Hey guys.. Covers noob here.. I've followed along for awhile, but just recently decided to join. Anyways I was reading in the topic under John Morrison's system how PSIC got robbed by the IRS since he withdrew too much money at one time. So... (not that I'll need to worry about this for awhile) how would you go about making a big purchase? Something like a car, or boat... from what I understand if you spent over 10k in cash in one junk, you have to fill out paperwork n shiz for the IRS.... How have you guys overcome that?
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Hey guys.. Covers noob here.. I've followed along for awhile, but just recently decided to join. Anyways I was reading in the topic under John Morrison's system how PSIC got robbed by the IRS since he withdrew too much money at one time. So... (not that I'll need to worry about this for awhile) how would you go about making a big purchase? Something like a car, or boat... from what I understand if you spent over 10k in cash in one junk, you have to fill out paperwork n shiz for the IRS.... How have you guys overcome that?
Pretty simple; you never deposit the cash. There are lots of places to cash checks, or ways to withdraw on a debit card, or via offshore account. Anything you do with a US bank is part of a paper trail that will be used against you.
Pay cash for cars, boats, etc. I've never had anyone refuse cash, and usually I get a discount for it. Once you do have it, have a friend file a lien on the car/boat so you don't have to explain where the cash came from. You 'borrowed' it from your friend, who secured his 'loan' by filing a lien on the asset, which BTW, also prevents any creditor from seizing it.
Don't like carrying cash? Buy USPS money orders. They'll give you up to $1000 at a time, so file away 50 or so of those in a safety deposit box, and if you can't use them or lose them, you can swap them out for new ones at any post office.
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Pretty simple; you never deposit the cash. There are lots of places to cash checks, or ways to withdraw on a debit card, or via offshore account. Anything you do with a US bank is part of a paper trail that will be used against you.
Pay cash for cars, boats, etc. I've never had anyone refuse cash, and usually I get a discount for it. Once you do have it, have a friend file a lien on the car/boat so you don't have to explain where the cash came from. You 'borrowed' it from your friend, who secured his 'loan' by filing a lien on the asset, which BTW, also prevents any creditor from seizing it.
Don't like carrying cash? Buy USPS money orders. They'll give you up to $1000 at a time, so file away 50 or so of those in a safety deposit box, and if you can't use them or lose them, you can swap them out for new ones at any post office.
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