Money Storage
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44 Posts
Ziploc + Mason jar + (optional) Ammo can = pretty cheap way to store it.
This has been tried and proven by many people.
This has been tried and proven by many people.
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633 Posts
Exactly.
Then bury it.
If the police or anybody wants to get in a safe, they will. Banks are out of the question. Trust no one. Burying it seems feasible.
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9 Posts
I think you kinda missed out on the best time to buy. 10 years ago the evangelical Christians preached getting out of debt completely and buying gold coins. It was cheap then. Does anyone see a bubble coming?
Deal only in cash. Do not, I repeat, do not trust the banks. Government take over of all banks in the near future. You will only be allowed a small withdrawal per 24hr. period. Keep paper $ right now. Trying to deal in gold or silver will draw unwanted attention. Feel sure the government will be calling in all known gold & silver held by citizens before too long. I am not paranoid just careful.
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68 Posts
Don't worry, just send it to me, I'll store it for you! :lolsmash:
Sorry I just couldn't resist it..
Sorry I just couldn't resist it..
In my state, if you purchase over $1000 and less than $2500 worth of PMs, you dont have to pay any taxes, or sign any forms. Under 1k, you have to pay sales tax. Over 2500, you have to sign a form because of the 'patriot' act. Over 10k and you have to fill out an IRS form.
At my store yesterday, 2 people were working out a deal on over 10k worth of gold, when they were informed they would have to sign a form. They stepped outside for a few minutes, came back in, and the clerk told them since they had already discussed the deal, they could not change it because of the form, because at any time, the IRS could be watching them. "If you dont like it..."
They left.
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437 Posts
Hehehe... I'm gonna need one too... ... with all the silver I bought since the beginning of 2009...
I'll never have to work again if this goes on!
Muahahahahaaaaaaaaaa
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437 Posts
Yeah!
Am I missing something here???
I bought a lot silver, and never once was required to fill anything out by anyone!
I am a bit nervous about leaving it in my safe-deposit boxes at the bank, though... I'm looking at other alternatives... Like a heavy old antique safe I can bolt solidly through the concrete floor.
I'll take my chances with the safe... Buried treasure? -anybody with a metal detector out there, and you're in the poorhouse!Exactly.
Then bury it.
If the police or anybody wants to get in a safe, they will. Banks are out of the question. Trust no one. Burying it seems feasible.
Sorry, I guess I should clarify. My local store seems to do most of their business in cash, for whatever reason. I dont think I've seen anyone pay with anything other than cash. The rules are different for any other payment. Obviously anything other than a cash payment initiates a transaction that can be tracked, and generates a paper trail.
From the IRS:
Filing Requirements:
Who must file Form 8300?
Any persons who receive more than $10,000 while conducting their trade or business must file a Form 8300. The $10,000 may occur in a single transaction, or a series of related transactions.
What payments must be reported?
A business must file Form 8300 to report cash paid to it if the cash payment is:
Over $10,000,
Received as:
One lump sum of over $10,000,
Two or more related payments that total in excess of $10,000, or
Payments received as part of a single transaction (or two or more related transactions) that cause the total cash received within a 12-month period to total more than $10,000.
Received in the course of trade or business,
Received from the same buyer (or agent), and
Received in a single transaction or in two or more related transactions.
What is the definition of a transaction?
A transaction is the underlying event resulting in the transfer of cash. Examples include:
Sale of goods, services or real or intangible property
Rental of goods or real or personal property
Cash exchanged for other cash
Establishment, maintenance of or contribution to a trust or escrow account
A loan repayment
Conversion of cash to a negotiable instrument such as a check or a bond
What is a related transaction?
Transactions between a buyer, or agent of the buyer, and a seller that occur within a 24-hour period are related transactions.
In addition, transactions more than 24 hours apart are related if the recipient of the cash knows, or has reason to know, that each transaction is one of a series of connected transactions.
Does the 24-hour period mean one day such as all day Tuesday or does it mean literally 24 hours such as from 11 am on Tuesday to 11 am on Wednesday?
A 24-hour period is 24 hours, not necessarily a calendar day or banking day.
