Author Topic: Gaining points/miles on a credit card...? (Read 9795 times)

MarkS · « **Reply #20 on:** March 18, 2010, 06:15:48 PM »

Quote from: chulentlover on March 18, 2010, 05:18:34 PM

Anyone have any information on this "cash equivalent" thing?

I do it all the time with my SPG Amex and never had that.

Yellow · « **Reply #21 on:** March 18, 2010, 08:58:40 PM »

Quote from: MarkS on March 18, 2010, 06:15:48 PM

I do it all the time with my SPG Amex and never had that.

Thanks a bunch mark!

joesol · « **Reply #22 on:** March 25, 2010, 03:36:16 PM »

Is there a limit I can deposit into the bank?

btw- new member here. Been reading the forum for a while. I appreciate all the great knowledge.

Dan · « **Reply #23 on:** March 25, 2010, 03:42:45 PM »

Quote from: joesol on March 25, 2010, 03:36:16 PM

Is there a limit I can deposit into the bank?

btw- new member here. Been reading the forum for a while. I appreciate all the great knowledge.

Depends on the bank.
I've done as much as $9,975 in a shot.

Yellow · « **Reply #24 on:** March 25, 2010, 09:44:09 PM »

wow Dan thats a lot!
I'm getting a shipment of 250 dollars worth, and i thought i might have trouble with that, but i'm no longer nervous!

May i ask which bank you used? Chase?
Also, are you still cashing in on the coins?

WAM · « **Reply #25 on:** May 23, 2010, 02:49:45 PM »

Is there any problem when it comes to taxes? From what I've been reading, US banks will report significant deposit amounts to the IRA. I don't wanna mess with guilty until proven innocent ppl. Any info on this?

Thanks

md · « **Reply #26 on:** May 23, 2010, 03:01:50 PM »

Yes, banks are required to report all cash deposits over $??? to the IRS. I therfore don't do the mint coins.

bands · « **Reply #27 on:** May 24, 2010, 12:04:31 AM »

banks are only required to report cash deposits greater than $10,000

WAM · « **Reply #28 on:** May 24, 2010, 02:33:49 PM »

Sp my question is directed at those who DO the mint coins. And those who DO deposit more than $10,000 why are you not worried about the bank sending out a Form 8300 to the IRS?

http://www.irs.gov/businesses/small/article/0,,id=148821,00.html scroll to the bottom of the page, you'll see that the IRS calls for a Currency Transaction Report. Why does Dan seem not to care? Is it because the most he's deposited was $9,975? If he would deposit $25 the next day, it doesn't count as a related transaction? Is it not called suspicious activity when you deposit $9975 once a week for 4 weeks in a row?

steve2 · « **Reply #29 on:** May 24, 2010, 03:19:20 PM »

The IRS is only looking for those who are either laundrying $$ or involved in the drug trade which is all Ca$h. if you can show you have a chain of laundmats = why all cash.they couldnt care less, of cause providing you paid the proper taxes

I thougt it was $3k max in 1 day with any 1 Bank no matter the Branches used that triggers 1 type of report. as long as Im not told I must wait as they fill them out I couldnt less what they do

MarkS · « **Reply #30 on:** May 24, 2010, 09:57:44 PM »

Its $10,000 transactions. You could do $9,999 a day and they won't report it. It's not a matter of raising flags. The law requires the bank to report only cash deposits of $10,000 and over. Anything else they don't know about.

WAM · « **Reply #31 on:** May 25, 2010, 07:00:19 AM »

Quote from: steve2 on May 24, 2010, 03:19:20 PM

The IRS is only looking for those who are either laundrying $$ or involved in the drug trade which is all Ca$h. if you can show you have a chain of laundmats = why all cash.they couldnt care less, of cause providing you paid the proper taxes

I thougt it was $3k max in 1 day with any 1 Bank no matter the Branches used that triggers 1 type of report. as long as Im not told I must wait as they fill them out I couldnt less what they do

So would you have to pay income tax on $500,000 in coin deposits - even though it's not actually income? If yes, how much are you actually gaining?

md · « **Reply #32 on:** May 25, 2010, 08:15:12 AM »

No, you woud not have to pay income tax on coins that you purchased & deposited. However, cash deposits are flagged with the IRS & could trigger an audit of you income taxes. Most people can do without such an audit, even when there is nothing to hide.

Yordai Dooma · « **Reply #33 on:** May 25, 2010, 10:42:55 AM »

I have heard that it is a federal offense to purposely deposit less than 10,000 cash in order to avoid it being reported. How they can prove that? no clue!

MarkS · « **Reply #34 on:** May 27, 2010, 09:03:50 AM »

There is no way they could prove that! It is also agaist the law to commit suicide, but although people have been charged with attempting this, no one who actually commited the crime has ever been arrested! Some laws were made just to scare people into compliance.

Chaikel · « **Reply #35 on:** May 27, 2010, 01:29:07 PM »

It isn't illegal to keep on doing under 10k, it's illegal to hide income from the gov't no matter the amount. In order to prevent ppl from hiding money, the IRS requires banks to file if someone deposits 10k or more. Since there isn't any income being hidden, there is nothing illegal being done (insofar as tax evasion goes). It is unlikely that a single deposit of >10k would trigger an audit of a person who files taxes, but most ppl don't feel the need to test Uncle Sam.

I happen to know an IRS agent, and what he told me was that multiple deposits of slightly less than 10k (wouldn't say how much) can also trigger an investigation. Banks are required to report all "suspicious activity" to the IRS. So you guys may want to dial it down a little more if you are doing it a few times a week.

mancunian · « **Reply #36 on:** May 27, 2010, 05:39:07 PM »

below 2k they cant report it, but above that till 10k its up to their descretion. so i've been told...

Avid Reader · « **Reply #37 on:** May 28, 2010, 05:10:56 AM »

Quote from: MarkS on May 27, 2010, 09:03:50 AM

There is no way they could prove that! It is also agaist the law to commit suicide, but although people have been charged with attempting this, no one who actually commited the crime has ever been arrested! Some laws were made just to scare people into compliance.

They don't arrest for suicide, they just put him in the G building.

Yordai Dooma · « **Reply #38 on:** June 16, 2010, 12:16:02 PM »

Quote from: DealPrincess on March 25, 2010, 09:44:09 PM

wow Dan thats a lot!
I'm getting a shipment of 250 dollars worth, and i thought i might have trouble with that, but i'm no longer nervous!

May i ask which bank you used? Chase?
Also, are you still cashing in on the coins?

Have you found anywhere in chicago that will still accept these coins? All the banks i deal with wont take them anymore...

yare · « **Reply #39 on:** June 16, 2010, 12:57:39 PM »

go a couple miles out to an area that's not near the yeshivish velt and open an account there... shouldnt give you any problems depositing