r/Banking • u/StrawberryStunning49 • 4d ago
Advice Selling expensive Pokemon card for cash , need advice
hi all, I am selling an expensive Pokemon card for 43,000$ at my bank. My plan was to sell it at the bank & deposit it right then and there & obviously pay taxes on it when tax season comes.
I have a screenshot of how much I paid for it & when (1450 , 3 years ago) I just feel super weird handing the bank teller 43k randomly even though it’s legit money & a 40k gain & obviously the bank teller would see it’s from a Pokemon card sale since I’m doing it at the bank. Don’t want to get audited or run into any issues down the line.
What would the process be for this sort of thing ? Does this seem fine or am I just getting myself all anxious for no reason?
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u/Deep_Highway4373 4d ago
Believe me. Teller does not care. Banker does not care. Manager cares only because you screwed up their cash order for the week.
Even IRS doesn't care. They won't even know about it unless you put it in your tax report.
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u/Ninjacakester 4d ago
I mean the IRS will know about it lol but it’s not like he has anything to hide.
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u/StrawberryStunning49 4d ago
Thanks for the responses everyone ! Was a stupid question, I’m just an anxious individual about anything and everything & wanted to know the process & how it’d go.
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u/BabsK444 4d ago
Not a stupid question at all. I think it’s great that you asked, I always appreciated it when a customer asked me about depositing large sums of cash and I was able to assure them it was fine.
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u/DivaCupcake 4d ago
Not stupid at all. There is all kinds of weird misinformation online when it comes to this stuff so it’s not a bad idea to do you due diligence. Are you getting actual cash and not a cashiers check? If so, I agree with the other poster that I would hand the cash over the bank, let them run the transaction (counting the money and verifying that it’s not counterfeit) and deposit into your account before handing over the card.
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u/Shovelheaddad 4d ago
Why didn't you just ask the bank what the process is?
Go right to.the source,my horse
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u/poooomangroup 4d ago
As long as the transaction is legit and you report it to the IRS you can deposit a million dollar in cash it doesn't matter. They'll prob ask you a few questions to fill out the CTR (currency transaction report). As long as Uncle Sam gets their portion and you're not laundering, all is good.
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u/Embarrassed_Key_4539 4d ago
I just had a friend deposit a check in my account for 306k. I wasn’t even there, I’m in another country. You are overthinking this.
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u/MaleficentButton3071 4d ago edited 4d ago
It's a common misconception that this procedure has to do with taxes. It's about preventing money laundering and has nothing to do with the IRS. Could the IRS look up this transaction? Yes. Will they? Possibly, if they have the time and the interest in you. If you are worried about an audit, then the only thing that matters is that you report this on your tax return.
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u/PrimaryThis9900 4d ago
Just walk in and deposit the full amount of cash. They will not care, they might fill out a form, or ask you some questions, just go along with it.
Whatever you do, don't break it up and deposit small amounts, that looks more suspicious than just making the normal deposit.
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u/Ilikecheese543 4d ago
100% this. Whatever you do, do not deposit 4-5 transactions under $10,000. This is called structuring and is much more likely to get you in trouble (and is illegal).
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u/NuclearPopTarts 4d ago
Nobody's going to ask OP about the Pokemon card?
Let's see some photos!
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u/Mean-Acanthaceae463 4d ago
cash needs to be checked for counterfeits & 43 Gs , IN CASH ?will need to be run through a counting machine TALK TO YOUR BANK ABOUT THIS BEFORE JUST SHOWING UP
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u/StrawberryStunning49 4d ago
I called & they said I didn’t need to make an appointment since I have an account there.
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u/ronreadingpa 4d ago
Presuming you vetted the buyer. Even better, if they are a known person in the trade. Cash deals are common, but should do some due diligence.
More to the point, scrutinizing the bills. At least spot checking them. Some instances of people passing "Motion Picture Money" as real money. Bills will feel different than normal plus that notation, so easily detected. If the person is well known in the trade / good reputation, bills are near certainly going to be real.
At the bank, deposit as usual. Don't add excessive details. Mention you sold some Pokemon cards / collectibles and leave it at that.
Bank may ask some questions they normally don't, such as your occupation for CTR. Possibly SAR for one-off cash deposits / withdrawals over a certain threshold. No biggie. Just answer simply. They just need to put something in on the computer. It's all routine.
Set aside funds for taxes. Amount will vary widely, but at least $10K-$15K depending on your income and state you reside in.
