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IdiotMachine 04/11/21 4:34:31 PM #1: |
During a home renovation, you find $100k in cash hidden in the floor boards. Does this count as income, and are you obligated to pay taxes on this?
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Heartomaton 04/11/21 4:35:26 PM #2: |
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monkmith 04/11/21 4:35:57 PM #3: |
you report that to the cops and you'll never see it again. they'll claim its drug money or something.
--- Taarsidath-an halsaam. Quando il gioco e finito, il re e il pedone vanno nella stessa scatola ... Copied to Clipboard!
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Smashingpmkns 04/11/21 4:37:06 PM #4: |
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ProudlyHated87 04/11/21 4:43:22 PM #5: |
I wouldnt tell a soul about it. Fuck paying taxes.
--- Ryzen 9 5900X | EVGA RTX 3080 FTW3 Ultra | ASUS ROG Strix X570 | 32GB 3600Mhz Corsair Vengeance | Corsair RM1000X PSU | 2TB Samsung EVO 970 | LianLi o11 Dynamic ... Copied to Clipboard!
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Pitlord_Special 04/11/21 4:46:30 PM #6: |
It came with the property purchase so no
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KILBOTz 04/11/21 4:46:46 PM #7: |
https://en.wikipedia.org/wiki/Cesarini_v._United_States
looks like yes so i wouldnt tell anyone. Use it for smaller purchases over 5-10 years and no one will ever know. --- ... Copied to Clipboard!
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ElatedVenusaur 04/11/21 4:50:52 PM #8: |
Legally? You're probably obligated to report it lost, which would probably lead to you losing it entirely.
And if it were ultimately awarded to you? My guess is that it would be income, and that the IRS would very much like you to report that on line 21 of your 1040 (because, no joke, IRS Publication 17 politely requests that you report any bribes you receive as income under line 21, so why would this be different?) Of course, because it's cash, you could, theoretically, get away with not doing any of those things. ... Copied to Clipboard!
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3PiesAndAFork 04/11/21 4:53:33 PM #9: |
I wonder if I could buy a car in cash...
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hitokoriX 04/11/21 4:56:59 PM #11: |
100k isn't enough to risk my life over. I don't take what doesn't belong to me
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IdiotMachine 04/11/21 4:59:16 PM #12: |
hitokoriX posted...
100k isn't enough to risk my life over. I don't take what doesn't belong to meBut it's part of the house. You bought the house. Isn't it yours? --- ... Copied to Clipboard!
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chrono625 04/11/21 5:09:36 PM #13: |
hitokoriX posted...
100k isn't enough to risk my life over. I don't take what doesn't belong to me who tf would sell a home and forget 100k in cash was left somewhere inside the home. --- https://imgur.com/Rqk1DYV - Super Bowl XXI/XXV/XLII/XLVI Champions - NY Giants Eli Manning SB tracker: 2/2 Superbowls 2/2 SBMVP's ... Copied to Clipboard!
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ghettoraider81 04/11/21 5:16:27 PM #14: |
chrono625 posted...
who tf would sell a home and forget 100k in cash was left somewhere inside the home. Wealthy people hide cash in their houses all the time. Person dies, kids dont know where it all was stashed, just one way it could happen. --- Win, lose, or tie Oakland Raiders til I die! WHY'S THE RUM GONE! S.M.O.K.E my anti sXe ... Copied to Clipboard!
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CanuckCowboy 04/11/21 5:16:32 PM #15: |
Smashingpmkns posted...
I just wouldn't tell anyone about it ProudlyHated87 posted... I wouldnt tell a soul about it. Fuck paying taxes. --- "A dope trailers no place for a kitty, Ricky. Thats why." https://files.catbox.moe/gqwlkg.jpeg ~ by JimCarrysToe. Be amaze. ... Copied to Clipboard!
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Smashingpmkns 04/11/21 5:23:57 PM #16: |
It would be incredibly easy to deposit all of that money into your account over the course of a few dozen weeks without setting off any flags too. Reporting it would be foolish unless you absolutely do not want a free $100k.
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Unsugarized_Foo 04/11/21 5:27:36 PM #17: |
Finders keepers is the rule unless it's been reported lost or the original owner claims it
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DrizztLink 04/11/21 5:29:59 PM #18: |
Smashingpmkns posted...
It would be incredibly easy to deposit all of that money into your account over the course of a few dozen weeks without setting off any flags too. Reporting it would be foolish unless you absolutely do not want a free $100k.Have fun in jail, Capone. --- ... Copied to Clipboard!
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chrono625 04/11/21 5:31:22 PM #19: |
Smashingpmkns posted...
It would be incredibly easy to deposit all of that money into your account over the course of a few dozen weeks without setting off any flags too. Reporting it would be foolish unless you absolutely do not want a free $100k. or just pay for things like groceries, clothing and other things with cash over time. private businesses love cash. Doing a renovation project? Cash is king. --- https://imgur.com/Rqk1DYV - Super Bowl XXI/XXV/XLII/XLVI Champions - NY Giants Eli Manning SB tracker: 2/2 Superbowls 2/2 SBMVP's ... Copied to Clipboard!
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IdiotMachine 04/11/21 5:33:41 PM #20: |
Smashingpmkns posted...
It would be incredibly easy to deposit all of that money into your account over the course of a few dozen weeks without setting off any flags too. Reporting it would be foolish unless you absolutely do not want a free $100k.Not really. Regularly depositing large amounts of cash compels your bank to report it. Any deposit over $10k also compels your bank to report to the federal government as well. --- ... Copied to Clipboard!
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ToPoPO 04/11/21 5:36:21 PM #21: |
If the bills were marked and tracked you might be fucked
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Smashingpmkns 04/11/21 5:38:04 PM #22: |
IdiotMachine posted...
Not really. Regularly depositing large amounts of cash compels your bank to report it. Any deposit over $10k also compels your bank to report to the federal government as well. $10k a week. And they don't report it to the IRS they add a flag to your account in case you are under investigation by the IRS and the bank is questioned about your account. There's no reason you'd need to deposit more than even $5k a week if you came into this much money at once. --- ... Copied to Clipboard!
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No_U_L7 04/11/21 5:39:52 PM #23: |
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IdiotMachine 04/11/21 6:09:51 PM #24: |
Smashingpmkns posted...
$10k a week. And they don't report it to the IRS they add a flag to your account in case you are under investigation by the IRS and the bank is questioned about your account. There's no reason you'd need to deposit more than even $5k a week if you came into this much money at once.No, they report it: https://www.occ.treas.gov/topics/supervision-and-examination/bsa/index-bsa.html Under the Bank Secrecy Act (BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering, such as: --- ... Copied to Clipboard!
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Payzmaykr 04/11/21 6:12:21 PM #25: |
Technically, yes. The smart thing to do would be to never report it or put it in the bank and use it to randomly pay for smaller things like groceries, clothes, gas, etc. If you tried to buy something big with it, then the IRS would definitely want to know how you suddenly had the money (unless you were already rich).
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NeonOctopus 04/11/21 6:13:45 PM #27: |
If you don't tell anyone about it, it doesnt count lolololololol
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