I paid another 2.5K of my tuitions and fees this afternoon with the coins. I've been paying it by coins on a weekly basis for the past a few weeks. Today the staff at the finance office told me they would need to file an SAR to IRS if my payment in cash reaches $10K within a semester. She kindly calculated my the value between my cash payments and $9999. So tomorrow I will pay my last $2.5K in coins before the new semester starts.
I had never thought that IRS would have require universities on cash payment >=$10K within ONE SEMESTER, as most tuitions and fees are far beyond $9999.
I paid another 2.5K of my tuitions and fees this afternoon with the coins. I've been paying it by coins on a weekly basis for the past a few weeks. Today the staff at the finance office told me they would need to file an SAR to IRS if my payment in cash reaches $10K within a semester. She kindly calculated my the value between my cash payments and $9999. So tomorrow I will pay my last $2.5K in coins before the new semester starts.
I had never thought that IRS would have require universities on cash payment >=$10K within ONE SEMESTER, as most tuitions and fees are far beyond $9999.
Sounds like your University is getting testy. First of all, what they'd be filing is a CTR (Currency Transaction Report), not a SAR (Suspicious Activity Report). They're two very different things.
Second of all, your University I'm guessing is not either A) Money Service Business or B) Financial Institution so I'm not sure why they'd be filing SARs or CTRs in the first place.
Third of all, CTRs are filed when a cash transaction (deposit / withdrawl) exceeeds $10,000 in a single day (NOT a semester).
So I think someone is either A) very misinformed at your University or B) just pissed that they have to handle all this coin and are trying to scare you to stop.
I paid another 2.5K of my tuitions and fees this afternoon with the coins. I've been paying it by coins on a weekly basis for the past a few weeks. Today the staff at the finance office told me they would need to file an SAR to IRS if my payment in cash reaches $10K within a semester. She kindly calculated my the value between my cash payments and $9999. So tomorrow I will pay my last $2.5K in coins before the new semester starts.
I had never thought that IRS would have require universities on cash payment >=$10K within ONE SEMESTER, as most tuitions and fees are far beyond $9999.
As Chimney826 said, sounds like a CTR, not an SAR. Let them file, CTRs get filed all the time and it isn't a big deal. SARs aren't a big deal. You're not doing anything wrong. You have the documentation. I would NOT hit $9999 with the coins and quit, that is either structuring, or is WAY too close to structuring for my comfort. Structuring is a crime and it doesn't matter what the source of the money is and it doesn't matter that all the activities surrounding the money are legal. DO NOT alter your behavior in any way due to the prospect of having a CTR filed.
Some people are WAY WAY too concerned about the CTR. Don't worry about the CTR. DO NOT come anywhere close to committing a crime in furtherance of a LEGAL activity.
I think that I misread his post. I assumed, probably incorrectly, that he only wanted one ticket.
Yeah, I want two tickets, and I am going to get the Alaska Airlines Visa like you suggest. I think I will not undertake the Cathay Pacific project, though; that's a really massive undertaking and I don't actually believe it is only 240,000 miles for the two tickets. You know how it is, the minimum number of miles you need for such-and-such ticket ix X, but they only have one ticket at that price, the real price for the tickets they actually have is 2X.
But that doesn't stop my voice from whispering to me "Come on, you know you want it, what's another couple thousand pounds of coins more or less. So it's four tons, not two, who cares."
Yeah, I want two tickets, and I am going to get the Alaska Airlines Visa like you suggest. I think I will not undertake the Cathay Pacific project, though; that's a really massive undertaking and I don't actually believe it is only 240,000 miles for the two tickets. You know how it is, the minimum number of miles you need for such-and-such ticket ix X, but they only have one ticket at that price, the real price for the tickets they actually have is 2X.
But that doesn't stop my voice from whispering to me "Come on, you know you want it, what's another couple thousand pounds of coins more or less. So it's four tons, not two, who cares."
Yeah, as has been mentioned earlier...if only we could just get the Mint to deliver directly to our financial institution. Sure would make the whole process more efficient!
Had my first "report" done on me by a bank today while depositing $2K. I deposited once before at this branch a few months ago, but I'm sure they don't remember me; they're just peeved that people keep dumping these coins on them. Today, they asked me for photo ID, my occupation, & how much I'd deposited in total. I honestly couldn't tell them the answer to the last question as it's been tons but never more than $2500 at a time or more than total $8000 in one day at different branches. (I live in a large metro city with many banks/branches. I don't have a car, but drop them off on my way to work via subway/bus, and I can't comfortably carry more than $2500 at a time). The teller just kept repeating "this isn't right" but couldn't tell me what the problem was except that she didn't want to accept the coins. I explained where I got them and why, but it didn't sink into her skull. Anyway...what kind of follow up can I expect from the feds/IRS? I know I'm not doing anything wrong, but this hobby of mine is only worth so much hassle. How long has it taken for the feds to follow up if they ever do?
Had my first "report" done on me by a bank today while depositing $2K. I deposited once before at this branch a few months ago, but I'm sure they don't remember me; they're just peeved that people keep dumping these coins on them. Today, they asked me for photo ID, my occupation, & how much I'd deposited in total. I honestly couldn't tell them the answer to the last question as it's been tons but never more than $2500 at a time or more than total $8000 in one day at different branches. (I live in a large metro city with many banks/branches. I don't have a car, but drop them off on my way to work via subway/bus, and I can't comfortably carry more than $2500 at a time). The teller just kept repeating "this isn't right" but couldn't tell me what the problem was except that she didn't want to accept the coins. I explained where I got them and why, but it didn't sink into her skull. Anyway...what kind of follow up can I expect from the feds/IRS? I know I'm not doing anything wrong, but this hobby of mine is only worth so much hassle. How long has it taken for the feds to follow up if they ever do?
I'm impressed that you can comfortably carry 2500 of them. That's almost 50 pounds!
Sure would make the whole process more efficient!
