Posted by
Message
dallaslsufan
LA-Lafayette Fan
Dallas
Member since Sep 2004
317 posts

Paying cash for pool
The pool cost is a little over $80k... 50k of it will be paid in green... How do I pull out that money from Bank without IRS flags going off?


wickowick
LSU Fan
Head of Island
Member since Dec 2006
36923 posts
 Online 

re: Paying cash for pool
They want hard cash, not a check or a wire transfer?
This post was edited on 12/4 at 8:12 pm


Replies (0)
Replies (0)
20
lnomm34
USA Fan
Louisiana
Member since Oct 2009
10234 posts

re: Paying cash for pool
quote:

How do I pull out that money from Bank without IRS flags going off?




What?

ETA:

I know where you can buy a whole frickin pool business for just a bit more than you're paying for your pool.
This post was edited on 12/4 at 8:12 pm


Replies (0)
Replies (0)
363
SilverStallion
Houston Astros Fan
Member since Aug 2017
1999 posts

re: Paying cash for pool
they want 50k in cash? thats not sketchy at all.

i would never walk around with 50k in cash. ever. what happens if you get in a wreck on the way to deliver the money and your car catches fire?



gobuxgo5
Ohio State Fan
Member since Nov 2012
4990 posts

re: Paying cash for pool
If you get pulled in Tennessee over a cop would just take it and “put it in evidence”


Replies (0)
Replies (0)
150
foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
38225 posts

re: Paying cash for pool
IRS flags won't necessarily go off, just write the check. A report will be filed but that doesn't mean you'll get a visit from your local auditor.

In fact, if you try to withdraw in multiple smaller pieces then someone at the bank is like to notice and this will generate more interest from law enforcement b/c they'll know you're trying to hide something.

Just write one check.


Replies (0)
Replies (0)
10
Cdawg
Houston Astros Fan
TigerFred's Living Room
Member since Sep 2003
49250 posts

re: Paying cash for pool
quote:

50k of it will be paid in green... How do I pull out that money from Bank without IRS flags going off?



Don't know but I'd suggest you give them this after the job is totally 100% complete plus 3 months.


Replies (0)
Replies (0)
30
wickowick
LSU Fan
Head of Island
Member since Dec 2006
36923 posts
 Online 

re: Paying cash for pool
If you walk into the bank and attempt to pull out $50k, odds are very good the bank won't have that much on hand. I had issues pulling out $15k once and the bank told me next time I had to schedule it ahead of time. This was about 10 years ago.


arkiebrian
Central Florida Fan
Arkansas
Member since Nov 2006
3301 posts

re: Paying cash for pool
I don't think you're buying a pool.


Replies (0)
Replies (0)
151
iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
6087 posts

re: Paying cash for pool
I went to Chase in Lafayette for $35K and the first reaction was that I was trying to rob them or something.


Replies (0)
Replies (0)
01
baldona
Auburn Fan
Florida
Member since Feb 2016
6005 posts

re: Paying cash for pool
You write a check not pay with cash, as said it will be flagged, looked over, and nothing will actually happen.

There is no reason to pay for anything legitimate over $5,000 with actual cash opposed to a check.


Replies (0)
Replies (0)
20
birdieman
Alabama Fan
NOLA
Member since Dec 2012
1257 posts
 Online 

re: Paying cash for pool
I will do the job for $9999.99 cash, all under the table so you won't get in trouble. meet me at the mall with the cash. I'll start the job tomorrow...


Replies (0)
Replies (0)
21
LSU5508
LSU Fan
New Orleans
Member since Nov 2007
1880 posts

re: Paying cash for pool

Just out of curiosity why are large withdrawals flagged?


gobuxgo5
Ohio State Fan
Member since Nov 2012
4990 posts

re: Paying cash for pool
Boosh


Replies (0)
Replies (0)
10
Ramblin Wreck
Georgia Tech Fan
Member since Aug 2011
1815 posts

re: Paying cash for pool
I assume this is a joke. I don't know why anyone would pay that much for a pool and have to ask this board advice unless you inherited some money and are blowing it unwisely.

If you are serious, you need to be aware that pool contractors are some of the sketchiest people around. My wife talked me into getting a pool and it was a pretty bad experience. The first contractor wanted a refundable deposit to give me an estimate. It took me forever to get it back after I turned down his quote. When I finally did get a $500 check from him it bounced.

The company we ended up using quit paying all the subcontractors, so I had a lean filed against my house. Fortunately I was only paying them little by little and was able to complete the pool myself and pay everyone that they owed and only lost a couple of thousand dollars. It was the last pool the company initiated before going out of business.

As I predicted, after a couple of years the kids were old enough that they were driving and no one used the pool anymore. At the time I told my wife for what the pool cost we could go to Hawaii every year instead. We've now had the pool about 8 years and over the last month I have had to spend about $8000 on it replacing the cracked coping and tile, replacing lights that no longer work, repairing the heater that no longer works, and replacing pumps.....

Just go to Hawaii every year instead.


baldona
Auburn Fan
Florida
Member since Feb 2016
6005 posts

re: Paying cash for pool
quote:

Just out of curiosity why are large withdrawals flagged?


I think it goes back to the Miami Coke days, but any cash withdrawals over $10,000 get flagged for the government to look at.


Replies (0)
Replies (0)
00
barry
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
46202 posts

re: Paying cash for pool
quote:

Just go to Hawaii every year instead.




Just buy a house from some poor schmuck who put one in.


Replies (0)
Replies (0)
50
Lou
LSU Fan
out here in the middle
Member since Aug 2005
7127 posts

re: Paying cash for pool
quote:

Just out of curiosity why are large withdrawals flagged?
It's the Bank Secrecy Act of 1970. It was passed to aid in the identification and prosecution of money laundering and fraud.


Replies (0)
Replies (0)
10
oklahogjr
Arizona State Fan
Gold Membership
Member since Jan 2010
26988 posts

re: Paying cash for pool
try offering then 50k total all in cash upon completion


Replies (0)
Replies (0)
00
arkiebrian
Central Florida Fan
Arkansas
Member since Nov 2006
3301 posts

re: Paying cash for pool
quote:

Just out of curiosity why are large withdrawals flagged?

Because the gov't must know your business here in the land of the free.


Replies (0)
Replies (0)
01
first pageprev pagePage 1 of 1next pagelast page
refresh

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram