009, 8:21 pm   #22
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Default Re: Paying taxes ... sigh

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"Smurfing" was coined by some geezer in FL
our Ray?
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Old Dec 16th 2009, 8:23 pm   #23
 
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Default Re: Paying taxes ... sigh

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our Ray?
Nah, Ray invented "Dogging"
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Old Dec 16th 2009, 8:28 pm   #24
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Default Re: Paying taxes ... sigh

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Nah, Ray invented "Dogging"
Ahhh, thank you
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Old Dec 16th 2009, 10:27 pm   #25
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Default Re: Paying taxes ... sigh

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Originally Posted by Jerseygirl View Post
Even then it is a legal requirement to declare money over $10K when entering the US...this includes cheques, cash, travellers cheques, money orders etc.

Gingerert...just transfer it...I've transfered larger amounts in and out of the US several times.
Yup, I'm gonna do that. I'll see what the exchange rate looks like next week, otherwise I'll look into HiFX when I get back.

Now then, do you have to wear a white hat and paint your skin blue to do smurfing? Or is that optional?
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Old Dec 16th 2009, 10:44 pm   #26
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Default Re: Paying taxes ... sigh

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Yup, I'm gonna do that. I'll see what the exchange rate looks like next week, otherwise I'll look into HiFX when I get back.
I use HiFX or currencyonline.com as their online service is called. Be careful of using a High St bank to buy travelers cheques. HiFX will do you a much better exchange rate and if you are changing a large amount that can equate to a lot more dollars in your pocket.
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Old Dec 16th 2009, 10:45 pm   #27
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Default Re: Paying taxes ... sigh

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Originally Posted by gingerert View Post
Now then, do you have to wear a white hat and paint your skin blue to do smurfing? Or is that optional?
No, but to get back into the US you should
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Old Dec 16th 2009, 10:54 pm   #28
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Default Re: Paying taxes ... sigh

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Originally Posted by gingerert View Post
Yup, I'm gonna do that. I'll see what the exchange rate looks like next week, otherwise I'll look into HiFX when I get back.

Now then, do you have to wear a white hat and paint your skin blue to do smurfing? Or is that optional?
There's loads of old threads about the best way to transfer money. I transfer it from bank to bank but most on here use other means.
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