Survivalist Forum

Advertise Here

Go Back   Survivalist Forum > Survival & Preparedness Forum > Financial Forum
Articles Chat Room Classifieds Donations Gallery Groups Links Store Survival Files



Financial Forum Economics and Precious Metals

Advertise Here
Reply
 
Thread Tools Display Modes
Old 07-21-2010, 07:25 AM
bulrush's Avatar
bulrush bulrush is offline
Survivor
 
Join Date: Jun 2009
Location: West Michigan
Posts: 2,354
Thanks: 70
Thanked 1,205 Times in 727 Posts
Default Illegal to have cash at home?



Advertise Here

I saw on Cops once that it was illegal to have more than $100 in cash at your home, in your car, or on your person, otherwise you are assumed to be a drug dealer (no other evidence of drug dealing was required, just the cash), and you can be prosecuted under the drug laws.

- Is this true?
- Do officers really bend this and put anyone in jail who has a little extra cash for a rainy day?

This would probably affect us preppers quite a lot.
Old 07-21-2010, 07:28 AM
123Testing 123Testing is offline
I love this forum
 
Join Date: Mar 2009
Location: Neither here, nor there
Posts: 2,957
Thanks: 3,216
Thanked 3,658 Times in 1,406 Posts
Default

sounds like BS to me
Old 07-21-2010, 07:30 AM
LEPER LEPER is offline
Hunter
 
Join Date: Jul 2009
Posts: 1,079
Thanks: 219
Thanked 1,254 Times in 542 Posts
Default

Short answer is no. It used to be that if you had more than $10K in a single transaction it would be reported, now it is $5K, they just didn't tell anyone they reduced it. IMO if you had $30K in cash on you and you were searched for some reason, they would want an explanation that you weren't a drug dealer or something. Lots of people walk around with a grand in their pocket. Some people walk around with gold too.
The Following 2 Users Say Thank You to LEPER For This Useful Post:
Old 07-21-2010, 07:34 AM
bluetrain's Avatar
bluetrain bluetrain is offline
Who is John Galt?
 
Join Date: Nov 2008
Location: Western NC, Hickory area
Age: 52
Posts: 585
Thanks: 215
Thanked 353 Times in 204 Posts
Default

Quote:
Originally Posted by 123Testing View Post
sounds like BS to me
I agree with 123, but I have heard before that if you pay cash of items and you use $10, 000 or more in cash (edit: ok, $5k), that the buyer is suppose to report it.....to whom I have no idea, but for the same reasons, you know only a drug dealer would have 10k+ in cash.....my wife's uncle basically pays cash for everything but when he made his last truck purchase, he just deposited the money in his checking account and wrote a check....so.
The idea that someone pays with cash or has cash on them is wrong/criminal rubs me wrong in so many ways. I have said it before, I hate credit card companies and I hate banks, even my small local community bank has become a bunch of retards.

Last edited by bluetrain; 07-21-2010 at 07:35 AM.. Reason: Change in detail
The Following 2 Users Say Thank You to bluetrain For This Useful Post:
Old 07-21-2010, 07:40 AM
cheftothestars's Avatar
cheftothestars cheftothestars is offline
You looking at me!
 
Join Date: Jun 2009
Location: In the Matrix
Posts: 3,833
Thanks: 5,691
Thanked 3,434 Times in 1,591 Posts
Default

Its generally about possible money laundering and criminal activities.

If its in your own home you take your own risks wih break ins etc.

If youre walking around the street with lots of cash that seems dumb to me.

If youre not doing anything wrong who cares where you keep your cash!
Old 07-21-2010, 07:42 AM
FranchiseKid's Avatar
FranchiseKid FranchiseKid is offline
Survivor
 
Join Date: Oct 2008
Posts: 3,110
Thanks: 1,609
Thanked 8,930 Times in 2,020 Posts
Default

Yeah, as part of the Patriot Act you report transactions over $10K and many banks I know of will use an aggregate for the day (so if you deposit $5K at one place and $5K at another, that is looked at as $10K and reported). If it is $5K now, that would not surprise me. Who knew using cash would make you a suspect... only in America.
The Following 8 Users Say Thank You to FranchiseKid For This Useful Post:
Old 07-21-2010, 07:57 AM
cheftothestars's Avatar
cheftothestars cheftothestars is offline
You looking at me!
 
