Comments by "B Bodziak" (@B_Bodziak) on "Johnny Harris"
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@kcbowman4042 Any transaction over 9,999.99 done at a bank must be reported to the IRS. Any cash above that amount that is "found" by a county, city, state or federal officer can be confiscated (usually is) regardless of the reason you have that amount in cash. You can show an officer your receipts for withdrawing it and the communications between you and say, the owner of a tractor you are interested in purchasing for 10+k, BUT, that officer is supposed to confiscate the cash and let a court figure it out. Happened to me. Technically, they can keep it indefinitely, and it's incredibly difficult to get it returned. At a minimum, you're going to have to hire an attorney who practices in the jurisdiction of the confiscation. The $9,999+ threshold has been in effect for over 25 years and has never increased . It was initially passed federally to stop drug deals, but every state quickly followed suit with their own laws.
Anyone who has travelled and is coming into the US, Customs (ICE) requires all passengers/arrivals to make a declaration if they are carrying over the equivalent of 10k USD in cash, bonds, etc. Most people carrying that type of cash on an airplane also bring a letter from their bank with specifics about the origins of the cash. Even with the letter, customs can still confiscate it. However, customs' officers are aware that many people who are visiting the US, especially from a few countries in South America, are almost boxed-in by their governments on regulations on hpw mu
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