Payment for a trailer

[cpaharley2008]

Anything over $10k in cash, the bank has to fill out a CTR, currency transaction report.

[Jim Bennett]

That's what mattresses are for, no?

[monB]

When I bought my Scamp, I sent a personal check for 4K, and 7 days later showed up with the remainder in cash. I had been worried that she wouldn't want to accept my check to hold the trailer!

Mon

[Perry J]

In the last 7 years I have refurbished and sold at least 6 or 7 Eggs.
My the 2 most expensive were $7,500.00 and $9,800.00.
I have asked for cash for all of them with no problem.
I would never take a check from anyone I didn't know very well.

[Bob Miller]

HA.... Half the people I know real well I wouldn't take a check from either!!!

[floyd]

Originally Posted by cpaharley2008

Anything over $10k in cash, the bank has to fill out a CTR, currency transaction report.

Yeah, Guess that's the American way nowadays!
(free country and all!)
So I guess I'd consider at least two deposits on separate days.

[cpaharley2008]

No, that is considered "Structuring" and subject to a fine/penalty.

[floyd]

Originally Posted by cpaharley2008

No, that is considered "Structuring" and subject to a fine/penalty.

And to think it was only a 3 cent tax on a bail of tea that got this thing started

[Raz]

Come on Floyd. If you aren't doing anything illegal you have nothing to worry about.

[Carol H]

Originally Posted by cpaharley2008

No, that is considered "Structuring" and subject to a fine/penalty.

We have the same $10,000 and over reporting system in Canada but its only over a 24 hour period - less time than that and its as Jim calls it Structuring or in some places known as Smurfing (due to it being small deposit vs large). That's not to say if you where to do it often and not have a registered biz account and a biz that could generate large daily cash deposits the alarm bells will not go off and a visit/letter from the Feds could be expected. But if you are only making a couple of such deposits every once in a while they are not going to waste there time looking into your transactions.

[Carol H]

Originally Posted by floyd

And to think it was only a 3 cent tax on a bail of tea that got this thing started

Floyd I think you can thank the drug trade for the rule rather than a tax issue. Its to make it more difficult or stop that trade from easily getting rid of large sums of cash and transferring the money around the world unnoticed.

[Bob Miller]

Currency transaction report - Wikipedia, the free encyclopedia
Read all about it....

[floyd]

Originally Posted by Carol H

Floyd I think you can thank the drug trade for the rule rather than a tax issue. Its to make it more difficult or stop that trade from easily getting rid of large sums of cash and transferring the money around the world unnoticed.

I had a friend last week who brandished his arms to me and said he was a free man as long as there were no actual shackles on his wrists.
Guess my standards are a little higher.

But back to payment for a trailer....

We have always been cautious, but not paranoid. Once we sent the title to a buyer with only a non-refundable deposit. They needed to get registration before coming west on their way on a sabbatical.
I still had the trailer until they arrived with the balance in cash.
It was a great experience requiring mutual trust and common sense.

[floyd]

Originally Posted by P. Raz

Come on Floyd. If you aren't doing anything illegal you have nothing to worry about.

Right...Good people don't need no stinking freedom!