Join Date: Jun 2009
Location: In the Matrix
Posts: 3,833
Thanks: 5,691
Thanked 3,434 Times in 1,591 Posts
Default

Quote:
Originally Posted by FranchiseKid View Post
Yeah, as part of the Patriot Act you report transactions over $10K and many banks I know of will use an aggregate for the day (so if you deposit $5K at one place and $5K at another, that is looked at as $10K and reported). If it is $5K now, that would not surprise me. Who knew using cash would make you a suspect... only in America.
Same in the UK
Old 07-21-2010, 08:18 AM
MIL-DOT's Avatar
MIL-DOT MIL-DOT is online now
huh......what?
 
Join Date: Nov 2008
Location: "...front row seat for the end of the world."
Posts: 10,460
Thanks: 13,040
Thanked 28,202 Times in 7,087 Posts
Default

As I understand, the $10,000 reporting thing pre-dates the Patriot Act by many years. I was aware that they'd lowered the limit for what will be reported, but even that isn't etched in stone, as bank emplyees are taught to report ANY activity that seems suspicious. So, if you come in and deposit a thousand bucks a day, and it gets their attention, they'll notify the IRS.
Also, there was a jusrisdiction (county? town?) somewhere in Texas that got some national attention for confiscating any large amount of cash when they pulled people over. They just ASSUMED it was drug related, and took it, then let the individual go through legal channels to get it returned.Turned out to be a big scam that everyone including the Sherrif,Mayor and even D.A. was in on.
The Following 2 Users Say Thank You to MIL-DOT For This Useful Post:
Old 07-21-2010, 08:50 AM
Cheapsuits's Avatar
Cheapsuits Cheapsuits is offline
Target Shooter
 
Join Date: Mar 2009
Posts: 422
Thanks: 184
Thanked 587 Times in 238 Posts
Default

I understand the reporting limits but that doesn't mean you can't have a million in cash lying around the casa. It just limits your movement to $4999 oa pop to certain entities. http://www.irs.gov/compliance/enforc...113003,00.html
The Following 2 Users Say Thank You to Cheapsuits For This Useful Post:
Old 07-21-2010, 09:16 AM
FranchiseKid's Avatar
FranchiseKid FranchiseKid is offline
Survivor
 
Join Date: Oct 2008
Posts: 3,110
Thanks: 1,609
Thanked 8,930 Times in 2,020 Posts
Default

Quote:
Originally Posted by MIL-DOT View Post
As I understand, the $10,000 reporting thing pre-dates the Patriot Act by many years. I was aware that they'd lowered the limit for what will be reported, but even that isn't etched in stone, as bank emplyees are taught to report ANY activity that seems suspicious. So, if you come in and deposit a thousand bucks a day, and it gets their attention, they'll notify the IRS.
Also, there was a jusrisdiction (county? town?) somewhere in Texas that got some national attention for confiscating any large amount of cash when they pulled people over. They just ASSUMED it was drug related, and took it, then let the individual go through legal channels to get it returned.Turned out to be a big scam that everyone including the Sherrif,Mayor and even D.A. was in on.
Reporting the $10K predates the Patriot Act? I was unaware. And yes, bank employees are taught to report anything suspicious.
Old 07-21-2010, 09:17 AM
McLovin's Avatar
McLovin McLovin is offline
Organ Donor
 
Join Date: May 2009
Location: 892 Momona St, Honolulu, HI
Posts: 618
Thanks: 169
Thanked 822 Times in 290 Posts
Default

There are also laws dealing with reporting cash when you enter or leave the country. It's not a crime to enter the US with a 100 grand in cash but it is a crime to not report it when they ask.

