Well I dont know how the heck they are gonna know if I'm giving my neighbor the cash to buy some land and he simply deeds it to me.
If you deal through a bank or any other financial institution including buying a car the feds get a copy of the sale if over 20K. It may be 10 K but it’s late and I’m too lazy to look it up tonight.
I stroked a $32k check for my truck and no such form was filled out. Depositing over $10k is a different story.
Maybe thats what your thinking of but I'm not buying the other simply cause I've done it.
A deposit I had to make to my account last summer of $21k took 30 minutes of questions buy the teller and of course I had her also count and verify the bills in a machine.
(The bank filed form 8300 reporting it) (You do not sign it or file the form yourself)
How Much Money Can You Deposit Before it is Reported? (freshbooks.com)
Huh?
So any of this huge amount of cash that is being made in the cannabis industry can't legally be deposited into banks?
Correct. Cannabis industry is illegal on a federal level. Banks are controlled on a federal level. Putting illegally gained money into the bank makes it liable for confiscation. You have to launder it or figure out something else, but unless it’s just small amounts, you’re gonna attract attention.
So what are all these cannabis businesses doing with their cash profits, piling it up somewhere hoping that the feds eventually legalize their trade?
The real shenanigans is, while banking options are severely limited for the weed industry, the IRS has a guide on how weed producers and sellers can pay their taxes.
https://www.irs.gov/businesses/small-businesses-self-employed/marijuana-industry
https://www.irs.gov/businesses/small-businesses-self-employed/marijuana-industry
Of course!
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