I am in the process of moving some of my savings to gold but don’t want to trigger the IRS reporting or anything else for that matter. If I withdrawal $3,500 a day or a few times a week, will that cause problems? I have been saving for a while, and so it is definitely out of the ordinary for me to withdraw that kind of money frequently, however, I did tell them what I was doing, and even inquired about safety deposit boxes to store the gold I am buying.

  • PhilipTheBucket@ponder.catEnglish
    2·
    11 hours ago

    That part is false. If you aren’t doing it on purpose, you’re missing the intent required to be in violation of the law.

    Yeah. Like I said, I think you are correct that I was misremembering, and the letter of the law is as you said.

    If you’re unaware of the law and were not trying to avoid reporting requirements, there is very little, if any, harm in explaining yourself (they already have the evidence anyway).

    Maybe. Like I said, if there’s a totally innocent explanation and the bank is who you’re talking to, then probably you’re right that just giving the innocent explanation is fine.

    It still just makes me incredibly queasy as a general rule, because there can be tiny elements (like in this case the issue of intent) where if you don’t know the statute, and you’re just kind of explaining stuff, you can accidentally confirm some minor element of the statute that they otherwise would have had some incredibly difficult time proving and give your lawyer fits and maybe do some time. It’s just a really bad habit to get into. They might have the material evidence of what transactions happened, but not the why, and your explanation of why it was innocent might accidentally confirm something in the statute. Whether or not you “meant any harm” or anything, and certainly whether you were aboveboard in your first interview before you talked with a lawyer just to be safe, is often totally irrelevant in court.

    If the bank calls you, just explain. Assuming you’ve been following the law, which you really should have been. If it’s anything else, it should be Shut the Fuck up Friday.