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interests / rec.boats / What's all the fuss about?

SubjectAuthor
* What's all the fuss about?Mr. Luddite
+* Re: What's all the fuss about?gfretwell
|`* Re: What's all the fuss about?Mr. Luddite
| `* Re: What's all the fuss about?Alex
|  +* Re: What's all the fuss about?gfretwell
|  |`* Re: What's all the fuss about?Mr. Luddite
|  | `* Re: What's all the fuss about?Alex
|  |  +- Re: What's all the fuss about?gfretwell
|  |  +* Re: What's all the fuss about?Mr. Luddite
|  |  |`* Re: What's all the fuss about?Alex
|  |  | `- Re: What's all the fuss about?Bill
|  |  `* Re: What's all the fuss about?Mr. Luddite
|  |   `* Re: What's all the fuss about?gfretwell
|  |    `* Re: What's all the fuss about?Mr. Luddite
|  |     `- Re: What's all the fuss about?gfretwell
|  +- Re: What's all the fuss about?Mr. Luddite
|  `- Re: What's all the fuss about?justan
`* Re:What's all the fuss about?justan
 `- Re: What's all the fuss about?gfretwell

1
What's all the fuss about?

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Subject: What's all the fuss about?
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 by: Mr. Luddite - Fri, 22 Oct 2021 13:46 UTC

The Biden and the Democrats initially wanted an IRS reporting
of any bank transactions of $600 or more.

That raised such a fuss (justifiably) that they changed it to
$10,000 or more.

Still, many are complaining.

Fact is, transactions including deposits or withdrawals of
$10k or more is already being reported and has been since
1970.

It's a result of the Bank Secrecy Act, also known as the Currency and
Foreign Transactions Reporting Act that was passed in 1970.

So, why is all the fuss about?

--
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Re: What's all the fuss about?

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From: gfretw...@aol.com
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Subject: Re: What's all the fuss about?
Date: Fri, 22 Oct 2021 11:38:47 -0400
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 by: gfretw...@aol.com - Fri, 22 Oct 2021 15:38 UTC

On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
wrote:

>
>The Biden and the Democrats initially wanted an IRS reporting
>of any bank transactions of $600 or more.
>
>That raised such a fuss (justifiably) that they changed it to
>$10,000 or more.
>
>Still, many are complaining.
>
>Fact is, transactions including deposits or withdrawals of
>$10k or more is already being reported and has been since
>1970.
>
>It's a result of the Bank Secrecy Act, also known as the Currency and
>Foreign Transactions Reporting Act that was passed in 1970.
>
>So, why is all the fuss about?

It used to be "cash transactions" now it is all transactions

Re:What's all the fuss about?

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From: me...@here.com (justan)
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Subject: Re:What's all the fuss about?
Date: Fri, 22 Oct 2021 14:39:35 -0400 (EDT)
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 by: justan - Fri, 22 Oct 2021 18:39 UTC

"Mr. Luddite" <nothere@noland.com> Wrote in message:r
> The Biden and the Democrats initially wanted an IRS reportingof any bank transactions of $600 or more.That raised such a fuss (justifiably) that they changed it to$10,000 or more.Still, many are complaining.Fact is, transactions including deposits or withdrawals of$10k or more is already being reported and has been since1970.It's a result of the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act that was passed in 1970.So, why is all the fuss about?-- This email has been checked for viruses by AVG.https://www.avg.com

Just got a message from BOA. They have decided to limit
transactions to $9,999.99. Slow Joe doesn't know who he's dealing
with.
--
Thanks Donald. Do you miss him yet?

----Android NewsGroup Reader----
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Re: What's all the fuss about?

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From: noth...@noland.com (Mr. Luddite)
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 by: Mr. Luddite - Fri, 22 Oct 2021 20:05 UTC

On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
> wrote:
>
>>
>> The Biden and the Democrats initially wanted an IRS reporting
>> of any bank transactions of $600 or more.
>>
>> That raised such a fuss (justifiably) that they changed it to
>> $10,000 or more.
>>
>> Still, many are complaining.
>>
>> Fact is, transactions including deposits or withdrawals of
>> $10k or more is already being reported and has been since
>> 1970.
>>
>> It's a result of the Bank Secrecy Act, also known as the Currency and

>> Foreign Transactions Reporting Act that was passed in 1970.
>>
>> So, why is all the fuss about?
>
> It used to be "cash transactions" now it is all transactions
>

It covers other transactions as well; for example bank checks
and money orders.

--
This email has been checked for viruses by AVG.
https://www.avg.com

Re: What's all the fuss about?

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 by: Alex - Sat, 23 Oct 2021 00:05 UTC

Mr. Luddite wrote:
>
> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
>> wrote:
>>
>>>
>>> The Biden and the Democrats initially wanted an IRS reporting
>>> of any bank transactions of $600 or more.
>>>
>>> That raised such a fuss (justifiably) that they changed it to
>>> $10,000 or more.
>>>
>>> Still, many are complaining.
>>>
>>> Fact is, transactions including deposits or withdrawals of
>>> $10k or more is already being reported and has been since
>>> 1970.
>>>
>>> It's a result of the Bank Secrecy Act, also known as the Currency and
>
>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>
>>> So, why is all the fuss about?
>>
>> It used to be "cash transactions" now it is all transactions
>>
>
>
> It covers other transactions as well; for example bank checks
> and money orders.
>

I've had to fill out paperwork for cash transactions over $10K but not
for wires or cashiers checks and some were over $100K.

