Seniors are vulnerable to scams, cons, abuse, health problems, and general problems associated with aging. This blog promises advice and information, free, to help seniors safely navigate their later years. Ealey Publishing Inc.
Tuesday, August 7, 2018
Cash can be a Problem Part I
As a result of the "war on drugs" and attempts to thwart international money laundering the federal government has created a problem for ordinary people. Using cash can be a problem.
Cash transactions of $10,000 or more are reported to the IRS by your bank.
Cash transactions less than $10,000 can be reported to the IRS if your bank suspects you of "structuring," that is, structuring deposits to consistently stay below the $10,000.
Some senior citizens prefer to deal in cash, but just understand that cash is viewed as a problem.
If you are stopped by a police officer and are found to be carrying a large amount of cash, the police may seize the cash even if they find no evidence of any criminal activity. These "civil asset forfeitures" have been a legal but controversial funding source for many local governments. If you are a minority the odds of having your cash seized are higher. Some courts have recently rediscovered the Constitution, so there is hope.
Going out of the country? There are special rules for cash and funds transfers, so check before you fly.
Use common sense and check the rules ahead of time.
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