Paying taxes ... sigh
Dec 16th 2009, 6:14 pm
#16
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Joined: Dec 2005
Posts: 88,016
Re: Paying taxes ... sigh
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.
Gingerert...just transfer it...I've transfered larger amounts in and out of the US several times.
Dec 16th 2009, 6:17 pm
#17
Joined: Jan 2008
Posts: 7,605
Re: Paying taxes ... sigh
"Smurfing" was coined by some geezer in FL, I think. It refers to lots of mules accessing multiple accounts, like busy little Smurfs.
Dec 16th 2009, 7:05 pm
#18
Joined: Apr 2002
Posts: 35,082
Re: Paying taxes ... sigh
Not a tax issue.
Dec 16th 2009, 7:09 pm
#19
Joined: Jan 2008
Posts: 7,605
Re: Paying taxes ... sigh
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.
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.
Last edited by chartreuse; Dec 16th 2009 at 7:13 pm.
Dec 16th 2009, 7:10 pm
#20
Lost in BE Cyberspace
Joined: Oct 2003
Location: My Old KY Home!
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Dec 16th 2009, 7:21 pm
#22
Lost in BE Cyberspace
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Location: North Charleston,SC. born in Stockport,UK.
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Dec 16th 2009, 7:28 pm
#24
Lost in BE Cyberspace
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Dec 16th 2009, 9:27 pm
#25
Ginger Monkey
Thread Starter
Joined: Jun 2007
Location: Cheeseland, WI
Posts: 2,772
Re: Paying taxes ... sigh
Now then, do you have to wear a white hat and paint your skin blue to do smurfing? Or is that optional?
Dec 16th 2009, 9:44 pm
#26
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,965
Re: Paying taxes ... sigh
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.
Dec 16th 2009, 9:45 pm
#27
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Dec 16th 2009, 9:54 pm
#28
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Joined: Dec 2005
Posts: 88,016
Re: Paying taxes ... sigh
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.