Re: What's all the fuss about?

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 by: gfretw...@aol.com - Sat, 23 Oct 2021 01:39 UTC

On Fri, 22 Oct 2021 14:39:35 -0400 (EDT), justan <me@here.com> wrote:

>"Mr. Luddite" <nothere@noland.com> Wrote in message:r
>> The Biden and the Democrats initially wanted an IRS reportingof any bank transactions of $600 or more.That raised such a fuss (justifiably) that they changed it to$10,000 or more.Still, many are complaining.Fact is, transactions including deposits or withdrawals of$10k or more is already being reported and has been since1970.It's a result of the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act that was passed in 1970.So, why is all the fuss about?-- This email has been checked for viruses by AVG.https://www.avg.com
>
>Just got a message from BOA. They have decided to limit
> transactions to $9,999.99. Slow Joe doesn't know who he's dealing
> with.

That will get pretty complicated if you are buying a house. I just
wired 100 grand to a title company to bridge my FIL for a condo he is
buying, so he wouldn't have to sell any investments and BoA didn't say
anything. When he paid me back, I put it in the credit union tho. I am
not thrilled with BoA after they closed the branch near me. I am
drawing down my Suntrust account too, for the same reason.

Re: What's all the fuss about?

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 by: gfretw...@aol.com - Sat, 23 Oct 2021 01:45 UTC

On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:

>Mr. Luddite wrote:
>>
>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
>>> wrote:
>>>
>>>>
>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>> of any bank transactions of $600 or more.
>>>>
>>>> That raised such a fuss (justifiably) that they changed it to
>>>> $10,000 or more.
>>>>
>>>> Still, many are complaining.
>>>>
>>>> Fact is, transactions including deposits or withdrawals of
>>>> $10k or more is already being reported and has been since
>>>> 1970.
>>>>
>>>> It's a result of the Bank Secrecy Act, also known as the Currency and
>>
>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>
>>>> So, why is all the fuss about?
>>>
>>> It used to be "cash transactions" now it is all transactions
>>>
>>
>>
>> It covers other transactions as well; for example bank checks
>> and money orders.
>>
>
>I've had to fill out paperwork for cash transactions over $10K but not
>for wires or cashiers checks and some were over $100K.

I have taken more than $10k out without any hassle but I know it was
reported by the bank. I didn't fill out any papers. Nobody asked me
where it went either. In one case I bought a car, in another case it
was my pool, several contractors. All cash tho. This was before the
recent change about 1099s tho (90s and 2000s). In the 2010s I was
throwing around a lot of cash with my addition but I may not have
taken >$10k at one time.

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 by: Mr. Luddite - Sat, 23 Oct 2021 10:52 UTC

On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
> On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
>
>> Mr. Luddite wrote:
>>>
>>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
>>>> wrote:
>>>>
>>>>>
>>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>>> of any bank transactions of $600 or more.
>>>>>
>>>>> That raised such a fuss (justifiably) that they changed it to
>>>>> $10,000 or more.
>>>>>
>>>>> Still, many are complaining.
>>>>>
>>>>> Fact is, transactions including deposits or withdrawals of
>>>>> $10k or more is already being reported and has been since
>>>>> 1970.
>>>>>
>>>>> It's a result of the Bank Secrecy Act, also known as the Currency and
>>>
>>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>>
>>>>> So, why is all the fuss about?
>>>>
>>>> It used to be "cash transactions" now it is all transactions
>>>>
>>>
>>>
>>> It covers other transactions as well; for example bank checks
>>> and money orders.
>>>
>>
>> I've had to fill out paperwork for cash transactions over $10K but not
>> for wires or cashiers checks and some were over $100K.
>
> I have taken more than $10k out without any hassle but I know it was
> reported by the bank. I didn't fill out any papers. Nobody asked me
> where it went either. In one case I bought a car, in another case it
> was my pool, several contractors. All cash tho. This was before the
> recent change about 1099s tho (90s and 2000s). In the 2010s I was
> throwing around a lot of cash with my addition but I may not have
> taken >$10k at one time.
>

There has never been any paperwork to fill out. The bank does the
reporting, not the consumer.

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Re: What's all the fuss about?

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 by: Mr. Luddite - Sat, 23 Oct 2021 11:05 UTC

On 10/22/2021 8:05 PM, Alex wrote:
> Mr. Luddite wrote:
>>
>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
>>> wrote:
>>>
>>>>
>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>> of any bank transactions of $600 or more.
>>>>
>>>> That raised such a fuss (justifiably) that they changed it to
>>>> $10,000 or more.
>>>>
>>>> Still, many are complaining.
>>>>
>>>> Fact is, transactions including deposits or withdrawals of
>>>> $10k or more is already being reported and has been since
>>>> 1970.
>>>>
>>>> It's a result of the Bank Secrecy Act, also known as the Currency and
>>
>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>
>>>> So, why is all the fuss about?
>>>
>>> It used to be "cash transactions" now it is all transactions
>>>
>>
>>
>> It covers other transactions as well; for example bank checks
>> and money orders.
>>
>
> I've had to fill out paperwork for cash transactions over $10K but not
> for wires or cashiers checks and some were over $100K.

The Bank Secrecy Act of 1970 includes requirements of the bank to
report wire transfers in excess of $10k. The customer doesn't
do anything or report anything. The bank must report the transaction,
the customer's name, address and social security number.

This was originally set up with an anti-money laundering objective.
What is new today is looking to see if taxes are owed to the IRS.

It's going to be interesting this year. About a year ago I made a
personal "loan" to someone who's business was being affected due to
Covid. I was recently paid back in full. It wasn't a lot of money
($25K) but I am curious to see if the IRS will consider the
repayment as "income" and try to tax me on it.

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Re: What's all the fuss about?

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 by: Alex - Sun, 24 Oct 2021 03:06 UTC

Mr. Luddite wrote:
> On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
>> On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
>>
>>> Mr. Luddite wrote:
>>>>
>>>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
>>>>> <nothere@noland.com>
>>>>> wrote:
>>>>>
>>>>>>
>>>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>>>> of any bank transactions of $600 or more.
>>>>>>
>>>>>> That raised such a fuss (justifiably) that they changed it to
>>>>>> $10,000 or more.
>>>>>>
>>>>>> Still, many are complaining.
>>>>>>
>>>>>> Fact is, transactions including deposits or withdrawals of
>>>>>> $10k or more is already being reported and has been since
>>>>>> 1970.
>>>>>>
>>>>>> It's a result of the Bank Secrecy Act, also known as the Currency
>>>>>> and
>>>>
>>>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>>>
>>>>>> So, why is all the fuss about?
>>>>>
>>>>> It used to be "cash transactions" now it is all transactions
>>>>>
>>>>
>>>>
>>>> It covers other transactions as well; for example bank checks
>>>> and money orders.
>>>>
>>>
>>> I've had to fill out paperwork for cash transactions over $10K but not
>>> for wires or cashiers checks and some were over $100K.
>>
>> I have taken more than $10k out without any hassle but I know it was
>> reported by the bank. I didn't fill out any papers. Nobody asked me
>> where it went either. In one case I bought a car, in another case it
>> was my pool, several contractors. All cash tho. This was before the
>> recent change about 1099s tho (90s and 2000s). In the 2010s I was
>> throwing around a lot of cash with my addition but I may not have
>> taken >$10k at one time.
>>
>
> There has never been any paperwork to fill out.  The bank does the
> reporting, not the consumer.
>
>
>

You are correct that *I* didn't fill out the paperwork but the bank did
it in front of me and asked what the purpose of the withdrawal was.

Re: What's all the fuss about?

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 by: gfretw...@aol.com - Sun, 24 Oct 2021 06:37 UTC

On Sat, 23 Oct 2021 23:06:42 -0400, Alex <Xela777@gmail.com> wrote:

>Mr. Luddite wrote:
>> On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
>>> On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
>>>
>>>> Mr. Luddite wrote:
>>>>>
>>>>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>>>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
>>>>>> <nothere@noland.com>
>>>>>> wrote:
>>>>>>
>>>>>>>
>>>>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>>>>> of any bank transactions of $600 or more.
>>>>>>>
>>>>>>> That raised such a fuss (justifiably) that they changed it to
>>>>>>> $10,000 or more.
>>>>>>>
>>>>>>> Still, many are complaining.
>>>>>>>
>>>>>>> Fact is, transactions including deposits or withdrawals of
>>>>>>> $10k or more is already being reported and has been since
>>>>>>> 1970.
>>>>>>>
>>>>>>> It's a result of the Bank Secrecy Act, also known as the Currency
>>>>>>> and
>>>>>
>>>>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>>>>
>>>>>>> So, why is all the fuss about?
>>>>>>
>>>>>> It used to be "cash transactions" now it is all transactions
>>>>>>
>>>>>
>>>>>
>>>>> It covers other transactions as well; for example bank checks
>>>>> and money orders.
>>>>>
>>>>
>>>> I've had to fill out paperwork for cash transactions over $10K but not
>>>> for wires or cashiers checks and some were over $100K.
>>>
>>> I have taken more than $10k out without any hassle but I know it was
>>> reported by the bank. I didn't fill out any papers. Nobody asked me
>>> where it went either. In one case I bought a car, in another case it
>>> was my pool, several contractors. All cash tho. This was before the
>>> recent change about 1099s tho (90s and 2000s). In the 2010s I was
>>> throwing around a lot of cash with my addition but I may not have
>>> taken >$10k at one time.
>>>
>>
>> There has never been any paperwork to fill out.  The bank does the
>> reporting, not the consumer.
>>
>>
>>
>
>You are correct that *I* didn't fill out the paperwork but the bank did
>it in front of me and asked what the purpose of the withdrawal was.

