timo469

Been reading through 20 pages, does anyone know if we can order with a chase credit card and have it process as a purchase with no issue?

Thanks,

Timo

yuel

I used my BA card a couple months ago and no issues

randys1

Well, lots of pages here...

I guess if I wanted to build up points at SPG, I would first get their card that provides 25,000 if you buy 15,000 in 6 months, buy $15,000 in coins, etc.

But

A. i cant spend $15,000 in coins, so I have to deposit them, so what is the max I can deposit and how often to avoid irs

B. I guess that is it...

Gargoyle

Max deposit will depend on your bank. I believe over $10k in one shot requires an IRS report. However, since you're just balancing the deposit with the purchase, there is nothing fraudulent or wrong about it.

andyandy

Perhaps a good first step would be not to state your intent to structure your deposits so as to avoid government scrutiny. Structuring is a felony even if the funds you are depositing aren't the proceeds of illegal activity.
http://www.forbes.com/forbes/2008/0407/038.html

It's pretty crazy, but that's Uncle Sam for you.

randys1

balancing the deposit with the purchase?

i would buy the coins with the spg visa so as to qualify for the additional points

i would then have to put the coins in my checking account from which i would make the payment to the visa...these are all different accounts so while certainly there is nothing fraudulent, i dont see how they connect...

i will read the forbes article

read it, so no reason not to tell the bank what you are doing and why...in fact, regardless of the size of the deposit one would best tell them anyway...i would think

Kohoutek

Structuring was discussed in depth last year, before the influx of the nOObs. They know not what they do.

BudgetJetsetter

Then there are the people who think that depositing over 10k will incur some sort of tax or special attention. It will not. All that is filed is the CTR (currency transaction report). It's not a big deal. Depositing over 10k is generally only a strange and mystical thing for people that have never had cash handling experience in a business.

Andy2

As a person who did a ton of posts regarding CTRs, SARs and structuring many pages ago, I think I have earned the right to say RTFT.

If you don't, at least please don't perpetuate the myth on FT that the IRS has much of anything to do with CTRs.

pierre mclopez

IOW, try typing "structuring" in the seach tool.

Astrophsx

It's a SPG American Express. I would suggest reading about the card over in the SPG card thread. You will find that they start off most with a very low credit limit ($2,000).

randys1

andy2, dont know what you are saying to me...did i question you somewhere?

even if the limit was only $2000 I could pay it off over and over...my visa limit is $47,000 so i may get a higher limit than $2k,but you never know

and if the IRS isnt involved in anyway if you deposit over a certain amount, then I stand corrected...not here to fight, here to learn

GoingAway

andy2 is recommending that you put a little effort into reading this thread and making use of the search tool to find information and some background to your questions. Everything you ask about has been discussed multiple times here already.

Andy2

RTFT is a popular acronym indicating that the precise answers to your question are contained in the thread. Here is a brief summary, you can read more detailed responses if you search.

If you deposit more than $10,000 at a time, a CTR is filed by the bank. Most people think this is no big deal - an absolute ton of CTRs are filed every day. Many "law-enforcement" organizations can access the CTRs, including the IRS. But in reality, so many CTRs are filed that most "experts" believe that the existence of a CTR is not likely to trigger an IRS audit. In all likelihood, the IRS accesses the CTR database as part of an existing audit rather than choosing to audit someone because of the existence of a CTR. But no one knows for sure since audit data is privileged information not accessible bt freedom of information act requests.

Many of us prefer to not have CTRs filed. Consequently, we don't deposit more than $10,000 at a time. To me, the simple solution is to simply never have more than $10,000 of coins in posession at a time.

There is a law called structuring which says it is illegal to conduct your activities to avoid having CTRs filed. If you have more than $10,000 in your possession and "structure" your deposits to avoid depositing more than $10,000 at once, you may be violating the law. A number of defenses exist, such as choosing to use multiple banks to avoid having a single bank refuse your deposit due to the inconvenience of accepting so many coins. Also, it is more convenient for you to break your deposits into small segments in order to be able to carry the coins into the bank.

If you never have more than $10,000 of coins in your possession at once, I simply don't see how structuring can occur. Others have disagreed, but I simply think they are mistaken.

If you break your deposits into multiple trips, it is important to avoid using multiple branches of the same bank to make many similar deposits. This will trigger the filing of a form called a Suspicious Activities Report (SAR), because they will believe you are trying to avoid the filing of a CTR. A SAR goes into a database that doesn't get as many entries as CTRs. This database is also unlikely to trigger an IRS audit (according to "experts"), but most of us try to avoid having SARs filed.

Personally, I never have more than $10,000 at once, I deposit them in multiple banks (not multiple branches of the same bank), and I have never had a problem. No one else has reported a problem on this thread as a result of CTRs, SARs or structuring. There was a report of a bank or two calling law-enforcement to see if coins had been stolen. That was before the whole strategy was laid out in the Wall Street Journal, however. So it is unlikely to happen very often.

nwa330

He is right on. Stay away from structuring. This will get your account closed in a heart beat. You are far better off taking the CTR then a SAR. Unless you have a relationship manager you will not get your account reopened.