McLOVIN
Old 07-21-2010, 09:22 AM
yappat's Avatar
yappat yappat is offline
That's "Ma'am" to you
 
Join Date: Jun 2010
Location: Southern IL
Posts: 2,288
Thanks: 469
Thanked 5,059 Times in 1,524 Posts
Default

Quote:
Originally Posted by bulrush View Post
I saw on Cops once that it was illegal to have more than $100 in cash at your home, in your car, or on your person, otherwise you are assumed to be a drug dealer (no other evidence of drug dealing was required, just the cash), and you can be prosecuted under the drug laws.

- Is this true?
- Do officers really bend this and put anyone in jail who has a little extra cash for a rainy day?

This would probably affect us preppers quite a lot.
I'm guessing that having cash alone is not a prosecutable offense, but gives "probable cause" to allow the officer to legally search the car or house for drugs. That way you can't come back and sue them for illegal search because all they have to do is say "but they had all this cash! It's totally reasonable to think they might be a drug dealer!"

People pay for hundreds of dollars of goods all the time with cash. Never seen one arrested for it yet.
Old 07-21-2010, 09:26 AM
spur's Avatar
spur spur is offline
Member
 
Join Date: Jun 2010
Posts: 96
Thanks: 19
Thanked 39 Times in 27 Posts
Default

Anything above 5k is likely to land you in a police cell in the UK pending investigation. If I had 5k, which I don't, I'd keep it in various places.
Old 07-21-2010, 09:38 AM
Skyjump136's Avatar
Skyjump136 Skyjump136 is offline
Veritas Aequitas
 
Join Date: Jul 2009
Posts: 1,950
Thanks: 746
Thanked 3,056 Times in 1,017 Posts
Default

Quote:
Originally Posted by FranchiseKid View Post
Reporting the $10K predates the Patriot Act? I was unaware. And yes, bank employees are taught to report anything suspicious.
Yep. My first job out of college was a management trainee/bank officer for a regional bank. Even in 2000 we were reporting cash transactions of $10k or more. At just $2500 in cash many banks will report Suspicious Activity Report (or SAR). Even if something just doesn't feel right then there is no dollar limit on submitting the SAR. Generally that is kept internal at the bank, but it can be forwarded to the Feds if things really look out of place.
Old 07-21-2010, 09:57 AM
JoeInSTL JoeInSTL is offline
Hiker
 
Join Date: Apr 2008
Location: USA
Posts: 567
Thanks: 374
Thanked 547 Times in 233 Posts
Default

Quote:
Originally Posted by Skyjump136 View Post
Yep. My first job out of college was a management trainee/bank officer for a regional bank. Even in 2000 we were reporting cash transactions of $10k or more. At just $2500 in cash many banks will report Suspicious Activity Report (or SAR). Even if something just doesn't feel right then there is no dollar limit on submitting the SAR. Generally that is kept internal at the bank, but it can be forwarded to the Feds if things really look out of place.
This is correct. Also, keep in mind the IRS is going to ask you where your money came from if they decide to audit you. Let's say you deposit small amounts like $1,000 per month. They are going to want to know where all of that came from and whether or not you paid taxes on it.
Old 07-21-2010, 11:12 AM
Rascals's Avatar
Rascals Rascals is offline
Never Give up
 
Join Date: Dec 2008
Location: Portland Or
Posts: 6,506
Thanks: 9,294
Thanked 11,243 Times in 3,694 Posts
Default

Quote:
Originally Posted by FranchiseKid View Post
Yeah, as part of the Patriot Act you report transactions over $10K and many banks I know of will use an aggregate for the day (so if you deposit $5K at one place and $5K at another, that is looked at as $10K and reported). If it is $5K now, that would not surprise me. Who knew using cash would make you a suspect... only in America.
The reason for that is that our government is trying so hard to make sure nobody has any cash they cant beleive people can actually have any. Think about it they tax and tax and tax anything they can and its getting worste everyday. So you can see there problem. They just dont understand that people could actually have any money after they work so hard to take it away.
The Following 2 Users Say Thank You to Rascals For This Useful Post:
Old 07-21-2010, 11:14 AM
seawind seawind is offline
Survivor
 