"Hookers and blow, buddy"! ;-)

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 by: Mr. Luddite - Sun, 24 Oct 2021 11:41 UTC

On 10/23/2021 11:06 PM, Alex wrote:
> Mr. Luddite wrote:
>> On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
>>> On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
>>>
>>>> Mr. Luddite wrote:
>>>>>
>>>>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>>>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
>>>>>> <nothere@noland.com>
>>>>>> wrote:
>>>>>>
>>>>>>>
>>>>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>>>>> of any bank transactions of $600 or more.
>>>>>>>
>>>>>>> That raised such a fuss (justifiably) that they changed it to
>>>>>>> $10,000 or more.
>>>>>>>
>>>>>>> Still, many are complaining.
>>>>>>>
>>>>>>> Fact is, transactions including deposits or withdrawals of
>>>>>>> $10k or more is already being reported and has been since
>>>>>>> 1970.
>>>>>>>
>>>>>>> It's a result of the Bank Secrecy Act, also known as the Currency
>>>>>>> and
>>>>>
>>>>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>>>>
>>>>>>> So, why is all the fuss about?
>>>>>>
>>>>>> It used to be "cash transactions" now it is all transactions
>>>>>>
>>>>>
>>>>>
>>>>> It covers other transactions as well; for example bank checks
>>>>> and money orders.
>>>>>
>>>>
>>>> I've had to fill out paperwork for cash transactions over $10K but not
>>>> for wires or cashiers checks and some were over $100K.
>>>
>>> I have taken more than $10k out without any hassle but I know it was
>>> reported by the bank. I didn't fill out any papers. Nobody asked me
>>> where it went either. In one case I bought a car, in another case it
>>> was my pool, several contractors. All cash tho. This was before the
>>> recent change about 1099s tho (90s and 2000s). In the 2010s I was
>>> throwing around a lot of cash with my addition but I may not have
>>> taken >$10k at one time.
>>>
>>
>> There has never been any paperwork to fill out.  The bank does the
>> reporting, not the consumer.
>>
>>
>>
>
> You are correct that *I* didn't fill out the paperwork but the bank did
> it in front of me and asked what the purpose of the withdrawal was.

Interesting. Over the years I've done many transactions, withdrawals,
deposits and wire transfers in excess of $10k and the bank involved
(there were several) never asked what the transaction was for nor did
they fill out any paperwork while I was present.

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 by: Mr. Luddite - Sun, 24 Oct 2021 11:56 UTC

On 10/23/2021 11:06 PM, Alex wrote:
> Mr. Luddite wrote:
>> On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
>>> On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
>>>
>>>> Mr. Luddite wrote:
>>>>>
>>>>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>>>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
>>>>>> <nothere@noland.com>
>>>>>> wrote:
>>>>>>
>>>>>>>
>>>>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>>>>> of any bank transactions of $600 or more.
>>>>>>>
>>>>>>> That raised such a fuss (justifiably) that they changed it to
>>>>>>> $10,000 or more.
>>>>>>>
>>>>>>> Still, many are complaining.
>>>>>>>
>>>>>>> Fact is, transactions including deposits or withdrawals of
>>>>>>> $10k or more is already being reported and has been since
>>>>>>> 1970.
>>>>>>>
>>>>>>> It's a result of the Bank Secrecy Act, also known as the Currency
>>>>>>> and
>>>>>
>>>>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>>>>
>>>>>>> So, why is all the fuss about?
>>>>>>
>>>>>> It used to be "cash transactions" now it is all transactions
>>>>>>
>>>>>
>>>>>
>>>>> It covers other transactions as well; for example bank checks
>>>>> and money orders.
>>>>>
>>>>
>>>> I've had to fill out paperwork for cash transactions over $10K but not
>>>> for wires or cashiers checks and some were over $100K.
>>>
>>> I have taken more than $10k out without any hassle but I know it was
>>> reported by the bank. I didn't fill out any papers. Nobody asked me
>>> where it went either. In one case I bought a car, in another case it
>>> was my pool, several contractors. All cash tho. This was before the
>>> recent change about 1099s tho (90s and 2000s). In the 2010s I was
>>> throwing around a lot of cash with my addition but I may not have
>>> taken >$10k at one time.
>>>
>>
>> There has never been any paperwork to fill out.  The bank does the
>> reporting, not the consumer.
>>
>>
>> a
>
> You are correct that *I* didn't fill out the paperwork but the bank did
> it in front of me and asked what the purpose of the withdrawal was.

I just found a pretty good description of how the banks are required to
report transactions of $10k or more to the IRS. They must report it
within 15 days of the transaction and, according to the article, are
supposed to notify you that a report has been filed.

As I mentioned in another post, I've done many deposits or withdrawals
over the years at several banks. Some have been simply withdrawing
money on a bank check to purchase a vehicle and some were very large
deposits (like when I sold my company). I've *never* been notified
by any bank that a report of the transaction had been sent to the
IRS although I am sure they did.

Seems like banks follow the law in different ways.

Here's a link to the referenced description:

<https://www.mybanktracker.com/checking/faq/rules-deposit-10000-cash-check-271595>

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Re: What's all the fuss about?

