FTP's $5k checks = structuring?

[DMoogle]

Hi, I'm planning on withdrawing around $14,000 from FTP, and it seems the easiest way to do this is to request multiple checks. However, this isn't going to cause my bank/the IRS to accuse me of structuring, is it? I'm planning on paying my taxes, so I have nothing to worry about, right?

Thanks.

[gordongecko]

I never thought of that (mainly since I only had to withdraw multiple 5k cheks a few times. I would probably withdraw in different ammounts just for the sake of it (because at worse they were going to [censored] with you anyway). Audits suck, so even though your not doing anything wrong you may as well try to avoid one.

[KEW]

Open a 2nd bank account????

[MasterLJ]

If you pay your taxes in conjunction with the fact that it would super easy to prove that FTP's stated max withdrawal is $5k, you have nothing to worry about imo.

[NickMPK]

You only violate the structuring statute is you structure your transactions "for the purpose of evading the reporting requirements of section 5313 (a) or 5325 or any regulation prescribed under any such section, the reporting or recordkeeping requirements imposed by any order issued under section 5326, or the recordkeeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508".

So unless you are intending to violate the tax laws, there is no problem here.

[autobet]

These laws are to prosecute the big fish. 14K isn't even in the ballpark. Not to mention the 5K check limit.

[Kurn, son of Mogh]

Uh, they only accuse you of structuring when there is evidence that you structured to avoid all or part of your tax liability. If your report you winnings accurately, there won't be an issue.

[Paul2432]

I thought "structuring" only applied to cash transactions. That is structuring your transactions to avoid a CTR and paper trail. A check already leaves a paper trail.

Am I missing something?

Paul

[Josh.]

[ QUOTE ]
Uh, they only accuse you of structuring when there is evidence that you structured to avoid all or part of your tax liability. If your report you winnings accurately, there won't be an issue.

[/ QUOTE ]


even if it's to reduce the risk of an audit?

[Xhad]

[ QUOTE ]
I thought "structuring" only applied to cash transactions. That is structuring your transactions to avoid a CTR and paper trail. A check already leaves a paper trail.

Am I missing something?

Paul

[/ QUOTE ]

Banks have to report transactions over a certain amount (I don't remember the amount offhand). If say the amount is 10K, and you deposit 5K today and 5K tomorrow specifically to avoid the bank reporting your deposit, that's structuring.

[DMoogle]

[ QUOTE ]
[ QUOTE ]
I thought "structuring" only applied to cash transactions. That is structuring your transactions to avoid a CTR and paper trail. A check already leaves a paper trail.

Am I missing something?

Paul

[/ QUOTE ]

Banks have to report transactions over a certain amount (I don't remember the amount offhand). If say the amount is 10K, and you deposit 5K today and 5K tomorrow specifically to avoid the bank reporting your deposit, that's structuring.

[/ QUOTE ]
Kinda weird, considering the only way to withdraw $10k on FTP is to withdraw two checks 24 hours apart.