Dinar Rumor Cashing in less than $10,000 to avoid taxes

[DaveH]

I think it's much more wise to spend your time learning how to invest your money in order to pay the least amount of taxes on that money and not worry so much about paying taxes when cashing in. Don't be greedy be thankful.

i could not agree more...be smart people, and like antfuzz says "be thankful"

just pay what you owe....50% of millions is a lot better than 0% and jail time

i will pay what i have to...won't be happy about it but i will pay it and be thankful for what i have

you will not outsmart the gestapo, not for long anyway

[ClownSauce]

Also you're paying taxes on the aggregate amount for the year ending (hopefully 2010). So it really doesn't matter if you cash in $1k twice a week over the entire year, when it comes to reporting you still have to account for the entire total for the year. They've been at this a while it's hard to find loopholes.

[stargazer55]

What you plan to do is called "structuring" and is nothing less than money laundering.

How Money Laundering Works and Fighting Money Laundering

*In October 2005, U.S. congressman Tom DeLay was indicted on money laundering charges, forcing him to step down as House Majority Leader. Money laundering is a serious charge -- in 2001, U.S. prosecutors obtained almost 900 money-laundering convictions with an average prison sentence of six years. The rise of global financial markets makes money laundering easier than ever -- countries with bank-secrecy laws are directly connected to countries with bank-reporting laws, making it possible to anonymously deposit "dirty" money in *one country and then have it transferred to any other country for use. *

*Money lau*ndering happens in almost every country in the world, and a single scheme typically involves transferring money through several countries in order to obscure its origins. In this article, we'll learn exactly what money laundering is and why it's necessary, who launders money and how they do it and what steps the authorities are taking to try to foil money-laundering operations.

Money laundering, at its simplest, is the act of making money that comes from Source A look like it comes from Source B. In practice, criminals are trying to disguise the origins of money obtained through illegal activities so it looks like it was obtained from legal sources. Otherwise, they can't use the money because it would connect them to the criminal activity, and law-enforcement officials would seize it.

Money Launderering Basics

The most common types of criminals who need to launder money are drug traffickers, embezzlers, corrupt politicians and public officials, mobsters, terrorists and con artists. Drug traffickers are in serious need of good laundering systems because they deal almost exclusively in cash, which causes all sorts of logistics problems. Not only does cash draw the attention of law-enforcement officials, but it's also really heavy. Cocaine that's worth $1 million on the street weighs about 44 pounds (20 kg), while a stash of U.S. dollars worth $1 million weighs about 256 pounds (116 kg).

The basic money laundering process has three steps:

1. Placement - At this stage, the launderer inserts the dirty money into a legitimate financial institution. This is often in the form of cash bank deposits. This is the riskiest stage of the laundering process because large amounts of cash are pretty conspicuous, and banks are required to report high-value transactions.

2. Layering - Layering involves sending the money through various financial transactions to change its form and make it difficult to follow. Layering may consist of several bank-to-bank transfers, wire transfers between different accounts in different names in different countries, making deposits and withdrawals to continually vary the amount of money in the accounts, changing the money's currency, and purchasing high-value items (boats, houses, cars, diamonds) to change the form of the money. This is the most complex step in any laundering scheme, and it's all about making the original dirty money as hard to trace as possible.

3. Integration - At the integration stage, the money re-enters the mainstream economy in legitimate-looking form -- it appears to come from a legal transaction. This may involve a final bank transfer into the account of a local business in which the launderer is "investing" in exchange for a cut of the profits, the sale of a yacht bought during the layering stage or the purchase of a $10 million screwdriver from a company owned by the launderer. At this point, the criminal can use the money without getting caught. It's very difficult to catch a launderer during the integration stage if there is no documentation during the previous stages.

There are lots of money-laundering techniques that authorities know about and probably countless others that have yet to be uncovered. Here are some of the more popular ones:

Structuring deposits

Also known as smurfing, this method entails breaking up large amounts of money into smaller, less-suspicious amounts. In the United States, this smaller amount has to be below $10,000 -- the dollar amount at which U.S. banks have to report the transaction to the government. The money is then deposited into one or more bank accounts either by multiple people (smurfs) or by a single person over an extended period of time

Overseas banks

The United States addresses the crime of money laundering in countless legislative acts. Here are just a few of them:

The Bank Secrecy Act (1970) basically eliminates all anonymous banking in the United States. It gives the Treasury Department the ability to force banks to keep records that make it easier to spot a laundering operation.