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From: gfretw...@aol.com
Newsgroups: rec.boats
Subject: Re: What's all the fuss about?
Date: Sun, 24 Oct 2021 17:37:27 -0400
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 by: gfretw...@aol.com - Sun, 24 Oct 2021 21:37 UTC

On Sun, 24 Oct 2021 07:56:58 -0400, "Mr. Luddite" <nothere@noland.com>
wrote:

>On 10/23/2021 11:06 PM, Alex wrote:
>> Mr. Luddite wrote:
>>> On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
>>>> On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
>>>>
>>>>> Mr. Luddite wrote:
>>>>>>
>>>>>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>>>>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
>>>>>>> <nothere@noland.com>
>>>>>>> wrote:
>>>>>>>
>>>>>>>>
>>>>>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>>>>>> of any bank transactions of $600 or more.
>>>>>>>>
>>>>>>>> That raised such a fuss (justifiably) that they changed it to
>>>>>>>> $10,000 or more.
>>>>>>>>
>>>>>>>> Still, many are complaining.
>>>>>>>>
>>>>>>>> Fact is, transactions including deposits or withdrawals of
>>>>>>>> $10k or more is already being reported and has been since
>>>>>>>> 1970.
>>>>>>>>
>>>>>>>> It's a result of the Bank Secrecy Act, also known as the Currency
>>>>>>>> and
>>>>>>
>>>>>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>>>>>
>>>>>>>> So, why is all the fuss about?
>>>>>>>
>>>>>>> It used to be "cash transactions" now it is all transactions
>>>>>>>
>>>>>>
>>>>>>
>>>>>> It covers other transactions as well; for example bank checks
>>>>>> and money orders.
>>>>>>
>>>>>
>>>>> I've had to fill out paperwork for cash transactions over $10K but not
>>>>> for wires or cashiers checks and some were over $100K.
>>>>
>>>> I have taken more than $10k out without any hassle but I know it was
>>>> reported by the bank. I didn't fill out any papers. Nobody asked me
>>>> where it went either. In one case I bought a car, in another case it
>>>> was my pool, several contractors. All cash tho. This was before the
>>>> recent change about 1099s tho (90s and 2000s). In the 2010s I was
>>>> throwing around a lot of cash with my addition but I may not have
>>>> taken >$10k at one time.
>>>>
>>>
>>> There has never been any paperwork to fill out.  The bank does the
>>> reporting, not the consumer.
>>>
>>>
>>> a
>>
>> You are correct that *I* didn't fill out the paperwork but the bank did
>> it in front of me and asked what the purpose of the withdrawal was.
>
>I just found a pretty good description of how the banks are required to
>report transactions of $10k or more to the IRS. They must report it
>within 15 days of the transaction and, according to the article, are
>supposed to notify you that a report has been filed.
>
>As I mentioned in another post, I've done many deposits or withdrawals
>over the years at several banks. Some have been simply withdrawing
>money on a bank check to purchase a vehicle and some were very large
>deposits (like when I sold my company). I've *never* been notified
>by any bank that a report of the transaction had been sent to the
>IRS although I am sure they did.
>
>Seems like banks follow the law in different ways.
>
>Here's a link to the referenced description:
>
><https://www.mybanktracker.com/checking/faq/rules-deposit-10000-cash-check-271595>

It does seem like a great reason to have more than one bank.
Put 8 grand or so in different banks and nothing will alert anyone as
far as I know.

OTOH my FIL just put $360k in the credit union, split between what he
owed me (into my account) and the balance in his. We did it all at the
kiosk in the lobby.

Re: What's all the fuss about?

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 by: Mr. Luddite - Mon, 25 Oct 2021 11:46 UTC

