Neteller and the IRS

[NoSoup4U]

There is never a CTR on a wire transfer. CTRs are done for cash and cash equivilent transactions. You can not be charged with structuring to avoid reporting for transactions that are not subject to the CTR. Large wire transfers run a risk of being reported on a SAR and the Patriot Act essentially shares all of this kind of activity with the feds anyhow.

Tax evasion is a completely different situation and it is certainly true that it would be trivial for an auditor to find the EFT transactions to/from Neteller. It would be more difficult to find ATM transactions, but still quite possible.

[167-169]

Go to another country and use the ATM there?

Okay, okay, paper trail right.

[Little_Luck]

Neteller card gets funded through an American bank.

[BillD]

As a practical matter a 10KUSD wire transfer just isn't that big of deal. Let's say you sell your house, the closing agent wires the proceeds to your checking account. The next day you EFT the money to your brokerage account to earn more interest. A month later you EFT it back to your checking account. The next day you go to the bank a get a cashiers check to buy your next house. Did anything suspicous happen? I don't think so.

The 10k reporting CTR threshold is for cash (C=Cash) or cash equivalents not checks.

[MrBrightside]

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Do you guys pay taxes on what you win, or what you cash out?

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You damn right I do.

[curious123]

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As a practical matter a 10KUSD wire transfer just isn't that big of deal. Let's say you sell your house, the closing agent wires the proceeds to your checking account. The next day you EFT the money to your brokerage account to earn more interest. A month later you EFT it back to your checking account. The next day you go to the bank a get a cashiers check to buy your next house. Did anything suspicous happen? I don't think so.

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Make the transactions international and it gets a bit more suspicious, no?

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The 10k reporting CTR threshold is for cash (C=Cash) or cash equivalents not checks.

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FYI C = Currency.

[03 Z4]

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Neteller card.
Never use EFT.

Just withdraw all funds from ATM.
No?

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It amazes me that I still hear this.

NO

There is a record of it as all ATM transactions that occur in the US are processed through an American bank. There is still a paper trail.



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If you get audited, would IRS know to look for Neteller ATM transactions?

[paland]

So NeTeller ATM transactions are connected to you how? The only information that the bank of withdrawl will have on you is what is coded on that magnetic stripe and the picture that the camera takes of you. How does this get to the IRS? And what personal information is on that stripe?

[1huskerfan]

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Go to another country and use the ATM there?

Okay, okay, paper trail right.

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Go to another country, marry someone, set up Stars accounts for your inlaws, transfer money to them.

LOL

[G_Dollaz]

FWIW I have been assured by bank managers @ 4 different locations that they do not report the EFT's to the IRS, only $10k cash transactions... that being said I still don't trust them and am still paying all my taxes (unfortunately)