Need some advice, my folks gave me a cash gift of 20,000, i need to get this from cash form and into my accounts. I don't want this traced back to my Dad etc.
Read the replies again, HotdogsFolks — is not the point being made that you almost certainly won't have any tax liability on such a gift?
If for some reason you do, then pay it.
Why? Unless there is something untoward going on here in which case this thread will be closed.Need some advice, my folks gave me a cash gift of 20,000, i need to get this from cash form and into my accounts. I don't want this traced back to my Dad etc.
Please discuss the merits and demerits of paying tax in another thread.I agree we should all pay tax, but there is something very sick about having to pay tax on a cash gift from your family (considering they would already have paid tax when acquiring the money in the first place.)
Join the sporting emporium casino just off Grafton Street.
Sit yourself down at the roulette table on a Saturday evening with x40 E500 chips. After an hour or two, chances are still have 20k, given the 50/50 roulette table odds (plus or minus a few bob) - I know the Sporting Emporium give you 50% of your evens bet if it lands on zero (most casinos don't do this).
You could be a right eejit and keep putting the same amount on black/red. Thing is, you'd look like a right fool and I don't think the cashiers would like you!
Anyway, at the end of your roulette endeavours, cash out and request a cheque rather than cash. As gambling winnings are tax-free, you can declare a lucky night's poker.
So they've lost 50% but have managed to avoid paying tax?Sit yourself down at the roulette table on a Saturday evening with x40 E500 chips. After an hour or two, chances are still have 20k, given the 50/50 roulette table odds (plus or minus a few bob) - I know the Sporting Emporium give you 50% of your evens bet if it lands on zero (most casinos don't do this).
Anyway, at the end of your roulette endeavours, cash out and request a cheque rather than cash. As gambling winnings are tax-free, you can declare a lucky night's poker.
So they've lost 50% but have managed to avoid paying tax?
Join the sporting emporium casino just off Grafton Street.
Sit yourself down at the roulette table on a Saturday evening with x40 E500 chips. After an hour or two, chances are still have 20k, given the 50/50 roulette table odds (plus or minus a few bob) - I know the Sporting Emporium give you 50% of your evens bet if it lands on zero (most casinos don't do this).
You could be a right eejit and keep putting the same amount on black/red. Thing is, you'd look like a right fool and I don't think the cashiers would like you!
Anyway, at the end of your roulette endeavours, cash out and request a cheque rather than cash. As gambling winnings are tax-free, you can declare a lucky night's poker.
Are you honestly trying to suggest that one will usually come out just about even after playing roulette for a couple of hours?
Couple of questions - firstly, how do casinos make money? Secondly, who loses (because somebody has to)? 'Other' punters? 'Mugs'? Not you, obviously.
When you lodge more than €6000 euro in the bank the teller is required to ask you whare the money came from, due to money laundering laws.
they may not care if you are laundering or not, but they will still ask you, so the OP should have an answer ready.From my experience as a student working in the bank, tellers are not the brightest sparks in the world and are more concerned about their crappy wages than someone trying to launder money!
As we have already established, the OP does not need to worry about having to pay tax on the money, so there really isn't anything to worry about.
Actually the limit is €13K (see ) but any transaction of any amount may be queried under money laundering legislation. If somebody has any suspicion about a transaction then they are obliged to query it with the customer.When you lodge more than €6000 euro in the bank the teller is required to ask you whare the money came from, due to money laundering laws.
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