On 10/24/2021 5:37 PM, gfretwell@aol.com wrote:
> On Sun, 24 Oct 2021 07:56:58 -0400, "Mr. Luddite" <nothere@noland.com>
> wrote:
>
>> On 10/23/2021 11:06 PM, Alex wrote:
>>> Mr. Luddite wrote:
>>>> On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
>>>>> On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
>>>>>
>>>>>> Mr. Luddite wrote:
>>>>>>>
>>>>>>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>>>>>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
>>>>>>>> <nothere@noland.com>
>>>>>>>> wrote:
>>>>>>>>
>>>>>>>>>
>>>>>>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>>>>>>> of any bank transactions of $600 or more.
>>>>>>>>>
>>>>>>>>> That raised such a fuss (justifiably) that they changed it to
>>>>>>>>> $10,000 or more.
>>>>>>>>>
>>>>>>>>> Still, many are complaining.
>>>>>>>>>
>>>>>>>>> Fact is, transactions including deposits or withdrawals of
>>>>>>>>> $10k or more is already being reported and has been since
>>>>>>>>> 1970.
>>>>>>>>>
>>>>>>>>> It's a result of the Bank Secrecy Act, also known as the Currency
>>>>>>>>> and
>>>>>>>
>>>>>>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>>>>>>
>>>>>>>>> So, why is all the fuss about?
>>>>>>>>
>>>>>>>> It used to be "cash transactions" now it is all transactions
>>>>>>>>
>>>>>>>
>>>>>>>
>>>>>>> It covers other transactions as well; for example bank checks
>>>>>>> and money orders.
>>>>>>>
>>>>>>
>>>>>> I've had to fill out paperwork for cash transactions over $10K but not
>>>>>> for wires or cashiers checks and some were over $100K.
>>>>>
>>>>> I have taken more than $10k out without any hassle but I know it was
>>>>> reported by the bank. I didn't fill out any papers. Nobody asked me
>>>>> where it went either. In one case I bought a car, in another case it
>>>>> was my pool, several contractors. All cash tho. This was before the
>>>>> recent change about 1099s tho (90s and 2000s). In the 2010s I was
>>>>> throwing around a lot of cash with my addition but I may not have
>>>>> taken >$10k at one time.
>>>>>
>>>>
>>>> There has never been any paperwork to fill out.  The bank does the
>>>> reporting, not the consumer.
>>>>
>>>>
>>>> a
>>>
>>> You are correct that *I* didn't fill out the paperwork but the bank did
>>> it in front of me and asked what the purpose of the withdrawal was.
>>
>> I just found a pretty good description of how the banks are required to
>> report transactions of $10k or more to the IRS. They must report it
>> within 15 days of the transaction and, according to the article, are
>> supposed to notify you that a report has been filed.
>>
>> As I mentioned in another post, I've done many deposits or withdrawals
>> over the years at several banks. Some have been simply withdrawing
>> money on a bank check to purchase a vehicle and some were very large
>> deposits (like when I sold my company). I've *never* been notified
>> by any bank that a report of the transaction had been sent to the
>> IRS although I am sure they did.
>>
>> Seems like banks follow the law in different ways.
>>
>> Here's a link to the referenced description:
>>
>> <https://www.mybanktracker.com/checking/faq/rules-deposit-10000-cash-check-271595>
>
> It does seem like a great reason to have more than one bank.
> Put 8 grand or so in different banks and nothing will alert anyone as
> far as I know.
>
> OTOH my FIL just put $360k in the credit union, split between what he
> owed me (into my account) and the balance in his. We did it all at the
> kiosk in the lobby.
>

I am sure all this is reported but again, I've yet to be notified
by any bank of a transaction report filed with the IRS over the last 21
years. The year I sold the business there was a wire transferred
deposit of big bucks to one of my accounts that was set up
purposely to receive that money. Never heard anything from the
bank about it. But, I can assure you my tax bill for that year
was enough to make you gulp.

For several years we held mortgages with two couples for homes that we
sold them.

Every year we paid taxes on the interest earned.
Last March, (with my encouragement) both obtained regular mortgages
or refinancing through banks and paid off their principle balances,
totaling about $600k which was wire transferred to one of our banks.

Never heard boo from the bank about reporting the transaction.

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Re: What's all the fuss about?

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From: gfretw...@aol.com
Newsgroups: rec.boats
Subject: Re: What's all the fuss about?
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 by: gfretw...@aol.com - Mon, 25 Oct 2021 18:40 UTC

On Mon, 25 Oct 2021 07:46:38 -0400, "Mr. Luddite" <nothere@noland.com>
wrote:

>On 10/24/2021 5:37 PM, gfretwell@aol.com wrote:
>> On Sun, 24 Oct 2021 07:56:58 -0400, "Mr. Luddite" <nothere@noland.com>
>> wrote:
>>
>>> On 10/23/2021 11:06 PM, Alex wrote:
>>>> Mr. Luddite wrote:
>>>>> On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
>>>>>> On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
>>>>>>
>>>>>>> Mr. Luddite wrote:
>>>>>>>>
>>>>>>>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>>>>>>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
>>>>>>>>> <nothere@noland.com>
>>>>>>>>> wrote:
>>>>>>>>>
>>>>>>>>>>
>>>>>>>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>>>>>>>> of any bank transactions of $600 or more.
>>>>>>>>>>
>>>>>>>>>> That raised such a fuss (justifiably) that they changed it to
>>>>>>>>>> $10,000 or more.
>>>>>>>>>>
>>>>>>>>>> Still, many are complaining.
>>>>>>>>>>
>>>>>>>>>> Fact is, transactions including deposits or withdrawals of
>>>>>>>>>> $10k or more is already being reported and has been since
>>>>>>>>>> 1970.
>>>>>>>>>>
>>>>>>>>>> It's a result of the Bank Secrecy Act, also known as the Currency
>>>>>>>>>> and
>>>>>>>>
>>>>>>>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>>>>>>>
>>>>>>>>>> So, why is all the fuss about?
>>>>>>>>>
>>>>>>>>> It used to be "cash transactions" now it is all transactions
>>>>>>>>>
>>>>>>>>
>>>>>>>>
>>>>>>>> It covers other transactions as well; for example bank checks
>>>>>>>> and money orders.
>>>>>>>>
>>>>>>>
>>>>>>> I've had to fill out paperwork for cash transactions over $10K but not
>>>>>>> for wires or cashiers checks and some were over $100K.
>>>>>>
>>>>>> I have taken more than $10k out without any hassle but I know it was
>>>>>> reported by the bank. I didn't fill out any papers. Nobody asked me
>>>>>> where it went either. In one case I bought a car, in another case it
>>>>>> was my pool, several contractors. All cash tho. This was before the
>>>>>> recent change about 1099s tho (90s and 2000s). In the 2010s I was
>>>>>> throwing around a lot of cash with my addition but I may not have
>>>>>> taken >$10k at one time.
>>>>>>
>>>>>
>>>>> There has never been any paperwork to fill out.  The bank does the
>>>>> reporting, not the consumer.
>>>>>
>>>>>
>>>>> a
>>>>
>>>> You are correct that *I* didn't fill out the paperwork but the bank did
>>>> it in front of me and asked what the purpose of the withdrawal was.
>>>
>>> I just found a pretty good description of how the banks are required to
>>> report transactions of $10k or more to the IRS. They must report it
>>> within 15 days of the transaction and, according to the article, are
>>> supposed to notify you that a report has been filed.
>>>
>>> As I mentioned in another post, I've done many deposits or withdrawals
>>> over the years at several banks. Some have been simply withdrawing
>>> money on a bank check to purchase a vehicle and some were very large
>>> deposits (like when I sold my company). I've *never* been notified
>>> by any bank that a report of the transaction had been sent to the
>>> IRS although I am sure they did.
>>>
>>> Seems like banks follow the law in different ways.
>>>
>>> Here's a link to the referenced description:
>>>
>>> <https://www.mybanktracker.com/checking/faq/rules-deposit-10000-cash-check-271595>
>>
>> It does seem like a great reason to have more than one bank.
>> Put 8 grand or so in different banks and nothing will alert anyone as
>> far as I know.
>>
>> OTOH my FIL just put $360k in the credit union, split between what he
>> owed me (into my account) and the balance in his. We did it all at the
>> kiosk in the lobby.
>>
>
>I am sure all this is reported but again, I've yet to be notified
>by any bank of a transaction report filed with the IRS over the last 21
>years. The year I sold the business there was a wire transferred
>deposit of big bucks to one of my accounts that was set up
>purposely to receive that money. Never heard anything from the
>bank about it. But, I can assure you my tax bill for that year
>was enough to make you gulp.
>
>For several years we held mortgages with two couples for homes that we
>sold them.
>
>Every year we paid taxes on the interest earned.
>Last March, (with my encouragement) both obtained regular mortgages
>or refinancing through banks and paid off their principle balances,
>totaling about $600k which was wire transferred to one of our banks.
>
>Never heard boo from the bank about reporting the transaction.

I didn't think the old law even applied to cashier's checks or wires.
As I understood it this was just things that were otherwise hard to
track like cash or checks made out to cash. Other than cash the bank
had a lot of discretion over what they reported as suspicious
activity.

Re: What's all the fuss about?

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Subject: Re: What's all the fuss about?
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From: Xela...@gmail.com (Alex)
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 by: Alex - Mon, 25 Oct 2021 23:44 UTC

Mr. Luddite wrote:
> On 10/23/2021 11:06 PM, Alex wrote:
>> Mr. Luddite wrote:
>>> On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
>>>> On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
>>>>
>>>>> Mr. Luddite wrote:
>>>>>>
>>>>>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>>>>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
>>>>>>> <nothere@noland.com>
>>>>>>> wrote:
>>>>>>>
>>>>>>>>
>>>>>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>>>>>> of any bank transactions of $600 or more.
>>>>>>>>
>>>>>>>> That raised such a fuss (justifiably) that they changed it to
>>>>>>>> $10,000 or more.
>>>>>>>>
>>>>>>>> Still, many are complaining.
>>>>>>>>
>>>>>>>> Fact is, transactions including deposits or withdrawals of
>>>>>>>> $10k or more is already being reported and has been since
>>>>>>>> 1970.
>>>>>>>>
>>>>>>>> It's a result of the Bank Secrecy Act, also known as the
>>>>>>>> Currency and
>>>>>>
>>>>>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>>>>>
>>>>>>>> So, why is all the fuss about?
>>>>>>>
>>>>>>> It used to be "cash transactions" now it is all transactions
>>>>>>>
>>>>>>
>>>>>>
>>>>>> It covers other transactions as well; for example bank checks
>>>>>> and money orders.
>>>>>>
>>>>>
>>>>> I've had to fill out paperwork for cash transactions over $10K but
>>>>> not
>>>>> for wires or cashiers checks and some were over $100K.
>>>>
>>>> I have taken more than $10k out without any hassle but I know it was
>>>> reported by the bank. I didn't fill out any papers. Nobody asked me
>>>> where it went either. In one case I bought a car, in another case it
>>>> was my pool, several contractors. All cash tho. This was before the
>>>> recent change about 1099s tho (90s and 2000s). In the 2010s I was
>>>> throwing around a lot of cash with my addition but I may not have
>>>> taken >$10k at one time.
>>>>
>>>
>>> There has never been any paperwork to fill out.  The bank does the
>>> reporting, not the consumer.
>>>
>>>
>>>
>>
>> You are correct that *I* didn't fill out the paperwork but the bank
>> did it in front of me and asked what the purpose of the withdrawal was.
>
> Interesting.  Over the years I've done many transactions, withdrawals,
> deposits and wire transfers in excess of $10k and the bank involved
> (there were several) never asked what the transaction was for nor did
> they fill out any paperwork while I was present.
>
>
>

It was $80K.

