Money

How to use $15k cash (not in bank)

Facebook Cashh
Dec 1

I used $15k from my bank account to pay for a relative’s US trip and they want to pay me back in cash. I don’t think they have paid taxes on it.
What can I do with it? Can I deposit it in bank? Will I attract unwanted attention or get in trouble?

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  • Lyft gunda
    You paid for their trip with post tax money, they're paying you back. What's the confusion here? Are they paying you $100k for spending $15k? If yes, then you have a problem. If not, go deposit in your fkn account. No big deal
    Dec 112
    • Symantec / Eng0x80007005
      I understand. But it needs to be proven what the money is and where it came from.
      Dec 2
    • Lyft gunda
      Not really. The 10k that you seem to have hung on to is to be declared if he's traveling internationally or back, at the airport/customs and has that amount in CASH. Nobody cares if he deposits 10k of his own money into a bank locally.
      Dec 2
    • Symantec / Eng0x80007005
      Ok. You seem to know about this from personal experience.
      Dec 2
    • Facebook Cashh
      OP
      This makes sense. If IRS asks where this money came from, i can show the proof of purchases I made.
      Dec 2
    • Lyft gunda
      @op don't worry about it dude. You're fine
      Dec 2
    • You’ll have to fill out a form if it’s above 10,001 at your bank. It’s basics, name, where it’s from, your info, etc.
      Dec 2
    • Microsoft / EngCrashOverr
      If you deposit more than 10k cash, then they need to inform the IRS. The bank sends a paper that you need to sign. End of the story. Nobody cares unless you do that too often or have some sort of red flag
      Dec 2
    • Symantec / Eng0x80007005
      @gunda, this is where I say 'i told u so'...
      Dec 2
    • DocuSign / ProductLvphu
      When we got our mortgage they asked about a 20k deposit. Good to have something written up for the future even if IRS doesn’t require
      Dec 2
    • Bank of The West / Consultant
      GSW

      Bank of The WestConsultant

      PRE
      Cisco, eBay, NetApp, VMware
      GSWmore
      Wow people are making it so complicated. The banking rule is that any cash deposit over 10k in a given day (one transaction or multiple combined) needs to be reported (to detect and prevent money laundering)

      Take the cash and deposit it $5k each with interval of few days and get a letter from them just in case. Chances of you getting audited etc is very slim.
      Dec 2
  • Apple G218d245
    Ask them to deposit the amount in INR to one of your Indian bank accounts.
    Dec 10
  • Microsoft Syzygystar
    White money. Hmmm OP is Indian
    Dec 10
  • New RzFr15
    Hookers and BLOW
    Dec 20
  • Google df6gsD
    Wait, this sounds like a reimbursement
    Dec 10
  • Walmart.com / Engtuqj30
    Jesus Christ.... Talk to a CPA. Do not follow any advice in this thread that isn’t “Talk to a CPA”.

    What could be a simple reimbursement of expenses could have you running afoul of several laws based on the advice in this thread.

    https://en.m.wikipedia.org/wiki/Structuring

    https://en.m.wikipedia.org/wiki/Civil_forfeiture_in_the_United_States

    https://en.m.wikipedia.org/wiki/Gift_tax_in_the_United_States
    Dec 21
    • Facebook / QAE∞
      Yes this. Also remember to always call a doctor when you sneeze.
      Dec 2
  • Strava aereo
    Worst case you can travel with $9,999 without having to justify it. Put that in your account get the rest some other time.
    Dec 20
  • Amazon lingading
    So they're asking you to launder money?

    The Money Laundering Control Act of 1986 (Public Law99-570) is a United States Act of Congress that made money laundering a federal crime.
    Dec 10
  • Facebook Stiev
    White money?
    Dec 11
    • Microsoft Mr 🌏
      It's not, of course. Whatever the fuck it means.
      Dec 1
  • Symantec / Eng0x80007005
    Can't u show it as a gift?
    Dec 11
  • Intel / Eng
    satijas

    IntelEng

    PRE
    Google, Amazon
    BIO
    Hardware quality and reliability professional
    satijasmore
    Take it and use it in cash.. ask for extra 2-3% for your cash back incentives
    Dec 20
  • Microsoft 80004003
    Give it to me.
    Dec 20

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