There's Money in Topps Rip Cards...Literally

[csun22]

Originally Posted by otmack2o

The $10,000 rule is regarding cash gifts I believe, correct?

I'm pretty sure it has to do with any type of cash transaction. I think it has something to do with a money laundering concern which is why it has to be reported.

I know with the California lottery, any winnings of $599 and under can be collected at a retailer, but $600+ needs to be claimed via the lottery office.

[Zerokruel]

I think you guys are right. I mixed it up.

[Bigblue]

Hmmm? A card with a thousand dollar bill in it...I wonder what it would fetch on EBAY these days $550??

[thekramers5]

Originally Posted by hockeyjunkie99

WTF!!!....She wouldn't tell me because she can't. There is an amount but she won't tell me what it is. That $*%!.

She said if people knew what the amount was that they would do "structured deposits" which is illegal and that would make you look suspicious. You have to fill out forms if you deposit over a certain amount of money and it would include all your information. Just because its a certain aomunt of money though doesn't necessarilly mean that that is the cap.

Get a new girlfriend ASAP! It's not a secret for anybody who works at a bank. EVERYBODY who works at a retail branch (and most others associated with a financial institution in ANY capacity) know it. For her to tell you she can't tell you - she must be trying to convince you her job is much more important or critical than what it really is...

The limit is $10,000 for mandatory completion of the suspicious activity report. Any other transaction deemed necessary SHOULD also be reported on the same report - e.g., multiple deposits of large amounts less than $10,000....like several $7,000 deposits.

Also, this HAS ABSOLUTELY NOTHING TO DO WITH REPORTING OF INCOME OR PAYING INCOME TAXES. So what if you collect cash over a course of time and deposit $6,000 in the bank? Or $15,000?

The requirements are based on anti-money laundering rules...which have obviously become much more important and stringent since 9-11.

My guess is that if you get a "money card", you'll have no idea whether or not it is $20 or $1,000.

Also, I'm sure if any of you have ever gone to the horse races or bet in Vegas - anything over a certain amount ($600 here in Texas) results in a W-2, while anything else is paid in cash with no reporting to the government. We were in Vegas in 2006 during the Preakness and I boxed all the horses for a $2 trifecta (the race when Barbaro broke down). The payout was just under $4,000 (ticket did cost $1,008) but we got a W-2 for income along with the cash...in $100 bills for the most part.

[hockeyjunkie99]

Originally Posted by thekramers5

Get a new girlfriend ASAP! It's not a secret for anybody who works at a bank. EVERYBODY who works at a retail branch (and most others associated with a financial institution in ANY capacity) know it. For her to tell you she can't tell you - she must be trying to convince you her job is much more important or critical than what it really is...

The limit is $10,000 for mandatory completion of the suspicious activity report. Any other transaction deemed necessary SHOULD also be reported on the same report - e.g., multiple deposits of large amounts less than $10,000....like several $7,000 deposits.

Also, this HAS ABSOLUTELY NOTHING TO DO WITH REPORTING OF INCOME OR PAYING INCOME TAXES. So what if you collect cash over a course of time and deposit $6,000 in the bank? Or $15,000?

The requirements are based on anti-money laundering rules...which have obviously become much more important and stringent since 9-11.

My guess is that if you get a "money card", you'll have no idea whether or not it is $20 or $1,000.

Also, I'm sure if any of you have ever gone to the horse races or bet in Vegas - anything over a certain amount ($600 here in Texas) results in a W-2, while anything else is paid in cash with no reporting to the government. We were in Vegas in 2006 during the Preakness and I boxed all the horses for a $2 trifecta (the race when Barbaro broke down). The payout was just under $4,000 (ticket did cost $1,008) but we got a W-2 for income along with the cash...in $100 bills for the most part.

The form is a W-2G

[Cutty]

hmmm...I wonder if topps will get any underage gambling lawsuits...or will they go the rout that they deliver the 5 or so cards guaranteed per pack, so you know what you're getting.

This makes it official that sports cards are reduced to gambling.

[keggobelly]

Who is planning on buying this product.

[thekramers5]

Originally Posted by hockeyjunkie99

The form is a W-2G

Yes...HJ, I was quite aware of that. Fortunately, I've received a few in my day.

Not to mention, as a CPA, I've seen a few that are not mine as well.