This includes reporting all single transactions above $10,000 and multiple transactions totaling more than $10,000 to or from a single account in one day. A banker who consistently violates this rule can serve up to 10 years in prison.

The 1986 Money Laundering Control Act makes money laundering a crime in itself instead of just an element of another crime, and the 1994 Money Laundering Suppression Act orders banks to establish their own money-laundering task forces to weed out suspicious activity in their institutions.

The 2001 U.S. Patriot Act sets up mandatory identity checks for U.S. bank patrons and provides resources toward tracking transactions in the underground/alternative banking systems frequented by terrorist money handlers. For a more complete list of U.S. anti-money-laundering legislation, see FDIC: Bank Secrecy Act and Anti-Money Laundering.

Patriot Act: http://www.fincen.gov/statutes_regs/patriot/

Thanks Phoenix! You are dead on with this post. I work for one of the largest financial institutions (both bank & brokerage) and every year all, every single one, of our employees must successfully complete anti-money laundering training or be dismissed. The plan outlined at the beginning of this thread is one of the most common schemes and many institutions have systems and employees trained to identify them.

There are ways to minimize the tax implications of our investments. Adam has been working behind the scenes on these matters & I would highly recommend becoming a VIP member in order to avail one's self of these options. Additionally, finding a tax consultant who is well versed in currency exchange is highly advisable.

Regards.

[4aprofit]

All I know, is that taxes are much higher in some other countries than in the U.S....that's what some dont realize...nor do some of these countries have some of the anemities or safeties of the U.S.!

[Brandon2230]

Man, sounds like a bunch of leftys and IRS people responding to this. I agree pay the taxes. Is it right? **** no! And for those who commented on Mexican immigrants, I'd rather give them my tax money then you Marxist idiots... At least they work hard for it.

[kamm]

Lets just kick back and wait to see what the Great adam has in store for us on what we can do.

[Serenity]

Pay your correct taxes and live happy, joyous and free....

[jawdove]

are you sure your transactions wont be cumulative and a grand total for all transactions for the year would come up at the end of the year showing the total of all transactions just a thought

[Linda]

Beware, the Feds don't fool around with tax evasion....remember who you are dealing with....they do have their ways....

[Matt]

I know this is a risky thing to bring up, but I planned on the event of <$1 and also >$1. I bought like most of us $25,000 notes and paid allot more for $1,000 notes. My plan is to cash in the $1,000 notes 9 at a time to avoid taxes. Call me crazy, but like most of us, I hate the idea of giving O money for an idea that he did not have. If the bank does not take any personal information, this would be a easy thing to get away with. I have no problem with paying on the $25k notes, but if given a chance, I will not pay a dime. I know the parental comments are about to come out against me, but it is downright higway robbery to get taxed at 48%. Let the bashing begin!!

So you are aware, if you do it this way, you can only cash in $10,000 a year.... If Iraq wants the 000 notes by the end of the year, this will obviously not work. Great thought though.

[ReachingHigher]

Thanks Joyce. Educating ourselves is our best defense. Appreciate the You Tube recommends.

Peace.

[ReachingHigher]

I don't think tax evasion is the answer - but rather looking for the way to make the "rules" work in our favor. I don't see anything wrong with this - as telestar mentions, everyone's situation is different so engage a good tax specialist to make sure you are not missing something which could work in your favor.

This will sound off topic, but it makes a point...I see this with cancer patients everyday - they do not ask questions, they just do as they are "told" by their doctors and don't do their due diligence which could save their lives!! ASK QUESTIONS! Know the rules, learn what your alternatives and your choices are beyond what you are "told".

If you want what is on the "top shelf" in life you need to get it by standing on the books you read (and the good questions you ask!)

Just be smart. Plan ahead. You might legally save yourself thousands of dollars this way.

My 2 dinars worth.

Peace.

[Somannk]

Does anyone know how it works if you are a minor (under 18) and don't have any other income to file on a tax return?

[Rafy]

I must say if we have to pay taxes on this investmnet let's do it. However, if I find the way to avoid paying 52% I will not pay it. No politic but this government has not done practically anything on behalf of this investmnet. IMHO

[zoomzoom]

Keep in mind that there would not be any money laundering crime if the irs did not exist. Think about it, in a free society how could anyone become beholding to the gov't?

