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Just watched SCARFACE, Have a Law Question?

Discussion in 'Other Off Topic Forum' started by BRaskin, Jan 16, 2004.

  1. BRaskin

    BRaskin Rookie

    Nov 13, 2003
    17
    What year did they start comming out with all these laws about not being able to buy things with cash (dollar bills)? I mean if its legit then there is no problems but at what point did they stop allowing people to just purchase houses and cars etc.. with bags or brief cases full of cash? Just interested from watching the movie and wondering how long it took our government to realize that drug dealers can be just spending all this cash left and right without any questions.

    Thanks for any info in advance

    Brad
     
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  3. FastTalk

    FastTalk Formula Junior

    Aug 20, 2002
    556
    Calabasas, CA
    Full Name:
    Adam Alexander
    It is NOT illegal, but you must complete the appropriate paperwork for a cash transaction over 9,999.00

    Adam
     
  4. Tyler

    Tyler F1 Rookie

    Dec 19, 2001
    4,274
    dusty old farm town
    Full Name:
    Tyler
    I didn't know it was illegal to purchase things like cars and other large expensive items with cash.

    While I'm not sure of the legality of such transactions I can certainly see why any seller would not want to deal with large quantities of cash. The safety and hassle and time consumption of counting and recounting would simply not be worth it. Easier to say, "ya know what?", why don't you take that duffle bag of cash down to the bank and bring me back a cashiers check.

    In some countries where few people have banking ties cash is the only form of payment. A friend owns several factories in Central America and he pays employees with cash. While it "looks" cool to roll down the road in an armored car with vehicles full of armed gaurds fore and aft, the reality is quite different. That is the only way to get wages to employees in some parts of the world. Why deal with the hassles unless you have to?
     
  5. BRaskin

    BRaskin Rookie

    Nov 13, 2003
    17
    Sorry, I didn't mean Illegal. I Just ment that at one point in time Im sure you didn't have to prove where all that cash came from and no questions were ever asked.
     
  6. RacerX_GTO

    RacerX_GTO F1 World Champ
    Silver Subscribed

    Nov 2, 2003
    11,678
    Oregon
    Full Name:
    Gabe V.

    Soooo..... lets say I'm selling a home. My asking price is $534,000 but if the private buyer wants me to hold it for $524,000.05 out of pocket, I'd be willing to close excrow and process the paperwork for $9,999.95 :D

    (gawd, I can just hear the tax attorneys, IRS and real estate people coming out of their tree, "You sold a house at market value blah, blah blah for how much??" )
     
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  8. Evolved

    Evolved F1 Veteran

    Nov 5, 2003
    8,206
    Pittsburgh, PA
    One time for kicks I paid my college tuition with cash. It was about ~9000 I owed so I went to the bank picked it up and headed to the bursars office. The door states that they take cash, but I think it's ussually for $20 activity fees and the like. I got to meet "the" bursar of the university but they did accept the payment.

    I recommend that our college level f-chatters give it a shot.

    I also got my first houses with no bank involvement. I just got a certified check for the money. Makes the process of buying a house a LOT faster.
     
  9. NY Joe 360

    NY Joe 360 Karting

    Nov 2, 2003
    197
    New York
    Full Name:
    Joe
    Any cash over 10k must be reported to the IRS.

    Gidron Cadillac in New York got in big trouble for this.. they were known for taking all cash car deals.
     
  10. FastTalk

    FastTalk Formula Junior

    Aug 20, 2002
    556
    Calabasas, CA
    Full Name:
    Adam Alexander
    Just as NY Joe says, you have to report to the IRS on the correct forms (cant remember the name/number) for large cash transactions, it is the responsability of the person receiveing the cash to complete the form with the other party present. The same applies if you deposit over 10k in the bank or take it out of the country.

    What you are saying is something completely different, you would have a problem if you did that. I make lage cash transactions regularly and have filled out hundreds of these forms.
     
  11. FastTalk

    FastTalk Formula Junior

    Aug 20, 2002
    556
    Calabasas, CA
    Full Name:
    Adam Alexander
    IRS and the FBI came to "Visit" while I was making this deposit, It took about 3 hours to count and prepare. :)
     
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  13. Admiral Thrawn

    Admiral Thrawn F1 Rookie

    Jul 2, 2003
    3,932
    Los Angeles, CA
    Full Name:
    Jim
    lol, nice pile.

    How much money is visible in that picture?
     
  14. MarkPDX

    MarkPDX F1 World Champ
    Lifetime Rossa

    Apr 21, 2003
    11,155
    Gulf Coast

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