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BostonBill

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  1. Wow, i've never heard of a CTR for something under $10k. That is new info to me. I've heard of SAR's for transactions under $10k, but never a CTR.
  2. Yeah, i called ahead to make sure .... they said they have over $20k worth of them on hand .... Wells Fargo is the CC
  3. i fully accept that risk ... it doesnt bother me if that happens .... if my business fails, i will have much bigger financial worries than a closed credit card account ....if it succeeds, i wont need credit anymore
  4. Thank you! yes, i was just reading MS threads today....it's a whole world i never knew existed..... lots of fear-mongering out there, i got caught up in it ..... sounds like my $20k is very small peanuts in the MS world
  5. Not following you. I have a limit on this card of $30k, so why would they disallow a $20k purchase? I always make large purchases over $10k on my cards, never had an issue. Also, if i do buy MOs, it wont be at that store anyway, so no worries there. A $20,189 purchase at Wegmans looks very different to a lenders fraud department than a $20,198 purchases at Ford, Google or a utility does. It may not be an issue at all but be prepared for them to question the purchase. That said, don't even give the filing of a report a second thought. You should seek to file a report whenever the amounts in question are even close to the triggering threshold to avoid the appearance of structuring. My main point is that their is much more likely hood that you will have an issue with Wegman's or with the lender than you will have any tax issues over the transactions... as long as you keep good records and don't conceal the true nature of the transaction(s). Ahhh.... thank you so much! i was thinking about that earlier, if i should call ahead to the CC company, and pre-warn them (although, i did that once for a lawyer payment, and the charge was still declined at first LOL). Appreciate those tips - that makes sense .... yes, i will have a full audit trail of where this $ is coming from, and where every $ goes to. I won't even take out a withdrawal at an ATM from any of these prepaid cards, that's how much of a goody-two-shoes i am, LOL! I have bigger fish to fry with my business, the last thing i need is any sort of IRS worry (even if it's "too paranoid").
  6. Not following you. I have a limit on this card of $30k, so why would they disallow a $20k purchase? I always make large purchases over $10k on my cards, never had an issue. Also, if i do buy MOs, it wont be at that store anyway, so no worries there.
  7. Sorry, that's classic "structuring", in the eyes of IRS. No way would i do that, I want to keep things squeaky clean, legally. Structuring gets more people in trouble than the 10k cash and cash equivs. reporting. The first is illegal, the second is just a flag that "may" raise IRS questions but it's rare in most cases. I did a lot of the latter over the years and have never been audited or even had questions asked. See Dennis Hastert and Elliot Spitzer. Structuring is doing sub 10k transactions to avoid the 10k reporting requirement. It can be cash or cash equivalents. Also, it is illegal regardless of whether it's your legitimately held money or not. The tax aspect is irrelevant. It's a crime if you do it to avoid the 10k reporting. Exactly! you know your stuff ..... there's too much of a grey area for me to want to figure out what is or isnt structuring. Since i pay my taxes and comply with all laws, i'd rather just have a CTR filed, with ZERO chance of anything being perceived as structuring. Wegmans
  8. A good idea, but would need to pay legitimate expenses/receivers (couldn't just stockpile the money). I tried sending money to the DW once and they allowed one transaction but on the second one they wouldn't process it. Also, would cost him ~$250 more in fees vs. the Visa GCs, but a hell of a lot more convenient. Thank you. Curious - why wouldnt they allow a txn? .... were you sending $ via Paypal or Venmo?
  9. Sorry, that's classic "structuring", in the eyes of IRS. No way would i do that, I want to keep things squeaky clean, legally. There is nothing "illegal" about purchasing a gift card for any amount with borrowed funds. Now if you were to do that with money you are trying to avoid paying income tax, that would be illegal. That's correct, but the IRS often oversteps what is legal. When you see the horror stories from people who have been caught up in structuring, they usually get off, but have to spend large sums in legal fees. I don't want to create any risk of that happening. If anything, i will be making sure to do my transactions *above* $10k, so that a CTR *is* filed (thereby eliminating any chance of even the perception of structuring). I have too many large sums coming in and out, among more than 20 accounts of all types. I need to keep things 100% squeaky clean. A CTR is not that big of a deal to me, because i do pay all of my taxes.
  10. As i stated in my original post: "No BTs are available" on this card.
  11. Sorry, that's classic "structuring", in the eyes of IRS. No way would i do that, I want to keep things squeaky clean, legally.
  12. Hello - So, i have a credit card with a 0% promo APR for the next 2 years. No BT's are available. And cash advance interest rates are a crazy 25%. I want to do a purchase, at my local Wegman's, of $20k in prepaid Visa gift cards (for business capital). Wegman's will be asking for my ID and social security #. Which is fine, as i'm not doing anything illegal. However, the one concern i have - since this is over $10k, will this trigger any type of CTR or SAR with the IRS? It seems like it could, since they are asking for my SSN. But also, if i buy money orders with these gift cards, i am thinking that that may also trigger a CTR, since isnt the purchase of a MO a "cash" transaction? And now that i think about it, is the deposit of a M.O. into my checking account a "cash" transaction? In the end, it's not a huge deal, as i have had CTR's filed on me in the past when i deposited sports gambling winnings from off-shore, and since i paid my taxes on those winnings at the time (and filed form TDF 90-22.1), i had nothing to worry about. But, if i can avoid a CTR / SAR, i would like to. I am also aware of "structuring", and i dont want to do that either. Maybe i am over-thinking this, as i often do (LOL!). Any thoughts you have would be greatly appreciated. Thank you!
  13. LOL!!! this is in the healthcare space, more-so that just a pure tech play .... so it's not quite the same as a typical 'pure tech' startup .... healthcare disruption is a $1T+ opportunity that isnt going away, even if tech stocks crashed again .... just like Uber took off in the 'dark ages' of 2010 .... the opportunity to disrupt taxis didnt care about the bad economy at the time
  14. Thank you for the response! Yes, it's a business in the internet/healthcare/biohacking space, combined with blockchain ... trying to become the "Uber of healthcare" (Uber, as in "disruption", as opposed to having anything to do with transportation) ... so it's the type of business where the angels are interested based on the tech and 'use case' only, and they dont care about revenue for now. Typical 'dot com' business model, which i'm sure you're well aware of. :-) ......very high risk, but potentially very high payoff .... things are moving so fast in this space, that investors seem "sloppy", they are ready to write checks with only seeing a demo ..... my co-founder already has commitments from folks, once we get the screen shots, and beta, done

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