Is There A War On Cash And Precious Metals In 2024

@thq,

It's not the money amount. For example I have an account in Portugal that I inherited from my dad, if I wired that money over to the U.S. the mortgage company would want to know where it came from as the account is several years old and I have records it would not be an issue. If I pulled out $20,000 from my mattress and I put it in my account it would cause red flags. In banking there are 2 types of cash transactions (over $10,000), the first is it's an over $10,000 deposit , regular customer no suspicious activity report. That is sent to the irs and it's almost almost never an issue. They may look at 1 of 100,000 transactions. The other is "suspicious". Which means it's not normal, movements of over $10,000 that are from new depositors , irregular, or have some other criteria are flagged to the irs and those get investigated around 5%~8%. Most are just I had money in my mattress, but some are money laundering or illegal gains.


The reason that mortgages are flagged is that a mortgage company doesn't want to be in a position of not first lien. If the down payment is enough for them not to worry the extra $5000-$100000 is not a worry. If I'm buying a $700,000 home and the proceeds from my house are $400k and I pull $100k out of thin air the mortgage company won't care so much as they have enough lien to get their funds back, now the IRS will care where the money came from, but the mortgage company generally won't.

Please note that I haven't been in the mortgage industry since 1990's so things may have changed.

Indeed. House is paid and I plan to stay here until they move me to the crematorium.

This house had a huge down-payment from the sale of my old house, where I lived before being married. And I am just now remembering them asking me where the down payment was coming from, since it was more than my account balances. I told them from the sale of the other house, which had not sold yet. I was being optimistic with the timing; the new house still had to be built, so I had time. It all worked out in the end.

Great reference.

I got it figured out now...stay legal as always by reporting sales of bullion on federal taxes, keep your mouth shut and incrementally deposit fiat into account several months in advance.
I did get a kick though when the loan officer was looking at my federal returns and bam! there it was "reported and paid coins and bullion" ya for all I know they probably would have called me liar liar pants on fire and denied the loan. All good now but I don't like it not one bit. This bank is on my short list we can use one another then break up once they sell my loan.

Thanks for that background info, Helder. Most insightful.

They were not checking if taxes were paid, they were verifying the source of the money.

Lender was trying to verify where the 5k would come from. Borrower was caught flat footed and said he'd sell stock. Lender says prove it. Borrower backtracks and says he'll sell PMs. Again lender says prove it.

Yes the capital gains tax will be less than $300.00 come tax time. My broker/Realtor whom I hired to represent me is in the millennial generation and I sense her tensing up during our signing festival's. My impression is I'm "that addendum guy" I don't care as i.m.o. their pushing the bounds of common sense I've demanded the following from seller: A disclosure statement and fix issues found in inspection that will be a problem with VA and with me.
Im paying cash for: inspection of structure, sewer line scope, radon mold lead paint etc etc, survey with existing boundrys marked and pinned. I was told this was unusual and I'm incuring additional expenses but "OK go ahead". Here's the kicker haha before I finish the deal my attorney has to give it his OK then they get my final John Hancock thats in an addendum. So if your patient and do things right your a wet blanket? Too bad I would never buy real estate without due diligence. Bank and realtor have attempted to get me to do everything on line I declined nope it's a sit down with me so what if closing takes 40 days instead of 23. Yep were living in a different age and time.