Buying $50k in VGCs ... what is the best way to do this?
Hello - i have $50k unused on a new credit card. I have plenty of local stores around me that will allow me to purchase $10k+ in VGCs. They will all want my ID and SSN for those large-size transactions, even though i am purchasing with a CC, not cash (which i have no problem with, nothing illegal going on here).
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But, i have been reading about the issues with MS, and IRS reporting (CTR, SAR). Unlike many posts that i have seen, it sounds like i *want* to do each transaction *above* $10k, to avoid any appearance of "structuring" (and obviously this means a CTR will be filed). Which again, i have no problem with.
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OR, am i over-thinking this? i.e. do those IRS reporting issues only apply to buying VGCs with *cash*? By buying with a CC, do i have nothing to worry about? (it would obviously be better if a CTR wasnt filed). Thank you for any thoughts you may have.
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(ps - To keep things simple, let's assume that i will *not* be buying MOs with these VGCs. I may just keep them in a fire-proof safe and use them for my business, over the next 2 years or so. MO's, AFAIK, are the same as cash in the eyes of the IRS, and i also see my bank as viewing it suspiciously if i deposit 100 MOs of $500 each. Sounds like a SAR to me.)