Re: What's all the fuss about?

<sl7j5v$a3g$1@dont-email.me>

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From: califbil...@gmail.com (Bill)
Newsgroups: rec.boats
Subject: Re: What's all the fuss about?
Date: Tue, 26 Oct 2021 00:46:55 -0000 (UTC)
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 by: Bill - Tue, 26 Oct 2021 00:46 UTC

Alex <Xela777@gmail.com> wrote:
> Mr. Luddite wrote:
>> On 10/23/2021 11:06 PM, Alex wrote:
>>> Mr. Luddite wrote:
>>>> On 10/22/2021 9:45 PM, gfretwell@aol.com wrote:
>>>>> On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:
>>>>>
>>>>>> Mr. Luddite wrote:
>>>>>>>
>>>>>>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>>>>>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite"
>>>>>>>> <nothere@noland.com>
>>>>>>>> wrote:
>>>>>>>>
>>>>>>>>>
>>>>>>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>>>>>>> of any bank transactions of $600 or more.
>>>>>>>>>
>>>>>>>>> That raised such a fuss (justifiably) that they changed it to
>>>>>>>>> $10,000 or more.
>>>>>>>>>
>>>>>>>>> Still, many are complaining.
>>>>>>>>>
>>>>>>>>> Fact is, transactions including deposits or withdrawals of
>>>>>>>>> $10k or more is already being reported and has been since
>>>>>>>>> 1970.
>>>>>>>>>
>>>>>>>>> It's a result of the Bank Secrecy Act, also known as the
>>>>>>>>> Currency and
>>>>>>>
>>>>>>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>>>>>>
>>>>>>>>> So, why is all the fuss about?
>>>>>>>>
>>>>>>>> It used to be "cash transactions" now it is all transactions
>>>>>>>>
>>>>>>>
>>>>>>>
>>>>>>> It covers other transactions as well; for example bank checks
>>>>>>> and money orders.
>>>>>>>
>>>>>>
>>>>>> I've had to fill out paperwork for cash transactions over $10K but
>>>>>> not
>>>>>> for wires or cashiers checks and some were over $100K.
>>>>>
>>>>> I have taken more than $10k out without any hassle but I know it was
>>>>> reported by the bank. I didn't fill out any papers. Nobody asked me
>>>>> where it went either. In one case I bought a car, in another case it
>>>>> was my pool, several contractors. All cash tho. This was before the
>>>>> recent change about 1099s tho (90s and 2000s). In the 2010s I was
>>>>> throwing around a lot of cash with my addition but I may not have
>>>>> taken >$10k at one time.
>>>>>
>>>>
>>>> There has never been any paperwork to fill out.  The bank does the
>>>> reporting, not the consumer.
>>>>
>>>>
>>>>
>>>
>>> You are correct that *I* didn't fill out the paperwork but the bank
>>> did it in front of me and asked what the purpose of the withdrawal was.
>>
>> Interesting.  Over the years I've done many transactions, withdrawals,
>> deposits and wire transfers in excess of $10k and the bank involved
>> (there were several) never asked what the transaction was for nor did
>> they fill out any paperwork while I was present.
>>
>>
>>
>
> It was $80K.
>

It can be very screwy. In San Jose the Fed’s locked up the bank account
of a Hispanic lady. She did about $8000 a week in cash transactions. Fed
would not listen that it is a taco cart that is cash only. She can not
pay her suppliers, or anything else. I think when this happens, the Fed’s
should be criminally liable. And pay a penalty just like we do if we make
a mistake. They said she had to be involved with drugs to deal in cash.

Re: What's all the fuss about?

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 by: justan - Thu, 28 Oct 2021 01:30 UTC

On Fri, 22 Oct 2021 20:05:11 -0400, Alex <Xela777@gmail.com> wrote:

>Mr. Luddite wrote:
>>
>> On 10/22/2021 11:38 AM, gfretwell@aol.com wrote:
>>> On Fri, 22 Oct 2021 09:46:34 -0400, "Mr. Luddite" <nothere@noland.com>
>>> wrote:
>>>
>>>>
>>>> The Biden and the Democrats initially wanted an IRS reporting
>>>> of any bank transactions of $600 or more.
>>>>
>>>> That raised such a fuss (justifiably) that they changed it to
>>>> $10,000 or more.
>>>>
>>>> Still, many are complaining.
>>>>
>>>> Fact is, transactions including deposits or withdrawals of
>>>> $10k or more is already being reported and has been since
>>>> 1970.
>>>>
>>>> It's a result of the Bank Secrecy Act, also known as the Currency and
>>
>>>> Foreign Transactions Reporting Act that was passed in 1970.
>>>>
>>>> So, why is all the fuss about?
>>>
>>> It used to be "cash transactions" now it is all transactions
>>>
>>
>>
>> It covers other transactions as well; for example bank checks
>> and money orders.
>>
>
>I've had to fill out paperwork for cash transactions over $10K but not
>for wires or cashiers checks and some were over $100K.

You don't have to fill it out for your 100 pennies.
--
Thanks Donald. Do you miss him yet?

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