Approximately zero as the result of a TSA stop.Originally Posted by 20 to 1 Spread
What if i make 25k in a month, and then deposit that 25k into my bank in 3 increments, 8k, 8k, 9k? The 25k has been logged into my books and has been claimed on my taxes, i have just deposited it in increments under 10k. My reasoning for this example would be that after winning 25k, i didnt want to deposit that entire amount right away in case I started losing the next month.
The result of january was a 25k win. 8k deposited on feb 1st, next 8k on feb 15th, last 9k on feb 28th.
How would this look? Its hard to deposit right after a big win while on the road. Is this ok, or they rather see one deposit on feb 1st for 25k (all won throughout January)?
I like the way you worded that, Norm.
There's really no right or wrong answer. Legally speaking, intentionally depositing amounts underneath 10k, with the express purpose of avoiding CTR, would be frowned upon. To do so, intentionally, is illegal. To do so, because you just happen to make that much money in that amount of time is just incidental. Ultimately, the bank has probably picked up on your depositing habits and alerted the authorities if need be.
What the FBI expects a normal human being to do, is to deposit the full amount of anything, triggering the form 8300 in the case of 25k.
I totally understand your predicament, though, as I routinely make 2-3k a week. For the longest time I'd just make nightly/weekly deposits into my bank, now I've kind of gotten to that point that a home safe is a much better route for my "day to day" flow of money, rather than keeping too much on me, or stopping by the bank to make larger withdrawals.
Not suggesting something necessarily here....but a thought, and I'm sure there are plenty of reasons why it's bad, but here it goes:
Why not on the first of every month (or whatever date) deposit the amount you profited from the previous month, or withdraw the amount you lost? Then keep however much in cash at home that you'd need for a working bankroll. IE: At the beginning of the month, you deposit or withdraw however much money you need to make your working bankroll at $50k and leave everything else in the bank. On particularly good or bad months, you go to the bank (as necessary) mid month to deposit big profits or take out $$$ to reup during a COH shortage.
As an AP, you're gonna get CTRs. My philosophy is to embrace it, don't fight it. Obviously you're not gonna want to get a CTR at a casino where you're playing unrated and have heat etc etc....but in this business, it's normal.
RE FBI-- id just do whatever id normally do with the money. If I normally put it in the bank, I'd do that. If I normally don't, I wouldn't. IF you do get investigated, you probably don't want them to see no large cash transactions at the bank and all of a sudden for this to be your first one. But definitely don't structure, IMO.
"Everyone wants to be rich, but nobody wants to work for it." -Ryan Howard [The Office]
Just avoid doing it again. FinCEN is looking for organized crime and drug dealers. They aren't after you. Just keep good records and don't do stupid things like two $9,900 transactions in the same 24 hour period. No one at the FBI is going to get a promotion for harassing a gambler, and the IRS has no budget to look at this stuff.
"I don't think outside the box; I think of what I can do with the box." - Henri Matisse
I use a nexus card for both intra Canada and USA travel. I have a new problem. It is no longer an option for me to walk through the electronic sensors. Thus us a recent development. Further, Its debatable regarding the nudoscope. That means a cheap thrill for security for private room groping, which means, even with a nexus card and cargo shorts, my bankroll is exposed.
Now, I carry less for USA travel, and tend to carry a shitload for intra Canada. My next plane trip should be interesting.
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