Originally Posted by [AK]Nuts
This came from a question about giving someone money after winning the lottery. I know that I can give a guy 50k tax free, one time only, as a gift. But what would stop me from pulling out 100k in cash and giving it to him in cash, as long as he doesn't deposit it or spend it all at once. Beside his guilt for not paying taxes, this seems like a way to skirt the law.
I also hear that if you pay cash for anything in excess of $20k, it triggers a flag in the government/banking industry.
Any ideas?
(and yes, my boss is gone for the day and I'm counting down the minutes to sneak out an go see a movie)