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Alpo

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Bearer bonds. As I understand it they are as good as cash. Unlike a bond put out by the city (for example) which will say Alpo on it somewhere, so (supposedly) only I could cash it, bearer bonds can be cashed by whoever has it in their hot little hand.

 

But where do you cash them? Could I take $1,000 bearer bond to the bank and get $1,000 for it?

 

The "$10,000 in cash gets reported" thing. If I showed up at the bank with $20,000 worth of bearer bonds, for deposit, would that get reported? Since it's not cash.

 

Online story, and they're going to open a bank account with $100,000 worth of bearer bonds, and are hoping it will not be reported.

 

Hmmmmm. Could they? Would it? Hmmmm.

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1 hour ago, Alpo said:

Bearer bonds. As I understand it they are as good as cash. Unlike a bond put out by the city (for example) which will say Alpo on it somewhere, so (supposedly) only I could cash it, bearer bonds can be cashed by whoever has it in their hot little hand.

 

But where do you cash them? Could I take $1,000 bearer bond to the bank and get $1,000 for it?

 

The "$10,000 in cash gets reported" thing. If I showed up at the bank with $20,000 worth of bearer bonds, for deposit, would that get reported? Since it's not cash.

 

Online story, and they're going to open a bank account with $100,000 worth of bearer bonds, and are hoping it will not be reported.

 

Hmmmmm. Could they? Would it? Hmmmm.

Most are only worth face value when they have matured, and never gain a cent in value after that.  I never "cashed" any bond because I just transferred the money I got into a bank account.  usually a checking account (then you can write a check on that account for $9,999,99.  but once in awhile into a savings account.  

THEN I discovered mutual funds and began selling them.    Yup, licensed by the State of California and the US gummint both.  I even got licensed in Utah, Nevada, and Arizona.  

 

Stayed with that for eleven years and retired at 59 years old.

Between buying some from myself and the interest,I earned, plus a lot of term life insurance, I retired nicely fixed and helped several hundred other people become very well off.

 

Lots of rule changes since 2005.  I don't even have the vocabulary to do it now, but I have a really good advisors.

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Came up with another question reading my first question.

 

The "report $10,000 cash movement to the government" thing. If I withdraw $15,000 from the bank, they are going to report it. If someone was to give me $15,000 and I tried to deposit it in my bank, they are going to report it too.

 

But if I wrote a check for $15,000, would that get reported? Because it's not cash - it's a check.

 

My understanding of the reasoning behind "report $10,000" is it is to help catch criminals. Drug dealers. Terrorists.

 

But I kind of doubt that somebody is going to buy $50,000 worth of cocaine with a check. I don't think someone will buy a hundred machine guns with a check. Because if the merchandise is illegal, and is paid for with a rubber check, I don't see where the seller had any legal recourse. Hard to go to the cops and complain that somebody paid you with a rubber check for 50 keys of cocaine. I'm fair certain that would be a cash business.

 

So does this $10,000 thing apply to checks also, or just cash?

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2 hours ago, Forty Rod SASS 3935 said:

Most are only worth face value when they have matured, and never gain a cent in value after that.  I never "cashed" any bond because I just transferred the money I got into a bank account.  usually a checking account (then you can write a check on that account for $9,999,99.  but once in awhile into a savings account.  

THEN I discovered mutual funds and began selling them.    Yup, licensed by the State of California and the US gummint both.  I even got licensed in Utah, Nevada, and Arizona.  

 

Stayed with that for eleven years and retired at 59 years old.

Between buying some from myself and the interest,I earned, plus a lot of term life insurance, I retired nicely fixed and helped several hundred other people become very well off.

 

Lots of rule changes since 2005.  I don't even have the vocabulary to do it now, but I have a really good advisors.


All these years I have known you I thought you profited and prospered only because of your good looks!

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The $10,000 call the Fed's line is interesting.  I go in and ask for $15k in cash and they report it? Or do they.

I write a check for $50k for a downpayment on a house do they report it?  This would be weird if I wrote the check to a private party who was carrying the note.

Maybe if you face isn't covered in Tattoos, you're not looking around, and sniffing your nose a lot they think your ok!

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4 hours ago, Alpo said:

Your link is not good. It comes up 404 PAGE NOT FOUND.

 

But searching that IRS site, it appears that it is only cash that needs reported.

 

Sorry about that; I've got a busted mouse (thanks to my omnivorous Yellow Lab puppy) and I can't highlight, insert or drag properly.  New mouse arrives shortly.

 

LL

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On 2/15/2020 at 2:53 PM, Prof. Fuller Bullspit said:


All these years I have known you I thought you profited and prospered only because of your good looks!

No sir, that was just a bonus and kept me in a position to buy lunch every two weeks.

 

How have you been?

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On 2/16/2020 at 1:09 PM, Ramblin Gambler said:

Yes, it's only cash because only cash is untraceable.  But if someone cashes that check and takes it in cash instead of depositing, I believe that will be reported.  I know I've had SARs filled out on me for cashing checks. 

SAR forms are filed at $5k cash per 7 calendar days or lower if it is suspicious or unusual activity for that individual.  Typically they just need your id to “update our records” 

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