Is it illegal to save in your house actual cash???greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
I had heard from a rather foolish person that supposedly it is illegal to "hord" american cash in your house. They stated that there is a certain dollar amount that if you have over that it is illegal to do so.
Obviously I believe that incorreect because if you had higher denomination of bills then you would have less actual number of bills. They stated that was why the new Anti Conterfeit magnesium strips were in the bills....so the infamous "Black Helicopters" could locate where the drug dealers lived and where all the cash was...
No need to respond to the above "theory" however, I would like to know if it is illegal to keep money in your house, and as long as oyu paid taxes for it there shouldnt be a problem? right?
On the continuous journey of life, Muad 'dib
-- muad'dib Blind Prophet (firstname.lastname@example.org), October 11, 1998
Dear Blind Prophet: What they don't know won't hurt them.
-- Bardou (email@example.com), October 11, 1998.
Short answer: No. Your foolish person may be confusing this rather bizarre idea (the cash storage bizarre idea, I mean; everyone knows the black helicopters are real!!:) with the federal law requiring banks to report individual cash transactions of $10,000 or more -- or smaller transactions that total $10k over a specific period of time. Cash is still real money, for now at least, and the gov can't tell you what to do with yours so long as the taxes on it are paid. Stuff the mattress, bury it in Mason jars in the back yard, or feed it to the cat.
-- J.D. Clark (firstname.lastname@example.org), October 11, 1998.
Helicopters painted black are for night operations. Sometimes they do training manuevers. Wonder who started all the goofy rumors. Have you heard the one about the identifying numbers on the back of road signs? They are so road crews can find one sign among a bunch and change or remove it or whatever. Some group is claiming they are to guide UN troops to the proper areas when the 'New World Order' comes. Bet Republicans wish Bush had never coined that phrase!
Keep all the cash you want. Me, when I go to a casino, which is pretty seldom, I always hit the machines that pay off in triple nines fine silver 'keepsake' medallions. They'll always be worth something, no matter what happens, and I always have something to show for having gone!
-- Paul Davis (email@example.com), October 12, 1998.
Is it illegal to keep any amount of cash you want to in your home? No.
There are restrictions on how much cash you can exit the country with, although I don't remember what they are. There are also federal requirements for finaincial institutions to report transactions over a certain threshold (I beleive that the $10,000 previously quoted is indeed the correct figure) but that doesn't stop you from making the withdrawal.
Now, is it a good idea to keep thousands of dollars at home? I don't think so. Why? One word: fire.
-- Paul Neuhardt (firstname.lastname@example.org), October 13, 1998.
Y2k recipe for "Disinformation Stew":
Start with 10% truth Fold in 90% lies to meet desired gullibility threshold. Beat to a frenzy with agents provacateurs until plausable deniability results. Garnish with ridicule.
Your hungry stormtroopers will love it!
-- E. Coli (email@example.com), October 13, 1998.
FELLOW AMERICANS. THERE IS A SIMPLE SOLUTION FO THIS PROBLEM, (ARE YOU LISTENING, LARRY?). SIMPLY USE A NEEDLE AND TWEEZERS TO REMOVE THE MAGNETIC STRIP, PUT THEM ALL IN BABY FOOD JARS AND "PLANT" THEM ALL OVER THE PLACE. PROBLEM SOLVED, NEXT PROBLEM!
-- R. PEROT (TEXASOIL@AOL.COM), October 13, 1998.