What does "cash" mean for the purposes of Form 8300?
Cash is money. It is currency and coins of the United States and any other country. Cash is also certain monetary instruments - a cashier's check, bank draft, traveler's check, or money order - if it has a face amount of $10,000 or less and the business receives it in:
A "designated reporting transaction" as defined in Treas. Reg. section 1.6050I-1(c)(iii) (generally, a retail sale of a consumer durable, a collectible, a travel or entertainment activity) or
Any transaction in which the recipient knows the payer is trying to avoid the reporting of the transaction on Form 8300.
What is a designated reporting transaction?
Generally, a designated reporting transaction is the retail sale of any of the following:
A consumer durable, such as an automobile or boat. Property is generally a consumer durable if it is tangible personal property (not real or intangible property) that:
Is generally suited for personal use,
Is expected to last at least one year under ordinary use, and
Has a sale price of more than $10,000.
A collectible (such as a work of art, rug, antique, metal, gem, stamp, or coin)
An item of travel and entertainment (if the total sales price of all items for the same trip or entertainment event is more than $10,000).
If an item (an automobile, for example) sells for $9,950 but the buyer pays $10,650 (sales price plus state and local taxes). Would this be considered a designated reporting transaction (retail sale of a consumer durable) requiring the definition of cash to be expanded to include monetary instruments?
In determining a designated reporting transaction, a consumer durable is defined as tangible personal property that is generally suited for personal use, is expected to last at least one year under ordinary use, and has a sale price of more than $10,000 (exclusive of sales tax). If the sales price is less than $10,000, then the tangible personal property would not be a consumer durable regardless of any taxes.
Does a wholesaler report transactions paid in US (or foreign) coins and currency only?
Yes, if the wholesaler receives payment in the form of coins or currency. A wholesaler, however, need not report transactions paid with cashier's checks, bank drafts, traveler's checks or money orders.
What if a retailer also does some wholesale transactions, must the business report all transactions, or just the retail ones?
If the trade or business of the seller principally consists of sales to ultimate consumers, then all sales, including wholesale transactions, are considered "retail sales" and are subject to the Form 8300 reporting requirements.
Is a personal check considered cash for reporting on Form 8300?
Personal checks are not considered cash.
I assume all of this is to prevent money laundering.
From the IRS:
Filing Requirements:
Who must file Form 8300?
Any persons who receive more than $10,000 while conducting their trade or business must file a Form 8300. The $10,000 may occur in a single transaction, or a series of related transactions.
What payments must be reported?
A business must file Form 8300 to report cash paid to it if the cash payment is:
Over $10,000,
Received as:
One lump sum of over $10,000,
Two or more related payments that total in excess of $10,000, or
Payments received as part of a single transaction (or two or more related transactions) that cause the total cash received within a 12-month period to total more than $10,000.
Received in the course of trade or business,
Received from the same buyer (or agent), and
Received in a single transaction or in two or more related transactions.
What is the definition of a transaction?
A transaction is the underlying event resulting in the transfer of cash. Examples include:
Sale of goods, services or real or intangible property
Rental of goods or real or personal property
Cash exchanged for other cash
Establishment, maintenance of or contribution to a trust or escrow account
A loan repayment
Conversion of cash to a negotiable instrument such as a check or a bond
What is a related transaction?
Transactions between a buyer, or agent of the buyer, and a seller that occur within a 24-hour period are related transactions.
In addition, transactions more than 24 hours apart are related if the recipient of the cash knows, or has reason to know, that each transaction is one of a series of connected transactions.
Does the 24-hour period mean one day such as all day Tuesday or does it mean literally 24 hours such as from 11 am on Tuesday to 11 am on Wednesday?
A 24-hour period is 24 hours, not necessarily a calendar day or banking day.
What does "cash" mean for the purposes of Form 8300?
Cash is money. It is currency and coins of the United States and any other country. Cash is also certain monetary instruments - a cashier's check, bank draft, traveler's check, or money order - if it has a face amount of $10,000 or less and the business receives it in:
A "designated reporting transaction" as defined in Treas. Reg. section 1.6050I-1(c)(iii) (generally, a retail sale of a consumer durable, a collectible, a travel or entertainment activity) or
Any transaction in which the recipient knows the payer is trying to avoid the reporting of the transaction on Form 8300.
