Title is self explanatory but I’m wondering how I can transfer money from my Coinbase acc to my bank acc without getting flagged from my bank. Would I need to change my daily deposit amount or what to say whenever my acc goes from low 100’s to 1,000’s of $. I’m lost and an knowledge or insight would really help
How do I sell and transfer crypto to bank without getting flagged |
 (Jun 23, 2022 07:49 AM)Pluthus Wrote: Title is self explanatory but I’m wondering how I can transfer money from my Coinbase acc to my bank acc without getting flagged from my bank. Would I need to change my daily deposit amount or what to say whenever my acc goes from low 100’s to 1,000’s of $. I’m lost and an knowledge or insight would really help How do you know your bank is going to flag you? Is the amount over 10k? (Jun 23, 2022 07:59 AM)G Eazy Wrote: How do you know your bank is going to flag you? Is the amount over 10k? I can transfer in smaller amounts but eventually within a few weeks it will be over 10k so I guess im asking how can I do that continuously? Or is there a different way ? (Jun 23, 2022 08:01 AM)Pluthus Wrote: I can transfer in smaller amounts but eventually within a few weeks it will be over 10k so I guess im asking how can I do that continuously? Or is there a different way ? Doing it in smaller amounts would definitely be a good idea for a personal checking account that hasn't really ever had much money in it. I opened a new account around 6 months ago and dropped over 10k into it with no issues, flags, etc... I'm assuming it depends on the bank my money came from my RH account didn't seem to be a problem.  
Jun 23, 2022 08:37 AM
(This post was last modified: Jun 23, 2022 08:38 AM by SUI-3183372.)
What you're asking for is advice on structuring, aka the act of evading the currency transaction reporting requirements to duck/dodge regulators. This in its self is a felony and you can land yourself in a lot of trouble for it.
Quote:Structuring is the act of parceling what would otherwise be a large financial transaction into a series of smaller transactions to avoid scrutiny by regulators and law enforcement. https://www.law.cornell.edu/uscode/text/31/5324  (Jun 23, 2022 07:59 AM)G Eazy Wrote: How do you know your bank is going to flag you? Is the amount over 10k? That’s not the only flagging a bank does. Steady deposits of static amounts get flagged. Frequent deposits just shy of 10k will get flagged. Frequent deposits from locations known to be on/off ramps for fraud or criminal activity will get flagged. Given OPs concern, I’m guessing the money is either ill-gotten or they want to avoid paying taxes, in which case they’re shit out of luck. There is no way to get money into your bank account in large quantities in a timely manor that won’t require some sort of tax trail. (Jun 23, 2022 11:29 AM)Lilith Wrote: That’s not the only flagging a bank does. Steady deposits of static amounts get flagged. Frequent deposits just shy of 10k will get flagged. Frequent deposits from locations known to be on/off ramps for fraud or criminal activity will get flagged. I agree with you obviously he doesn't want to be seen but it's a bank so you will. 
So you’re basically looking to evade taxes? Yeah I wouldn’t suggest doing that. Even if you do small amounts, they are going to notice it and report it. I wouldn’t risk it. Don’t evade and pay your dues as much as that sucks to hear.
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I didn’t mean to state the question as how to evade taxes I will 100% be paying my taxes, I meant it more in the context of just if I transfer a certain amount will it freeze my account. It’s from social media managing So I just send a invoice to the client and then that is what I would show if the IRS was interested in my acc. Thank you for all the advice
(Jun 23, 2022 11:52 AM)Pluthus Wrote: I didn’t mean to state the question as how to evade taxes I will 100% be paying my taxes, I meant it more in the context of just if I transfer a certain amount will it freeze my account. It’s from social media managing So I just send a invoice to the client and then that is what I would show if the IRS was interested in my acc. Thank you for all the advice Best of luck to you.
Jun 23, 2022 12:28 PM
(This post was last modified: Jun 23, 2022 12:29 PM by SUI-3183372.)
(Jun 23, 2022 11:52 AM)Pluthus Wrote: I didn’t mean to state the question as how to evade taxes I will 100% be paying my taxes, I meant it more in the context of just if I transfer a certain amount will it freeze my account. It’s from social media managing So I just send a invoice to the client and then that is what I would show if the IRS was interested in my acc. Thank you for all the advice Banks don't just freeze your account for receiving payment for legal and legitimate services. I don't know a single other Social Media Manager, or a single other person for that matter, who has to structure deposits to their bank in order to avoid account closures. You're also not afraid to send small amounts, so your bank isn't anti-crypto. You're lying to us now, you're up to something fraudulent. (Jun 23, 2022 11:52 AM)Pluthus Wrote: I didn’t mean to state the question as how to evade taxes I will 100% be paying my taxes, I meant it more in the context of just if I transfer a certain amount will it freeze my account. It’s from social media managing So I just send a invoice to the client and then that is what I would show if the IRS was interested in my acc. Thank you for all the advice If it is through legitimate means then you don't have to worry about a single thing. File the proper paperwork, pay your taxes, and you'll be good to go. Plain and simple. The only reason your account would be frozen is if you're being charged with a crime which requires far more than "hey this deposit is larger than expected." The specific deposit might be put on hold initially because certain forms may need to be filled out but an account would have to point you in the right direction to prevent that, not us. |
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