[Barbann]

Well there you go..the Patriot Act was supposed to protect us..the only thing they have managed to protect is them being able to get into and take your personal wealth. If you have money that they can't track every penny of you are now lumped in with drug traffickers and criminals. They started with the Civil Asset Forfeiture Act and then added the Patriot Act just to make sure you have no control over your own money,

[Earnest T Bass]

Only way to avoid taxes is if you cash $200 in USD value at a time. Anything higher will be tracked.

[kox]

Well, our country spent billions of $$$ suposedly trying to FREE Iraq, and nearly 5000 service members gave their lives in the process... I'll pay Uncle Sam whatever they say I owe...without a blink. My very best wishes to those people...that is what this whole thing is about in the first place...Restoring the Iraq peoples wealth...(and we all hope to profit also) Keep this all in mind while you are counting your chickens. KOX

[stargazer55]

Well there you go..the Patriot Act was supposed to protect us..the only thing they have managed to protect is them being able to get into and take your personal wealth. If you have money that they can't track every penny of you are now lumped in with drug traffickers and criminals. They started with the Civil Asset Forfeiture Act and then added the Patriot Act just to make sure you have no control over your own money,

Yep! Don't forget what the gov't did during the Great Depression. They froze access to safety deposit boxes during that time. It's been illegal ever since to hold cash in them. There were stories all the time about people stuffing their life savings in matresses & coffee cans.

I never saw anything like it until an old near hermit died in the town where I was a police chief in NH. When I was called to the scene I went to the guy's farmhouse which was well maintained. Inside his very large garage, were brand new, never driven cars & tractors covered in plastic. His every day car was parked in his driveway. He had money stuffed every where & no next of kin. I had to call in the State Police to help me audit the entire estate. He wanted to donate his body to a local medical school but they refused it & I wound up scattering his ashes on his farm land (his alternate request). He had a couple of million in cash stashed around his house & all went to the gov't. At least it was his until he had no use for it.

[rrupple]

50% of anything you make off of jail time is better than 0% and jail time..... Pay your taxes!

I think it's much more wise to spend your time learning how to invest your money in order to pay the least amount of taxes on that money and not worry so much about paying taxes when cashing in. Don't be greedy be thankful.

Murphy's law

From Wikipedia, the free encyclopedia

Murphy's law

"Anything that can go wrong will go wrong".

It is used as either a purely sarcastic musing that things always go wrong, or, less frequently, a reflection of the mathematical idea that, given a sufficiently long time, an event which is possible (non-zero probability) will almost surely take place. Although, in this case, emphasis is put on the possible bad occurrences.

Generally, the spirit of Murphy's law captures the common tendency to emphasize the negative things that occur in everyday life; in this sense, the law is typically formulated as some variant of "If anything can go wrong, it will, and it will happen at the worst possible time".

Murphy's law is sometimes strengthened, as Finagle's law. The comparative of Murphy's law then is: If anything can go even worse, it will go even worse. Or more comprehensive, as: "Whatever can go wrong will go wrong, and at the worst possible time, in the worst possible way."

i could not agree more...be smart people, and like antfuzz says "be thankful"

just pay what you owe....50% of millions is a lot better than 0% and jail time

i will pay what i have to...won't be happy about it but i will pay it and be thankful for what i have

you will not outsmart the gestapo, not for long anyway

[ronscarpa]

i wouldnt give them any reason at all to notice me. my advice is pay all taxes due. you dont want them crawling up your *** with a microscope. they will get their money,...one way or another i can guarantee that any of you feel like doing anything that even resembles avoiding the taxman,..you will get caught. after waiting this long,...do you seriously want to make yourself a target to the IRS.......good luck with that.

Thanks for your post - wise counsel.

Besides, Scripture says "if taxes are due, pay taxes" - give to each what is their due. Jesus said, "render unto Caesar what is Caesars, and to God what is God's"...! Remember we should remember our obligation to God thru the Church. I hope I haven't offended anyone, but we need to deal with INTEGRITY & HONESTY, before GOD & all men.

Just my opinion,

RON

[gr8cooker142]

Just pay what you got to pay, if you are going to try and work the system you won't be the first and let me tell you once they got their eyes on you they won't let up. Don't be greedy , I hate paying all those taxes but, getting caught even worse. Look at all the other big shots that got caught and do you think your smarter? Something is better then nothing.