What is a designated reporting transaction?
Generally, a designated reporting transaction is the retail sale of any of the following:
A consumer durable, such as an automobile or boat. Property is generally a consumer durable if it is tangible personal property (not real or intangible property) that:
Is generally suited for personal use,
Is expected to last at least one year under ordinary use, and
Has a sale price of more than $10,000.
A collectible (such as a work of art, rug, antique, metal, gem, stamp, or coin)
An item of travel and entertainment (if the total sales price of all items for the same trip or entertainment event is more than $10,000).
If an item (an automobile, for example) sells for $9,950 but the buyer pays $10,650 (sales price plus state and local taxes). Would this be considered a designated reporting transaction (retail sale of a consumer durable) requiring the definition of cash to be expanded to include monetary instruments?
In determining a designated reporting transaction, a consumer durable is defined as tangible personal property that is generally suited for personal use, is expected to last at least one year under ordinary use, and has a sale price of more than $10,000 (exclusive of sales tax). If the sales price is less than $10,000, then the tangible personal property would not be a consumer durable regardless of any taxes.
Does a wholesaler report transactions paid in US (or foreign) coins and currency only?
Yes, if the wholesaler receives payment in the form of coins or currency. A wholesaler, however, need not report transactions paid with cashier's checks, bank drafts, traveler's checks or money orders.
What if a retailer also does some wholesale transactions, must the business report all transactions, or just the retail ones?
If the trade or business of the seller principally consists of sales to ultimate consumers, then all sales, including wholesale transactions, are considered "retail sales" and are subject to the Form 8300 reporting requirements.
Is a personal check considered cash for reporting on Form 8300?
Personal checks are not considered cash.
I assume all of this is to prevent money laundering.
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59 Posts
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Here's similar idea I ran across the other day, using a cigar tube that you could put in the top of the door.Drill a hole a little deeper than the width of a dollar in the top of a door in your house, roll the bills up and put them in it.
Be sure to not have all your eggs in one basket, unless it's a really well protected basket. Safe's are good, but they can draw attention. Use some diversion, put a token amount of cash or goods in a small visible safe. Then have your stash in a well hidden, secure location. That way if someone does break in, they are more likely to go for the obvious.
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137 Posts
Postal money orders work, but I have a checking account that I keep enough in to pay bills with. I know a lot of people who don't have a bank account for many reasons, the vast majority of them buy money orders or use bill payment services to pay their bills with. I keep varying amounts of cash on hand, but a certain percentage is kept in my and my family members' go bags.
That said, you've just about got to have a bank account to run a business. I've seen a couple of dealers online who sell prepper stuff who won't accept anything but Postal money orders, but only a couple.
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137 Posts
You're correct, one of my family members and i decided to buy some gold and silver in 2009 and did some research both online, talking to others who had and calling some different dealers. We made our purchases at different dealers in different areas in smaller amounts between $1001.00 and $2499.00 and avoided both sales tax and IRS forms.
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137 Posts
Yeah, FDR tried that in 1933 and was only somewhat successful as most people simply hid what they had, what was turned it and sold to the government (at pennies on the dollar for the actual value) was melted down and cast into bars and stored at various location around the country, most notable Ft. Knox, Kentucky.
After Ronald Reagan repealed the executive order banning the civilian ownership of gold and silver coins and bullion people began selling some of what they or their parents had stashed away. Is it possible that this president or another will once again issue an executive order banning the private ownership of gold and silver coins and bullion? Yep. Is that a good reason to not own any? Nope, not to me.
In virtually every case of national economies collapsing I've researched there has been a lively black market where gold and silver has been accepted in trade, most of the time gold was shaved off with a knife to get the needed weight because it was so valuable. Silver coins and bullion was traded as is.
* As a side note, even in countries with total gun control firearms of every sort imaginable were readily available on the black market and soldiers and or police officers were hired as security guards.....the government could no longer pay them, so they essentially became mercenaries working for the highest bidder.
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