Silk Road forums
Discussion => Silk Road discussion => Topic started by: danconia on October 02, 2012, 07:15 pm
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I was looking on the internet and surprised to find that there doesn't seem to be a good forum out there on the topic of handling taxes and hiding your money from the government. I guess a regular site would get shut down but maybe an encrypted forum like what we have here would be useful for those of us trying to keep our finances protected from the predations of the government.
Also, a lot of people on here are probably making a lot of money by selling illicit materials that I assume would have to eventually require money laundering in order to keep the IRS off of their back. Is there a good forum that discusses these sorts of issues?
For instance:
If someone is buying from SR and selling locally for cash, is it okay to deposit that cash into their bank account or can the IRS get a hold of someone's bank statements to make sure they are declaring all income? Are cash deposits considered income?
What about cash purchases of cars? Will those have to be declared to comply with the laws?
Or what if someone is bringing in enough cash to their bank account that they decide to buy a new house (or get a mortgage and start paying off the principal)? Would this catch the attention of the IRS?
Naturally I'm mostly referring to US laws because that's where I happen to be from. And for the record I am not saying that people should not contribute to the well-being of their community... just there are plenty of people here I'm sure who believe their money is better when it's not in the hands of the state.
What do you guys think?
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<removed>
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I was looking on the internet and surprised to find that there doesn't seem to be a good forum out there on the topic of handling taxes and hiding your money from the government. I guess a regular site would get shut down but maybe an encrypted forum like what we have here would be useful for those of us trying to keep our finances protected from the predations of the government.
Also, a lot of people on here are probably making a lot of money by selling illicit materials that I assume would have to eventually require money laundering in order to keep the IRS off of their back. Is there a good forum that discusses these sorts of issues?
For instance:
If someone is buying from SR and selling locally for cash, is it okay to deposit that cash into their bank account or can the IRS get a hold of someone's bank statements to make sure they are declaring all income? Are cash deposits considered income?
What about cash purchases of cars? Will those have to be declared to comply with the laws?
Or what if someone is bringing in enough cash to their bank account that they decide to buy a new house (or get a mortgage and start paying off the principal)? Would this catch the attention of the IRS?
Naturally I'm mostly referring to US laws because that's where I happen to be from. And for the record I am not saying that people should not contribute to the well-being of their community... just there are plenty of people here I'm sure who believe their money is better when it's not in the hands of the state.
What do you guys think?
Yes, anything there is a record of is going to be used to fuck you over. They have access to it all.
The real question: Why the desire to put your money in a bank? If you want to save it then buy precious metals with cash. If you want to spend it, then spend it. No records of anything. No one knows how much money you hold. If you want to buy that 500,000usd house then you are going to have to make up a business, funnel 1,000,000usd through it, and give the State half. I think it might just be cheaper to stay at the Ritz every night if you are following my drift. C.R.E.A.M.
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ROFL - whats a bank account?
:P
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Basically if you have a job that pays taxes and you make said amount of money per year, any money you spend that follows a paper trail SIGNIFICANTLY over what you make will raise an eyebrow to the IRS, and that's exactly what you want to avoid.
Fuck the bank. Invest in gold. Gold prices are only rising. It's quite a wise investment I must say ;D
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I recommend OP looks at the case studies from the Egmont Group as inspiration.
ML is not complex for small amounts of money, it is just that it gets progressively more complicated the more you have to justify the existence of it. A lot of black market employees have briefcases of cash or metals buried away places because of this. Eventually we will have a vast industry on the darknet for ML because cryptocurrencies are perfect for storing awkward to explain amounts of money in a way similar to how offshore accounts are sometimes used. For that to occur, bitcoin would have to stabilize though, but I think that's a reasonable proposition.
If you are an SR vendor and you're putting SR related cash straight back into the bank, that's a wee bit of a problem, you got to justify every red cent if you work on the black market. You can't assume you'll get away with it like most legal employees would, your accounts ought to be as clean as a whistle. It would be extremely annoying to do everything else correctly and then get whacked because the taxman got suspicious.
There... are books on this subject OP, they are called AML literature! You're bound to get some ideas from those! Sorry if I sound vague, but this is worth a google.
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I can't be as helpful as everyone else, but prepaid debit cards registered with fake id's, loaded up with cash from bitcoin sellers where you can withdraw cash at ATM's works for small amounts.
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The more I think about it, the more interesting this topic becomes and the more questions I have. For instance:
- If I do a cash deposit to acquire BitCoins at a bank in the USA, can that be used against me later if I'm flagged for illegal activity? After all, they *do* have my swipe my debit card usually. What is the best way to anonymously buy bitcoins? I did a MoneyGram at a CVS once but don't remember if they required me to show my ID.
- What happens if I try to buy a car with cash on Craigslist? Will I get in trouble for not declaring it and where the $ came from? Can I claim I traded something else of value for it?
- How much documentation does the IRS require for gifts? Other than just being declared, of course. I am guessing I can't just claim some random person gave me a gift of a gold bar LOL
It definitely seems like the IRS knows what it's doing and from what I've read there are a lot of money laundering charges and convictions every year. I don't know if there's a forum somewhere that discusses this stuff but it'd be great to openly discuss. If one were to get a house they could pay for a lot of renovations in cash and then sell for a profit, I suppose.
In general it seems that for anyone making lots of money with bitcoins and ending up with a lot of cash that all transactions that can be paid for with cash (ie partying, groceries, gas, etc) will be paid with cash to keep the bank account transactions for the large purchases (cars, plane tickets, mortgages or housing purchases, rent, etc).
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Basically you never want to fuck with the IRS. Not even the mafia does. :D
I don't live in the US, but I've heard that on the IRS forms there is even a section for declaring your income from illegal activities and theft. They're just interested in their cut. And god forbid if you don't!