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re: What does a credit card company do..............
Posted on 2/20/09 at 1:20 pm to WikiTiger
Posted on 2/20/09 at 1:20 pm to WikiTiger
quote:
you can't take out cash and give it to your children? i'm not saying it's legal, but it's possible.
Anything over $10K must be reported as a general rule via form 8300...
LINK
Then I know you are gonna say, well they can just hand the 10K to their heirs and not report it right? Well, where is the $10K CASH going to come from? A bank right? When you withdraw it, the bank has to report it by law. Uncle Sam will find out what you were up to eventually.
Of course you could stockpile your cash slowly to avoid this.
2
Posted on 2/20/09 at 1:21 pm to MikeBRLA
quote:
When you withdraw it, the bank has to report it by law. Uncle Sam will find out what you were up to eventually.
They report that the old lady withdrew it.
As long as the heirs don't deposit it or try to launder it...if they just keep it as cash in their mattress, then I doubt the IRS will be able to catch them.
ETA: But I'm less concerned with the tax ramifications, I'm more interested in finding out what the CC company would do with someone that died with no assets and $15,000 in debt. Probably just write it off. But what if it was $100,000?
This post was edited on 2/20/09 at 1:24 pm
Posted on 2/20/09 at 1:22 pm to MikeBRLA
And if they ever find out that and determine you were structuring payments to avoid disclosing it, you're fricked in so many ways its not even funny.
ETA: I'm serious, its really not funny, it will wipe you out.
ETA: I'm serious, its really not funny, it will wipe you out.
This post was edited on 2/20/09 at 1:23 pm
Posted on 2/20/09 at 1:24 pm to WikiTiger
quote:
As long as the heirs don't deposit it or try to launder it.
If the heirs have the cash and didn't report it to the IRS, then by definition the money has already been laundered.
Posted on 2/20/09 at 1:25 pm to kfizzle85
quote:
And if they ever find out that and determine you were structuring payments to avoid disclosing it, you're fricked in so many ways its not even funny.
Oh I am very aware of this. I wasn't advocating it.
Posted on 2/20/09 at 1:26 pm to MikeBRLA
Posted on 2/20/09 at 1:28 pm to kfizzle85
quote:
And if they ever find out that and determine you were structuring payments to avoid disclosing it, you're fricked in so many ways its not even funny.
But the old lady in the scenario is dying. She will likely be dead by the time the IRS comes calling.
Posted on 2/20/09 at 1:29 pm to WikiTiger
quote:
But the old lady in the scenario is dying. She will likely be dead by the time the IRS comes calling.
Right, and the heirs have the money now, and they obtained it illegally so they are fricked now.
Posted on 2/20/09 at 1:29 pm to WikiTiger
quote:
She will likely be dead by the time the IRS comes calling.
The IRS has something called a look-back period which I believe would apply here.
Posted on 2/20/09 at 1:50 pm to MikeBRLA
quote:
If the heirs have the cash and didn't report it to the IRS, then by definition the money has already been laundered.\
I don't think the heirs have to report it at all. Only the giftor. They fill out a form and if it is over the amount ( thought it was 12k now) then you pay a gift tax. Also, you can gift alot more than 12k. My parents in essence could gift us 48k a year tax free. Each parent can gift to each child.
The money has already taxed. Giftee is not responsible for taxes on it, only the giftor if they are subject to the gift tax.
Posted on 2/20/09 at 1:53 pm to Boss
Different form, different topic. He was talking about the form you fill out if you make a cash transaction over $10,000.
Posted on 2/20/09 at 2:01 pm to rmc
Y'all are mixing stuff up. MikeBRLA was talking about taking the cash out and not reporting it as a gift.
Posted on 2/20/09 at 2:05 pm to rmc
Posted on 2/20/09 at 2:10 pm to rmc
quote:
In Louisiana,
fricking Napoleonic Code.
Posted on 2/20/09 at 2:14 pm to rmc
Sounds like a good idea, I'm sure it would be mutually beneficial.
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