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My mom is in her mid-60s, she immigrated...
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My mom is in her mid-60s, she immigrated from Russia to US.
She has like $130k in cash, under her mattress (not literally).
How can she put this money to use without alerting the IRS, etc?
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Buy ethereum
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>>1053205
>without alerting the IRS
No chance.
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Invest it all in bitcoin
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>>1053205

You really cant if she hasnt already paid taxes on it. If she is willing to take the 40% hit, she can declare it and do anything she wants with it

But really, who would do that?
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>>1053205
Tell her to put 3000 every 5 months in a forex account ;) let me trade it. Withdraw 3000 every other month and claim it as profit for taxes ;) easy sleazy Japanesey
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>/biz/ how do I launder Ukrainian CP money?

Ffs kek
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She can slowly bleed that 130k for cost of living with no problems.
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>>1053670
Not completely. Shes under watch so shed have to spend it wisely, like only doing car repairs and grocery shopping in cash, but when you do that your 130 grand inflates.
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>>1053205
You're effectively going to have to launder it.

One way to preserve its value against inflation would be to buy chattels like silver cutlery, silver candlesticks, paintings, or swiss watches. Richfags have been avoiding inheritance tax in this way for a long time.

My advice would be to start a small cash business. Buy very cheap plastic shit and sell it for twenty times the price. If you have access to a garden, you could claim to have been selling home-grown vegetables, in which case all you would need to do is buy a few sacks of seeds and fertiliser to give your business the receipts needed to explain how it made its money.
You sell invisible organic carrots to invisible customers in cash, take a small hit on corporate tax, and legitimise your money.
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>>1053205
>without alerting the IRS

Why? If you immigrate to the US, none of the money you bring is taxable.
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buy real estate, say you are transferring cash from another bank and dont want to wait for a hold
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>>1053681
https://www.irs.gov/Individuals/International-Taxpayers/Foreign-Earned-Income-Exclusion
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>>1054052
>https://www.irs.gov/Individuals/International-Taxpayers/Foreign-Earned-Income-Exclusion

That's not the same at all, did you even read it? It says US citizens and US residents who live outside the US must pay US taxes on all worldwide income. No part of that applies to OP's mom. She doesn't live outside the US, she just moved to the US. And she didn't earn any income, she merely has savings.

Here's an actually relevant link: https://www.irs.gov/Businesses/Gifts-from-Foreign-Person

A US citizen/resident receiving a gift from a foreigner in excess of $100,000 must report it. But no tax is due. Why? Because the person giving the gift is the one subject to the gift tax, not the person receiving it. In this case the person giving the gift is not a US citizen nor a US resident and therefore no taxes can be levied on them. She can report the 130k on form 3520 as if one of her relatives back in Russia gifted it to her, and no tax is due.
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OP here.
>>1054095
She's a US citizen.
So if say she "receives" $80k from foreign party, she does not have to report it? Or she has to report it but will not be charged tax?
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>>1053205
if this chart wont convince her then i dont know what would
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>>1054167
Not to be a bore, but if you have 120K, you can afford a tax lawyer.
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>>1054170
Costs money, man.
She's cheap, I'm cheap.
Might as well be jewish, desu.
Thread replies: 18
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