They can seize any amount that they "suspect" is gained illegally. Police in Oklahoma had their patrol cards equipped with magnetic card readers and were even checking gift card balances of travelers and in some cases taking the cards and giving a share to the card reader manufacturer as part of the equipment purchase deal. Down here in the Southeast, Georgia is notorious for cash seizure. Every time I travel I-95 through Georgia I see at least one case of a car being emptied by at least three cruisers. I'm sure they'd love to come across a suitcase full of gold coins.
Cash asset forfeiture is the new way to subsidize a police department's budget and get the baddest police cars and tech gadgets.
No Way Out: Stimulus and Money Printing Are the Only Path Left
@derryb said:
They can seize any amount that they "suspect" is gained illegally. Police in Oklahoma had their patrol cards equipped with magnetic card readers and were even checking gift card balances of travelers and in some cases taking the cards and giving a share to the card reader manufacturer as part of the equipment purchase deal. Down here in the Southeast, Georgia is notorious for cash seizure. Every time I travel I-95 through Georgia I see at least one case of a car being emptied by at least three cruisers. I'm sure they'd love to come across a suitcase full of gold coins.
Cash asset forfeiture is the new way to subsidize a police department's budget and get the baddest police cars and tech gadgets.
Legal or illegal, amounts over $10,000 cash on your person triggers you to be guilty until proven innocent . Money seized , you provide proof of cash sources to try to get your money back
@2ndCharter said:
Here's a real-life situation that occurred at the FUN show and I would appreciate some feedback from the anti-check crowd. While attending the FUN show, I happened upon this one dealer (who is also a PNG member) who had a coin in which I had a great deal of interest and it's someone that I have never done business with before. He quoted me a price that I could live with - low five-figures so we're not talking chump change, at least for me. I asked him if he would take a check and he said sure with the appropriate references. I rounded up a few dealers, including another PNG member to vouch for me, and the deal was done. I always do business this way as I only carry enough cash to cover my meals and other incidentals when I'm on an out-of-town trip and I've never had a problem.
Now the question - was I supposed to carry around that much cash and have to deal with a Form 8300? Paypal and credit cards aren't free and who knows if the dealer would have taken them. From the anti-check crew, do you have another alternative?
If you used more than $10,000 cash, the dealer would have had to file the 8300 and not you. OTOH you could have asked him to ship the coin to you after the check cleared.
@logger7 said:
Cash can be messy, checks give you a paper trail. If someone denies there was a transaction with cash, how are you going to challenge that without an invoice? The echeck, paypal and other digital options are all worth considering, which have the benefit of verifiable records. And with all the deductions in this business, taxes shouldn't be a big consideration with much greater potential risks.
Lack of a paper trail is why cash is king. The dealer could always give a receipt which should suffice to prove a sale, but would be invisible to anyone other than the 2 parties involved. Has a dealer ever sold a coin for cash at a show and then later claimed that the coin was stolen from him/her?
Come to think of it no as cash seems to speak to "done deal", etc. more than a check. Fine when you are talking about hundreds or even a couple three grand, but as you go up the scale it gets a little dicey unless you are used to large cash transactions.
Comments
On your way car traveling .. the police can seize if you have $10,000 or more cash . You then, have to fight to get it back
Foreign countries will seize if your don't declare ....with limits on amount
They can seize any amount that they "suspect" is gained illegally. Police in Oklahoma had their patrol cards equipped with magnetic card readers and were even checking gift card balances of travelers and in some cases taking the cards and giving a share to the card reader manufacturer as part of the equipment purchase deal. Down here in the Southeast, Georgia is notorious for cash seizure. Every time I travel I-95 through Georgia I see at least one case of a car being emptied by at least three cruisers. I'm sure they'd love to come across a suitcase full of gold coins.
Cash asset forfeiture is the new way to subsidize a police department's budget and get the baddest police cars and tech gadgets.
No Way Out: Stimulus and Money Printing Are the Only Path Left
ty, fair enough.
.
Show me the coin.
``https://ebay.us/m/KxolR5
Legal or illegal, amounts over $10,000 cash on your person triggers you to be guilty until proven innocent . Money seized , you provide proof of cash sources to try to get your money back
If you used more than $10,000 cash, the dealer would have had to file the 8300 and not you. OTOH you could have asked him to ship the coin to you after the check cleared.
And probably never returned. Or you will pay hell to get it back.
Lack of a paper trail is why cash is king. The dealer could always give a receipt which should suffice to prove a sale, but would be invisible to anyone other than the 2 parties involved. Has a dealer ever sold a coin for cash at a show and then later claimed that the coin was stolen from him/her?
Come to think of it no as cash seems to speak to "done deal", etc. more than a check. Fine when you are talking about hundreds or even a couple three grand, but as you go up the scale it gets a little dicey unless you are used to large cash transactions.