withdraw money from my forex account?

[Ivanovich]

Great, and so when - if ever - that SAR gets acted upon (we all know it won't, but for argument's sake, lets say it will) the owner of the account says

"I took some of my money out of the market when I perceived risk was coming, and it wasn't until a few weeks later that I determined the risk to be greater than I had thought and removed the rest of it."

Given the fear in today's world, that is not at all an unreasonable answer.

 

[kooltrader]

Quote from startraitor:

It is known as structuring.

No person shall, for the purpose of evading the reporting requirements of section 5313 (a) or 5325 or any regulation prescribed under any such section, the reporting or record keeping requirements imposed by any order issued under section 5326, or the record keeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508— [...] (3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions

I will need to look int tis. i don't quiet understand what this is about.
However as I said my forex account is all legeal. They report all my gain/loss to IRS every year and of course according to that I pay all my taxes.
The major worry I have is that part of the money in my forex acc came from credit cards and I want to transfer it to my checking account. Would the bank ask me anything?

 

[startraitor]

Playing stupid and ingorant is not an arguable defense in the eye's of the IRS.

 

[Ivanovich]

Quote from startraitor:

Playing stupid and ingorant is not an arguable defense in the eye's of the IRS.

That's just it. It's not stupid OR ignorant. It's perfectly valid.

 

[Ivanovich]

Quote from kooltrader:

I will need to look int tis. i don't quiet understand what this is about.
However as I said my forex account is all legeal. They report all my gain/loss to IRS every year and of course according to that I pay all my taxes.
The major worry I have is that part of the money in my forex acc came from credit cards and I want to transfer it to my checking account. Would the bank ask me anything?

No. Your credit card obligation is separate from the money you're getting back.

 

[kooltrader]

Quote from Ivanovich:

Great, and so when - if ever - that SAR gets acted upon (we all know it won't, but for argument's sake, lets say it will) the owner of the account says

"I took some of my money out of the market when I perceived risk was coming, and it wasn't until a few weeks later that I determined the risk to be greater than I had thought and removed the rest of it."

Given the fear in today's world, that is not at all an unreasonable answer.

This sounds correct and logical. Let's say a good trader has 500K in his account and needs some money, 100K. So he needs to transfer that into his checking account. Why this would be a problem?

 

[startraitor]

No. However if you intentionally structure your transactions to avoid reporting limits even legal assets can be forfeited. Thousands of fed wired and ach transfers for many multiples of the amount you are speaking of are cleared daily without a bit of scrutiny.

Quote from kooltrader:

I will need to look int tis. i don't quiet understand what this is about.
However as I said my forex account is all legeal. They report all my gain/loss to IRS every year and of course according to that I pay all my taxes.
The major worry I have is that part of the money in my forex acc came from credit cards and I want to transfer it to my checking account. Would the bank ask me anything?

 

[kooltrader]

Do banks care if you transfer money to them from credit cards?
I actually did a balance transfer of $9000 to my checking account, but I am wotried about larger amounts, 50K, 80K 0r more.

 

[kooltrader]

Quote from startraitor:

Playing stupid and ingorant is not an arguable defense in the eye's of the IRS.

why do you believe this about "playing stupid and ingorant"?
I don't believe it has much to do with IRS anyway, because any trades one places, brokes knows and have records of . So how would you not report that to IRS? You must be nuts not to do it. Brokers send all the trades records to IRS and you as a trader have to summit copies to IRS of any trade. So ITS knows about all your gains or losses , what ever the case is.
I don't get your point.

 

[startraitor]

I was refering to the investigation of SARs, suspicious activity reports by the IRS under the Department of Treasury. Not your trades in your brokerage account.

Quote from kooltrader:

why do you believe this about "playing stupid and ingorant"?
I don't believe it has much to do with IRS anyway, because any trades one places, brokes knows and have records of . So how would you not report that to IRS? You must be nuts not to do it. Brokers send all the trades records to IRS and you as a trader have to summit copies to IRS of any trade. So ITS knows about all your gains or losses , what ever the case is.
I don't get your point.