Is having large amounts of cash in paper currency, illegal? For example say a million in cash?

Question

I don't want to put my money in banks (I realise I'll lose out on compound interest and the money would depreciate as the economy inflates). I figure with my current salary I should have approx. 1.3 million in 27 yrs,

So does anyone know where I can get information, on possesing cash. I'm also thinking about buying valuble (but tangible) items such as gold bars and diamonds.

Any advice would be appreciated

Answer 1

I'm not sure but it's a good question. This is the first thing that I found and it's pretty interesting:

Is possession of cash a crime?
Kansas cops confiscate money hidden in car

Answer 2

No, there is nothing illegal about carrying large amounts of cash. My great grandmother did - she had wads of it hidden away throughout her house because she didn't trust banks.

However, you might want to keep in mind that some places won't accept cash - e.g., the IRS. But in those cases, you can always take your money down to 7-11 and purchase a money order.

If you would rather keep all your money in cash, go for it. Just be sure you have a safe place to put it.

By the way, they only confiscate money when they have probable cause in suspecting it was obtained illegally (e.g., drug money). The authorities can't confiscate it from you just because you have it.

Answer 3

You can keep as much cash as you want--and risk not only it losing interest but theft, fire, and anything else that can destroy paper. Anything that is such a disruption to the financial system as to make your money unsafe in a bank is probably going to make paper money worthless as well. You can buy something like gold or diamonds, and then pay somebody to store it safely for you and risk that the item will have lost value when you need it. I don't think either choice is very smart.

Advise? Invest conservatively but wisely.

Answer 4

Of course it's not very intelligent, but it is your right to do that. I would advise purchasing non-currency goods (such as metals or gems) and storing in a safe deposit box, rather than at your home. You could also purchase property, which has a higher rate of return over a long period of time (and at least you'll have somewhere to live when you're old and broke!) You could also purchase government bonds to realize at least some interest.

Answer 5

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Answer 6

It's not illegal per se, but you could be walking on thin ice and in certain circumstances, having cash, gold bars and diamonds lying around could melt that ice altogether as it could be used as evidence against you in a criminal prosecution. Such circumstances would include charges against you of drug sales, income tax evasion and/or fraudulent conveyance or concealment to avoid creditors. Also, investing in foreign currency like Kuggerands and Swiss Frans is heavily regulated with declaration requirements and the imposition of import taxes. Certain gold sources and diamonds, namely "conflict diamonds" are illegal altogether and could get you in really big trouble. I advise you hire a lawyer and financial advisor before you get your money tied up in substantial investments.

Answer 7

There is no limit on how much cash you can possess.

If you travel with it (out of country) you are limited to $10,000, and the Patriot Act requires that you fill out paperwork if you pay more than $3,000 cash for an item.

There is no limit on private gold ownership. However, if we ever experience another bad depression, you may find yourself having to surrender your gold to the Federal Government.

Answer 8

It's not illegal to have large amounts of cash, as long as you're paying your taxes on the money earned. However, it would be MUCH better if you invested the money in some way... say into a mutual fund.

Answer 9

No it's not illegal to have large sums of cash. However you'd be da..ed stupid to keep that kind of change at home unless of course your residence was Fort Knox. Do not and I repeat Do Not keep that kind of cash at home. That is asking for trouble and believe me trouble will find you!!!

Answer 10

Not at all. You might find yourself being a little paranoid about leaving home with too much lying around however.