I've got multiple safes but have 2 that are real easy to find. 1 in the bedroom closet that you see right away when you open it and 1 in my office next to my desk. Both are sentry safes that can be carried. but both are dummy safes that have nothing in except a note saying SORRY BUDDY! YOU STOLED THE WRONG SAFE! Hoped you smiled for the camera. I won't say where the real ones are but they are built in and don't even look like safes.
I don't know what the price is going to do but right now it is on the bargain counter. It can't hurt to have some of your savings in gold and silver. Gold and silver are the lowest they have been in 3 years. Gold $500 an ounce cheaper than it was in 2011. I have some in a safety deposit box, bought a bunch more week before last.
"Send PM please." Not cool. If you post a question to all on a message board, the answer isn't just for you. Go the safe deposit or safe route if you're going to be using the cash soon to buy another vehicle. As mentioned, FDIC doesn't cover items stolen or damaged in a safe deposit box (hurricane Katrina flooded a lot of bank vaults). You can get a rider on your home owner's insurance and some insurance company's give you a policy break if you have a safe deposit box, so this will offset some of the cost.
There are a lot of good places for safes in the house. They gotta be bolted in and a PITA to remove. Good places are under bathroom sinks in the floor of the vanity cabinet or in the wall. Same goes for kitchens. Other good places are sinking them into concrete floors of a basement or garage. There are safes made just for in-floor concealment. Bob
in some places the cops will stop you and steal your cash from you and not give it back. doesn't matter if they can prove anything or not. if you do not give permission to search your car they will get the drug sniffing dog out there and have the dog do a false alert on your car, then search it and take whatever they want. happens all the time. the end is near. hide your money and your guns. here is just one example: http://www.npr.org/templates/story/story.php?storyId=91555835
I think a treasure chest and a pirate map would be cool. Make up some secret code. Tear the pap into pieces, use invisble ink, bury it under a X or a big W.
If I were selling my car, I would make the transaction in the bank and ask that they check it for conterfit before I signed over the title and then deposit the cash. If you have good relations with the bank, they will do it in a private room, and as another poster stated, they could notorize the bill of sale for the buyer. The buyer could also feel safe if he had transfered his money to the same bank. That way no one could break into my house just after the buyer left and demand the cash! Gee, I wonder how he knew I had juct taken in a lot of cash? It has happened before!
About depositing amounts of cash under $10,000 on a frequent basis. Structuring Prior to 1986, bank customers could avoid triggering CTRs by simply breaking up a large deposit into several smaller transactions. Now 31 U.S.C. §5324 makes it illegal to manipulate a transaction in order to avoid federal reporting requirements. Bank personnel are trained to watch for multiple transactions that occur over short time periods. Any transaction that appears intended to violate the law must be reported, regardless of the amount. Read more: Rules About Large Cash Deposits | eHow http://www.ehow.com/list_6123439_rules-large-cash-deposits.html#ixzz2T1L34C84
It's getting to where business might best be done in public places like parking lots resturaunts ect and the buyer never sets foot on your property. This is especially true, after a Florida couple was murdered due to a vintage truck add on Craigslist a few years ago.
if you deal with cash a lot always ask for the same person. make a relationship with them at the bank. be friendly and you would be surprised how easy rules are bent
Had a guy buy a car from me, misguided youth who looked like his ambition was to be a rapper. $6K in 20's is what he showed up with. WTF. I had the title in my pocket but changed my story that I need to go to the bank to get the tilte. Bank counted the $, verified that it was real, even notarized the hand written bill of sale. Came in handy when he called back 5 days later and said his girlfriend was pregnant and he needed his $ back. again, WTF. Bill of sale with VIN, conditions, car as is, amount of sale, date, both signatures goes a long way. you can show it to the bank if they have any questions about the deposit.
I sold my 40 to a guy in town who brought me $27K in mixed bills in a brown grocery bag. He was a straight up guy who owned a garage and he did a lot of cash business. He just had his cash mixed that way. We spent over an hour counting it. The downside was I kept it in my safe and dipped into it too many times leaving me about $5K short on my next car.
I sold an OT car a few weeks ago to a good friend. Cash right from his bank, still in the wrappers. My wife went to deposit the money and one of the $100 bills was counterfeit. We got it straightened out, but the bottom line was the bank screwed up and didn't want to take responsibility. We use the same bank and I think it was the treat of losing two good customers that finally got them to do the right thing. Bottom line is you can't even trust cash.
I also got a fake $100 from a bank years ago. I am traveling SE Asia in a couple of weeks and bought a belt with a zipper on the inside to hide some cash and a skinny fanny pack to carry passport and more cash under my clothes. I keep large cash in my safety deposit box. A secret bug out room is a good idea these days. But really just deposit less than 10k at a time and have bill of sale just in case. Pretty sure money from a car sale is not income here in Az. but we do not pay tax on used cars here.
No big deal put it in the bank if you want, it will trigger a form to I R S, since you don't do this monthly there is nothing to be concerned about,,,If for some reason you were to get audited that year, I am sure you can show that it was actually a LOSS counting parts and labor.And remind them you did not file it as a loss because it is your Hobby.
A load of bad advise here. I sold my 32 a couple of months ago and deposited the cash. My CPA said it would not be a problem. A banker friend told me that multiple small deposits would raise a larger red flag that one large deposit. I have the old registration and pictures.
No, it isn't necessarily "Income"..........depends on if some portion of it is profit..........that portion is income.. but if you do like I do......buy high, sell low.......it's not income....it's just converting the item back into (less) cash with no gain.......therefore not income and not taxable. So long as you keep adequate records to support the facts. Ray
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