got a question about cash

[jack tors]

I have a LOT of cash on hand its all legit work. I just dont want to send red flags to gov. how much can i deposit and how often... anyone know. i read 5k but not sure how often

[Bouncer]

back in my umm troubled days the rule was to keep your checking account under 10k or they get suspicious when it's just cash deposits. we would have different checking accounts with different banks.

but if your shit is legal who gives a fuck. they cant touch it.

[MattG]

Legit as in "non illegal" work but under the table, or legit as in you already paid taxes? If you haven't paid taxes yet and are planning on doing that at tax time with a 1099, I'd def keep your cash deposits lower if you can. Maybe get a good fire proof safe and keep the rest at home..

[jack tors]

under the table sorta...my boy and I did a job together for a lot of $$ he got destroyed in taxes. after taxes he gave me half. i feel like it was taxed already but im not sure what to do..

[jack tors]

back in my umm troubled days the rule was to keep your checking account under 10k or they get suspicious when it's just cash deposits. we would have different checking accounts with different banks.

but if your shit is legal who gives a fuck. they cant touch it.

i also have direct deposit from work and checks all the time whats with the :ninja:

[MattG]

under the table sorta...my boy and I did a job together for a lot of $$ he got destroyed in taxes. after taxes he gave me half. i feel like it was taxed already but im not sure what to do..

Hmm, yeah I'd think that should qualify as good to go, but with how fucked up the govt. is you never know. Maybe stop in an H&R block and ask somebody that really knows what the fuck they're doing. I'm sure your buddy has documentation right?

[blm]

If he gave you money that he was already taxed on it seems it would fall under the "gift" category; if you claimed it, you would then be taxed.

I think rocket is the man to answer this with experience.

[MattG]

If he gave you money that he was already taxed on it seems it would fall under the "gift" category; if you claimed it you would be taxed.

Lovely. As if the 30% they already took wasn't enough :disagree:

[blm]

Lovely. As if the 30% they already took wasn't enough :disagree:

Only if he claims it. Which defeats the entire purpose of the post.

[jack tors]

If he gave you money that he was already taxed on it seems it would fall under the "gift" category; if you claimed it, you would then be taxed.

I think rocket is the man to answer this with experience.

I think if its a gift from family its not taxed?!?

[BEAST]

Why would you put that money in your bank account and raise a red flag when the tax time comes? Checking or saving account doesn't bring any interest or extra income, it only helps the bank make more money with your money.
If you don't wanna keep that money in your house get a safe deposit box and keep it in there or talk to someone about investing it with minimum tax penalties.

I say fuck banks. I'm not giving them my hard earned cash.

[blm]

Agreed

[FitnessBrat]

I think if its a gift from family its not taxed?!?

If it's a "gift" it's not taxed. I needed my parents to hold some money for me and "gifted" them $13k each. It's per person. The money had already been taxed, but if it was a larger amount, it would be taxed again. Find out what your allowable "gift" is for your state. Otherwise, keep it in a safe and pay cash for things. :grin:



Even different banks doesn't change anything. It's your name.

[jack tors]

Why would you put that money in your bank account and raise a red flag when the tax time comes? Checking or saving account doesn't bring any interest or extra income, it only helps the bank make more money with your money.
If you don't wanna keep that money in your house get a safe deposit box and keep it in there or talk to someone about investing it with minimum tax penalties.

I say fuck banks. I'm not giving them my hard earned cash.

my ex ran up some nice cc debit and i have a chance to pay it off. i cant send them cash

[FitnessBrat]

my ex ran up some nice cc debit and i have a chance to pay it off. i cant send them cash

Tell her ass to pay it off! :P

The money sounds legit to me. It is already taxed.