My friend has $3.7 million in 7 different paypal account. How can he get the money turned into cash? He claims he made this money over the years using a private Runscape server that he sold items through.
No he doesn't.
And if he did, why can't he deposit the funds into his bankaccount?
set up bank account --> transfer --> ATM
>>1146876
He hasn't paid any taxes on the income. One of the accounts that I am looking at right now has $934,000.00 on it.
>>1146878
Won't that set off some red flags or something? He says the money is legit but this is kind of a ridiculous amount. Sounds criminal if I didn't know better.
>>1146879
Tell "your friend" that I can launder the money for .83 cents on the dollar. It will take about 18 months to do though.
>>1146884
Does it NEED to be laundered? Would a bank even care if paypal deposited 500k all at once?
>>1146883
it shouldn't i mean, if its legal the worst that can happen is he would get audited for tax purposes but i'm fairly sure since its being held on paypal as a small business account taxes are aleady reported, although i'm not as familiar with paypal as i should be so you might have to do some research on that...
also you could just transfer small amounts at a time as needed so you dont arise suspicion
>>1146894
Yes. It needs to be laundered. If it was really from legitimate means he would have already paid taxes on it. I mean, why wouldnt he? Why would he take the risk of having the IRS up his ass? My guess is the money was made illegally. You have to launder it, bro. If you deposit it in a bank without paying taxes youre fucked.
>>1146883
Yes laundering money IS a serious criminal offense.
If it's why can't he just pay his taxes on it?
You do know laundering is for illegal money, right?
After you have 20k in your PayPal they send you a tax form...
Buy Gold coins online using your paypal
Sell them for cash little by little
>>1146993
This also.
Paypal would never let you have $100k in your account without tax forms.
Especially considering he's earned it over years... Not one of those years they sent him tax forms?
>Millions from a runescape private server
Isn't there like 500 people on those things?
>>1146924
It's not just avoiding taxes that's a problem. That kind of money transfer raises flags, and it has to be reported. So if what OP is doing is innocent and legit, then there's no problem, otherwise.. better call saul.
>>1147023
He does not have this money
If someone earned millions he sure as fuck wouldn't be asking NEETs on /biz/ how to use it.
>>1147027
>NEETs
?
>>1146883
>Just pay income tax on it, or if you want to be sneaky just move it in less than 10k increments, that's the cutoff for when transactions have to be reported to the IRS (or at least it used to be)
>>1146883
Just pay the fucking tax
>>1147081
>being this fucking new
thread is fake and gay. and to think people take trading advice literally from this board. unbelieveable.
The first step would be to get the money out of paypal.
Paypal is the worst possible place to keep your money.
What's with all these idiots not paying their taxes.
You know they throw you into jail for such amounts.
>>1146879
At first I was like okay this could be possible, but now I know you are full of shit. PayPal reports any money made to the IRS. There's no point in laundering anything when the IRS already knows.
>>1146894
Assuming US, the bank will have to report transactions greater than $10K. If he breaks it down into lower multiples, they'll get him for structuring. He should pay his taxes on income. The only other way out of this is to open alot of bank accounts and deposit into them over time. But it'll still look like structuring because banks report on opened accounts too.
Maybe your friend should just pay income taxes.
>>1147636
Honestly I never got why people with that kind of money get so butthurt about taxes. People with alot less pay theirs. Maybe if they stopped dodging theirs, everybody could have a lower rate, better country, or both.
>>1146871
If its a legitimate business do a Double dutch with an Irish sandwich, its completely legal
