Suggestion Selling RV
I am by no means trying to use this forum to sell my RV. Depending on health issues I may have to go down that road. Any suggestions on the best way? Dos and don’t s thanks in advance I ho...
Forum Discussion
HadEnough wrote:camperdave wrote:rgatijnet1 wrote:
Anything over $10,000 must be reported.
When I was buying, I was told that anything over $10k must be reported by the bank, so I went in over the course of several days and withdrew $9k each time. I dunno if that helps or makes me look even more suspicious lol. But no feds have shown up yet so...
Yikes. That's structuring. That IS a federal crime, where putting through a large deposit is not.
Not really. It's only structuring if you are doing it for an illegal reason - like money laundering. There is no law against multiple transactions of different amounts. But a SAR will be filed and it will be investigated. Transactions over $9,999 being reported sounds alarming but it isn't. Banks are required to file a notice when transactions meet a particular threshold. But you aren't special, this happens hundreds of thousands of times a day and should NOT be a reason to avoid a transaction provided it's legal. Working around it with multiple smaller transactions makes it look far more suspicious and will be investigated - it would certainly look to the bank like structuring. All you've done is draw attention to yourself. If a buyer hands you cash, take it to the bank. You'll be asked the source of the funds. A SAR (suspicious activity report) might be filed - transparent to you - and move on. If no harm - no foul. Happens every day and no big deal provided it's legit.