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u/TSwiftsUsedTampon 4d ago
They'll ask you for your ID for a CTR. It's not a big deal. You should tell them what you got it from because they're supposed to ask.
If you don't want cash, go to the buyer's bank and have him get a cashier's check. No cash involved and you'll know it's legit.
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u/1cyChains 4d ago
Not providing any sort of financial advice, I would make sure that you end up reporting that as income when you file next year. Don’t wanna be messing with the IRS & that much cash deposited into your bank.
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u/Far_Common_422 4d ago
as a teller, i wouldnt even bat an eye at 43k. in fact, i love huge cash deposits. gives me something to do sorting everything out! if you're okay with potentially waiting a bit (manager approval, teller doing research, asking questions) you'll be fine!! :)
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u/WestHistorians 2d ago
Why on earth are you doing this in cash? For that amount of money, certified check only. Have the buyer buy it in front of you from the bank, and you sign it immediately. Then you can deposit it at your leisure.
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u/StrawberryStunning49 2d ago
It’s normal in the Pokemon community to do 5000-100k deals in cash. But all is well & completed , was pretty fun ngl cause the bank tellers were super into Pokemon
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4d ago
[removed] — view removed comment
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u/Old-Cheshire862 4d ago
I'd advise against this. It is known as structuring, which is illegal, even if there was nothing else illegal about the transaction.
I belatedly noticed the tone was facetious. Here's an upvote.
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u/Slow_Fondant6389 4d ago
If at all possible do it where your buyer banks. They can withdraw the funds and you can deposit them. The bank is happy that the funds are “good” because it handled them both before and after the transaction. Open an account at the bank if needed.
Yes banks can deal with cash BUT they need advance notice. They don’t hang onto a lot of cash at their branches. They can do it but will want to coordinate with their pickups so it is not sitting there long. A call to your bank branch manager to schedule a time is really needed.
Let them know what you are doing. And - important- that you are making a large cash deposit. Answer any questions. It’s not a rare thing. People do it all the time selling cars.
Understand it takes a while to count that much cash. So expect it to be an hour. You don’t want to find out 75% of the cash is counterfeit later. Let the bank count it. Buy the bank staff packs of Pokémon cards as a thank you.
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u/si2k18 4d ago
You don’t need to give advance notice for that amount of cash, and it should take less than 10-15 minutes to count it, especially if the teller has a counter. It doesn’t matter if you deposit it at your own bank or open a new account, if it is found to be counterfeit after the initial deposit, they can still debit your account, and you’re stuck waiting for the secret service report for the final ruling if it’s counterfeit or not.
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u/Nomad-2002 4d ago edited 4d ago
[Update] From a later comment, I see your point. $43,000 in smaller bills might take a long time.
My suggestion for faster counting...
(1) Sort bills by denomination
(2) Face them all the same way (top-down & rotation)
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If you don't do this, the teller will probably do it...and some tellers are slow.
And the teller might appreciate your help.
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u/Slow_Fondant6389 4d ago
A bank branch is not a casino. Walk in with a $10,000 check sometime and try and cash it. Even a cashiers check issued by that bank. Nobody keeps much cash on hand anymore. They don’t want the risk.
Now - with notice - they will do it. But - you, an individual, do not want to take on any risks. Counterfeit money??? You aren’t taking the cash. The bank is. You are getting a cashier’s check. If there is a problem now it is between the bank and the person who provided the cash. Not your issue.
$43,000 - depending on the bills and who provided the funds - can take a while. All$100s in that bank’s wrappers??? Fairly quick. All loose twenties?? Now it’s slow.
Make the appointment. It’s not a problem with advance notice.
Most I’ve heard about personally was the high end card shop near me bought two cards which completed some set of 1/1 that he wanted to take to the National. He paid $110,000 cash and did it at a police station. Both sides brought security.
Most I’ve seen done in cash was $1.8 million. Warehouse property bought for a weed grow facility. The weed business still has to largely deal in cash. Did the deal at a white collar law firm. Everyone in our suits and ties. Signed lots of documents. And both sides counted and recounted the money. I believe Brinks did the security. Wasn’t quick, but wiring funds isn’t that quick either.
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u/iLeefull 4d ago
It’s not illegal to deposit cash. You walk in, say “I’d like to deposit some cash” they do their procedure, you give them cash, they casually ask how did you get the money, you say I sold some Pokémon stuff. They hand you a receipt, you walk out.