Oh, more on the safe deposit box folks. With a personally used safe deposit box you can deduct the cost from taxes - AFTER you meet a certain threshold where such legal, financial and banking expenses exceed a percentage of your Adjusted Gross Income. BUT, if these such expenses are business related you can deduct them from the first cent! So, what I did is I got a large safe deposit box, and I use it to place my weekly rotation of backup tapes - a legitimate business use. But I also use the same box for personal items and some gold coins and bullion. I do not (have to?) report the partial personal use of the box. So I deduct the annual fee from my taxes each year, and get the use of the box at no additional personal charge or penalty. So, if you do decide to get a deposit box to "hide"/store your cash amount, open the safe deposit box under your business name and take the deduction. Be sure you have a legitimate (sounding) business purpose for the box, like storing contracts, backup tapes, etc.
heh-heh... Gil > -----Original Message----- > From: [EMAIL PROTECTED] > [mailto:[EMAIL PROTECTED] Behalf Of Gil Hale > Sent: Tuesday, November 04, 2008 12:01 PM > To: [EMAIL PROTECTED] > Subject: RE: Amount of money deposited into banks and IRS > > > Be afraid, be verrrrrryyyy afraid. > > Have you thought of possibly purchasing a few gold coins or smaller gold > bars, then simply placing them in a safe deposit box? If you go to > different coin dealers with a few grand here and there, and select your > coins/artifacts carefully so you do not lose value in the > exchange were you > to have to liquidate the artifacts shortly later. Or, just place the cash > into a dafe deposit box, in the privacy of the little room where you are > supposed to be able to put thiings into, and take things out of, the box. > If you are not concerned with interest being paid on the cash that may be > your best bet. > > Gil > > > > -----Original Message----- > > From: [EMAIL PROTECTED] > > [mailto:[EMAIL PROTECTED] Behalf Of MB Software Solutions > > General Account > > Sent: Tuesday, November 04, 2008 12:12 PM > > To: [EMAIL PROTECTED] > > Subject: Re: Amount of money deposited into banks and IRS > > > > > > [EMAIL PROTECTED] wrote: > > > I believe that if you withdraw more than 5K the bank reports > you to the > > IRS. Dont quote me in that though. > > > > > > I'm looking at it from the DEPOSIT pov, not withdrawing. > > > > > > > > > > [excessive quoting removed by server] _______________________________________________ Post Messages to: ProFox@leafe.com Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
