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About LinkBacksI believe IRS tracks deposits >5k so if your depositing and withdrawing 25k per month, eyebrows would be raised.
Lets say somehow you did get though a year and got the Centurion card, they will probably wait with they got your 5k initiation fee and then FR and you will get canceled and out your 5k.
Never understood why people want a Centurion. most of the benefits aren't obtainable unless you make a S*IT load of cash.
Private Jet, Villa, island Rental ???? on 60k a year not likely.
IMO
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...also Amex will put you under a financial review, where they will request tax returns and w-2's. If you spend $250k with an income of $60k Amex would probable freeze or cancel your account.
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If you have a registered business, buying an item does not warrant an automatic payment to Uncle Sam, you need to buy and sell the product before you owe any taxes on it. Sales tax are calculated on final selling price.
Additionally if you purchase an item in the US for export only, you owe nothing; the wholesaler is required to charge you sale tax unless you can provide a tax ID number. If you have a tax ID number for an exporting company, then you will be required to pay taxes only on items that are sold out / exported
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I would think there was some illegal activity, like are you a drug lord? Anytime you funnel a lot of cash through a bank it raises red flags, unless you have a business front that takes cash.
Originally Posted by creditkid
Cards Used:
American Express Platinum Personal, Member since 94
Chase United Explorer - Visa Signature
American Express Business Simply Cash
Cards Acquired:
American Express Blue, American Express Platinum Business
Bank of America 10k, Capital One 7.5k, Fidelity Visa Signature 10k
Citibank Platinum Select ThankYou MasterCard - Card Member since 91, 25k
Discover 10k Member since 91, Wells Fargo Personal & Business Visa Signature
USAA World MasterCard 10k, Chase Slate Exclusives Visa 5k
Macys, Nordstroms, Neiman Marcus, Best Buy 5.3k, Kohls
Lifelock member, USAA credit monitoring, Security Freezes E/E/TU, 800+
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Banks are required to report deposits of $10K or more to the IRS. Or, if you deposit $4K and an hour later deposit 6K, the bank will still report it. Originally Posted by darobin77
However, to avoid this sort of thing, wire transfers are the way to go, as they are not reported to the IRS.
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