FINANCE FRIDAYS
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- čas přidán 7. 12. 2023
- #vintagemagic #mtg #financefridays
In this video, I discuss if the seller or "broker" providing Magic cards to a client is RESPONSIBLE for verifying of the buyer are legit - fraudulent, stolen, etc...???
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Technically, you as the vendor are required to file Form 8300 with the IRS if you receive cash payment in excess of 10k from a single buyer/transaction. You don't have to ask any questions about their work or source of funds, that's for the IRS to sort out, but you will need their SSN to complete the form.
what about crypto?
@@vintagemagic You'll have to check me on this one because it's been changing over time, but as I understand it, crypto isn't classified as a currency but a property and so it doesn't constitute "cash". When someone pays in crypto, you're technically trading property for property (here's an apple for your orange). In this situation, there are separate rules wherein the buyer is technically supposed to declare a capital gain or loss if they exchange their crypto for something else that is worth more than their basis. So if I put $1000 into bitcoin, then the price goes up and I "trade it" for a card for $1200, I'm supposed to report $200 capital gains. I don't think the vendor has any reporting responsibility in this case. I also don't think either of these rules are followed very often 😂
Weird examples rarely work as arguments. Should you be questioned when buying McDonalds cheeseburgers? Yes, absolutely, if you buy cheeseburgers for 1 million dollars in cash or crypto.
Love your christmas tree daniel!
You are right that there needs to be a law first.
Then, the mildest form would be KYC. Know your customer. So above a certain volume with a client, you have to check ID once and then its just bookkeeping, you need to know your big clients and keep a record of your dealings with them.
And thats it. No reporting, no asking further questions. Now if they investigate one of your clients, they may ask you for your records regarding that client, i mean not just ask, i mean with a warrant or something. Then you have to give them a copy of your records about that specific client only.
That would be not so bad, but just enough to make it unattractive for money landering. For money laundering, even if investigated, you want your transactions to be obscured behind pseudonyms or fake identities or anonymity or simply deleted.
Yeah something to deter would be fine. I just don't see how you can prevent this as there are so many ways around this.
Two words: 1. Bona Fide Purchaser. 2. Proceeds of Crime. … Rep matters.
Happy holidays to you and the fam Daniel!
you too!
0:30 - Only if it's physical counterfeit cash, IMHO.
A lot of people will only write checks and cash deposits and withdrawals up to $9,999.00 to avoid intervention.
patterns like this are flagged.
i mean that's not too far off from how it works with pawn shops except the pawn shop is the buyer.
explain?
no foils :(
lol, yeah i do have many but sadly nothing till next year.
Magic cards are a big thing in the money laundering world. Not kidding.
evidence?
Mtg is an easy way to launder...
how so?
These kind of regulations are a net benefit for society but can be a bit annoying and feel a bit invasive on privacy
Yeah for sure. I get its about catching criminals, but at what price?
@@vintagemagic At the price of being potentially inconvenienced if you decide to work with criminals.