Yes. It is legal. But it WILL get reported and I would behoove the person to have some good records on hand.
As I noted earlier, I am no fan of the reporting rules. But I will also tell you that being honest is easy. Knowing the rules is easy. I am not sure why everyone gets worked up about this in practice.
Most SS folks and all bankers will shake your hand if your business or personal dealings are generating that much cash.
And the drug dealers know the rules and don’t do this stuff. So...you will probably not hear about them getting caught. They have hundreds of accounts that some kid goes to every week depositing $1,100 and $1.756 ever week.
I think we’re dealing with people that have cash generated over a lifetime. And their honesty can actually get them in trouble when dealing with dishonest cops.
This has been a thing widely reported for 30 years. It’s a serious problem. It doesn’t affect most people because most people don’t do it. But when they do, they may find themself affected. And not in the good way.
Yes. It is legal. But it WILL get reported and I would behoove the person to have some good records on hand.
And then this happens: https://www.nationalreview.com/2015/11/policing-for-profit-police-seize-assets-to-pad-budget/
A snip:
The report’s catalog of wrongs will stand your hair on end. There’s the police department in Tenaha, Texas, that routinely stopped and searched out-of-state vehicles based on flimsy pretext and confiscated valuable property, all the while threatening to file charges if drivers refused to consent to seizure of their property.
There’s the family-owned Motel Caswell, which was seized by the federal government because it was supposedly a hot spot for drug activity, even though several nearby properties had a similar frequency of drug activity. The only difference between the hotels appeared to be that the government didn’t think Motel Caswell would put up a fight. There are numerous examples of parents who lost houses or cars because children, unbeknownst to their parents, used the property to deal drugs.
And then there are the cases in which the IRS or another agency, based on next to nothing, simply seized a personal or small-business bank account under suspicion of “structuring,” a crime that requires proof of intent to evade federal anti-money-laundering laws. Getting the seized money back costs time and legal fees. While these owners wait for justice, their businesses fail, their families struggle, and no criminal prosecution ever comes.
Then you may be on the wrong message board. "The rules" are grossly violative of individual liberty and presumption of innocence.