Join Date: Sep 2009
Posts: 2,910
Thanks: 6,994
Thanked 4,294 Times in 1,574 Posts
Default

A few years ago there was a bunch of stories in the press about people haveing large amounts of cash confiscated by police on suspicion on money laundering. You had to go to court and prove you were not guilty to get your money back. In some cases it turned out some towns were useing the money as a funding source. People leaving the country with large sums of cash had the same problem.
It's source in law maybe found (?) in the same law that allows the seizure or cars, houses, ect. used for illegal reasons.
Needless to say the cost of going to court cost more in many cases than the amount seized.
Wish I could remember more.(I seem to recall that their was no minimum amount with regards to seizure) Wonder if this would also apply to gold/PM found on a person.(my guess,it would).
The thing to bear in mind is that the seizure could take place simply based on suspicion of wrong doing.
Old 07-21-2010, 12:00 PM
ozarkeagle ozarkeagle is offline
Hunter
 
Join Date: Mar 2009
Posts: 1,749
Thanks: 1,134
Thanked 2,030 Times in 798 Posts
Default

Yep and now they want to track and tax any gold and silver transactions over 600 dollars, also they are taxing any money you try and move offshore and installing full body scanners at the airports. The noose is slowly being tightened, the exits are being sealed. It's obvious our freedoms are slipping away.
Old 07-21-2010, 02:06 PM
Vergeltung's Avatar
Vergeltung Vergeltung is offline
Behind Enemy Lines
 
Join Date: Nov 2008
Posts: 3,412
Thanks: 7,356
Thanked 3,020 Times in 1,497 Posts
Default

Quote:
Originally Posted by bulrush View Post
I saw on Cops once that it was illegal to have more than $100 in cash at your home, in your car, or on your person, otherwise you are assumed to be a drug dealer (no other evidence of drug dealing was required, just the cash), and you can be prosecuted under the drug laws.
- Is this true?
- Do officers really bend this and put anyone in jail who has a little extra cash for a rainy day?
This would probably affect us preppers quite a lot.
complete BS.
Old 07-21-2010, 05:57 PM
countryboy123's Avatar
countryboy123 countryboy123 is offline
Scarred for life...
 
Join Date: Feb 2008
Posts: 3,295
Thanks: 1,796
Thanked 5,195 Times in 1,563 Posts
Default

Quote:
Originally Posted by bulrush View Post
I saw on Cops once that it was illegal to have more than $100 in cash at your home, in your car, or on your person, otherwise you are assumed to be a drug dealer (no other evidence of drug dealing was required, just the cash), and you can be prosecuted under the drug laws.

- Is this true?
- Do officers really bend this and put anyone in jail who has a little extra cash for a rainy day?

This would probably affect us preppers quite a lot.

Ive never heard it as low as 100 dollars but yes they can and often do confiscate money from people under the pretense that it is drug money.

The local cops here used to do it in certain areas all the time and confiscate everything they could find and take out of every car they stopped.

It got so bad I ended up bolting an ammo box with a padlock to my truck floor.

I kept 20 dollars, my license and my registration and put everything else in the box.
Reply

Bookmarks



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
throwing my hat into the ring (AKA Home Sweet Home) preparedmama Books, Movies & Stories 28 10-12-2013 11:02 AM
Cash Back Credit Cards Vs Cash BJJ_Grappler General Discussion 14 09-23-2010 02:12 PM
Tx:Nearly 40 illegal immigrants found inside home madcritter General Discussion 2 06-17-2010 12:28 PM
Bible study at home illegal Paradox Religious Discussion 12 05-25-2009 12:39 PM
Cash otis8888 New Member Introduction 1 07-31-2008 10:25 PM


All times are GMT -5. The time now is 02:11 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.
Copyright Kevin Felts 2006 - 2012,
Green theme by http://www.themesbydesign.net


This site is Gunny Approved