[mrparrot]

For anyone interested moving to another country

to try and save on taxes, here's a list of tax rates

around the world.

http://www.worldwide-tax.com/

[Joyce Bygall]

I may be way off base here, but whatever we are blessed with is coming from our Lord not the gangsters in Washington! I think it is wrong to be "rendering unto the caesars" the blessing of the Lord! This only takes away from what we can give back to the Lord in helping others as He directs us. They already take more & more from us all the time! I wish every one in this country would stand up & say "NO MORE". NO ONE IS going to PAY ANY MORE TAX TO THE CROOKS[progressive liberals}! Will they arrest 350,000,000 people? I guess that's a pipe dream, as you cannot get anybody to really stand & be counted anymore. I'm as guilty as the next person as I too am intimidated & frightened by what they can do to me personally if I stand against them & then find I am standing alone. No one seems able to stop them as every day we lose more & more freedom. God bless.

[automag]

Well that was an interesting post... The one about you will cash in at $9000.00 at a whack to avoid taxes. Now that you have posted your intentions in black and white may I suggest you start looking for a lawyer. Right now. You have publicly stated you intend to avoid taxes thus you may have already violated the law. What!!!? You say you don't care and THEY can't get you!!! Nonsense. Nothing could be farther from the truth. I'm not bashing you. As a matter a fact I wish you were correct. I really do. I also would like to say that reducing your tax liability by whatever legal means are available is very legal and excepted by the fed's. The IRS will accept whatever you do that's legal. But you have stated publicly that you intend to avoid taxes by illegal means. Yes sir. The tact you intend to take is illegal.

Now if you don't believe what I'm saying here then by all means check for yourself. I would hope that you do. Far better to be educated about the laws with fact rather than mislead by your opinion. My own research has shown me that what you want to do is illegal. I have not provided a link because I am not a professional adviser and issue no claim as such and I will not be held to any legality for you or anyone else for any actions taken with regards to this investment by anybody. Thus my disclaimer. But pay attention to my warning as it was intended as a heads up that you may be treading into dangerous territory. Not as a bash. After all you are not the first person to consider this tactic or the consequences of what you propose as your way to avoid paying taxes.

Now let's see. You posted in a public forum your intentions to as you said "not pay one dime in taxes" by cashing in $9000.00 at a time. You have easily given a charge against you to the IRS by declaring intent to avoid taxes. Need I go on? I shouldn't have to. As a fellow investor who really would like you to cash in and live happily ever after I beg you to seek legal representation and learn about the laws. If you respond to my post as awww heck they can't do that then fine. So be it. However if I have at the least piqued your curiosity about this issue then please get the facts before you do what you have implied and end up in jail.

One more thing. I hear so many people on all the forums make public statements all the time. These statements have run the gamut from treason to sedition to criminal to just about every thing that can send a person to jail. This is not a scam but an investment in a currency. Not funny money but the currency of a foreign government. This is no joke and our own government will not treat it like a joke if laws are broken. Public statements can and will get you in hot water and I recommend that you read and memorize that little speech given by law enforcement every time a perp gets arrested. It's called your MIRANDA RIGHTS. Here's an excerpt only. I'm sure you've heard it before. "YOU HAVE THE RIGHT TO REMAIN SILENT. ANYTHING YOU SAY CAN AND WILL BE USED AGAINST YOU IN A COURT OF LAW." No matter how you feel about said laws is not going to matter one tinkers ****. How you respond to the law is everything. If you don't understand establishing INTENT with regards to your actions then for your sake get educated very fast because sir because you already have established your intent. I will offer a suggestion. Be quiet. Make no further statements unless you decide that I might be right about this. Then You might make a public statement on this forum suggesting you were in error and need to retract your statement and that you do intend to pay your taxes. However. Before doing so talk to a lawyer. As I said I'm not giving you advice. But merely a suggestion.

It is a fact that law enforcement is using social networking sites as a tool to gather evidence to either support a claim by a suspect or to disprove a claim by a suspect. These dinar sites are no different. I'm not paranoid. However I am well informed and educated as my background is in communications IE telephones and computers. It is my job to be as informed as possible about all aspects of Federal Tariff Laws and other aspects of the laws that pertain to traffic on those computers and telephones. It may require a court order to arrange a wire tap on a phone to support an investigation by law enforcement but when you post in a public or private forum your intent as to how you intend to avoid taxes then they don't need a stinking thing except to copy that information and present that information in court to support any allegations against you. Period. The sad part is you actually made it easy for them. Good luck buddy. You will need it IF you do as you PUBLICLY stated in print on a computer. Do you understand?