So I took some cash out of the bank
🤡 Clown World 🌎
It was more than usual. The teller's manager came over to ask me what it was for. I was so taken aback I didn't say "How is that any of your business?" Which really shocked my husband because I am usually quick on the draw that way. How did we get here? The bank thinks they are the boss of what I do with my money? Just like the IRS things THEY should be auditing US??? We should be asking them where OUR money is, no?
Rant over. Just thought it was interesting how they chip, chip chip away. Over time, we kind of forget who was supposed to be in charge of what.
Did you know , the bank is required by law to report to the IRS if a transaction is more than 9000 per week I believe. But not credit unions. Imagine what they will do if we go digital. And why does the IRS keep track🤔
Federal Law allows for $9,999.99 per day without it being reported to the IRS. That is withdrawal or deposit. Hit the $10K mark and you are filling out paperwork, form 8300. Withdrawals from a tax deferred account has to be reported regardless of the amount because it is considered income. It has been like this for years. They want to tax it as much as they can. The reason that they do this is to track the large movement of money used for criminal activity. Thing is they don't have to do shit to give it away fraudulently to pay off their debts for their own criminal activity.
But well under $10k still gets reported, and if you take out $2k over multiple transactions they'll investigate you for structuring.
If they have their way about it, they still want to monitor anything processed for 600.00 or more. It is serious over reach and even though I work in the industry, I don't trust it one damn bit.
Thanks , I knew someone would know, I just bought a house with cash awhile back (5 years) and my realtor told me 9000 a week, and I made 5 withdrawals in 5 weeks. But things change, thanks again
^^^ been this way for years.
As from the year 2012, the IRS made e-filling of Form 8300 available which is free of charge. If you or your business has received a cash payment of over $10,000, the Federal law requires that you file Form 8300 within a span of 15 days after receiving the receipt.
Additionally, the IRS considers any exchange that takes place within less than 24 hours as a transaction that should be filed in Form 8300. You don’t need to file cash donations if you run a tax-exempt charitable organization.
This is why all these elites have their fraudulent organizations set up.
Also why grifters like Mike pence who know they don't have a snowballs chance in hell to win will throw in their hat to fill their coffers.
precisely. find a credit union and go there. nfcu is the largest.
Credit Unions have to report this the same as any bank in the US. For those interested I am attaching a link that gives a run down on how it all works for the most part. They have been tracking large sums of money since the 70's.
https://www.solvable.com/tax-help/irs/do-banks-report-check-deposits-to-the-irs/
I have been in the banking industry for 20+ years. I have never made it to a management position or anything higher than quality control because I have a big mouth and the upper echelon don't like people like me. I keep as little as possible in the bank because i don't want anyone getting rich off of my money. I have seen first hand how the industry is and no one wanted to listen to the conspiracy theorist crazy lady when I tried to explain that the Federal reserve was privately owned and literally has nothing to do with the government. These are the things people don't care to know.
I wish I had enough money to worry about someone getting rich off my money. You get rich off my money your one bad mofo.