Originally Posted by DCBob (Post 22399008)

I thought it was clear from the context that I meant 4 credit cards. The number of banks is of lesser importance. You could have 2 different Amex cards and 2 from Chase, for example.

Originally Posted by DCBob (Post 22398809)

Definitely split your purchases among at least 4 cards. But you can't deposit more than 72K per year in a BB account. That's 60K from Walmart/VR combined and 12K from a real debit card tied to your bank account.

Having 2 BBs in one name will get you shut down. Don't do it! And never put your own money in a relative's BB account. What happens if they pass away and the money is frozen in probate? Or they turn on you and keep your money? Don't laugh. It happens a lot.

Originally Posted by jan_believes (Post 22399096)

This is interesting in that more info on BB was included here, which for those of us learning, is very helpful.

I still got it good at local CVS so far but I don't buy $5K at a time, either. I do $500 on each CC and then, if I have to duplicate, everything is still separate to $500. I haven't frustrated the cashiers yet.

Although, how could I tell? :D

Originally Posted by hitman1420 (Post 22399069)

Does Amex keep a temperature monitor on every BBer's body somehow? How would they know my relative is dead? I could probably keep loading that dead relative's BB for years and years to come after they die. Now, don't get any crazy ideas MSers...

Originally Posted by silver4300 (Post 22399142)

I do 2 cards, 2 VRs at $495 on each. Thus, $997.90 on each card after fees. This keeps it below the $1,000 threshold for entering DL info.

Originally Posted by hitman1420 (Post 22399069)

Does Amex keep a temperature monitor on every BBer's body somehow? How would they know my relative is dead? I could probably keep loading that dead relative's BB for years and years to come after they die. Now, don't get any crazy ideas MSers...

Originally Posted by DCBob (Post 22398297)

Let me start by saying I worked at the IRS for 32+ years and 9 of those were as a revenue agent (someone who audits tax returns of businesses and fairly wealthy people).

Where you got your misleading, and in some cases, false information, I have NO idea. The IRS does NOT require a receipt for anything except hotels, airline and rail tickets, and other travel expenses (and only those that exceed $75 each).

There is no similar rule for buying VR cards. The rule that applies in other cases is called the "Cohan Rule," where reasonable estimates are allowed, but that's for business expenses. You are NOT in a business although you could be classified as one if you buy a huge amount of VR cards on a regular basis and make money off the credit card purchases. In that case, it would be wise to keep the receipts and your credit card statements. But having the receipts is not an absolute must.

If I audited you and wanted to know where all these deposits were originating in your BB account, I'd ask you to show me your receipts OR credit card statements showing a purchase at or near the time of the BB deposit. That would be sufficient proof of the source of those deposits. The burden of proof is on the taxpayer to prove expenses, but it's on the IRS to prove unreported income. If you happened to have your receipts from CVS (or some other store), that would even be better.

If a different revenue agent wanted to play hardball and demanded the receipts, you could ask to see his manager and, if that didn't work, appeal the case to the IRS Appeals Division. They certainly would never pursue such a case by letting you go to the Tax Court solely because you didn't keep your receipts!

Originally Posted by phdtomd (Post 22401331)

Is anyone buying more vr than they can load in a month. I found a stash and I'm thinking of getting while the gettings good. My issue is I hate having vrs sit. I usually buy what I can load in a day and repeat until im maxed out. 4 executive cards has changed my way of thinking as of late

Originally Posted by phdtomd (Post 22401331)

Is anyone buying more vr than they can load in a month. I found a stash and I'm thinking of getting while the gettings good. My issue is I hate having vrs sit. I usually buy what I can load in a day and repeat until im maxed out. 4 executive cards has changed my way of thinking as of late

Originally Posted by phdtomd (Post 22401331)

Is anyone buying more vr than they can load in a month. I found a stash and I'm thinking of getting while the gettings good. My issue is I hate having vrs sit. I usually buy what I can load in a day and repeat until im maxed out. 4 executive cards has changed my way of thinking as of late