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How to enter currency notice

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[magpie cawing] how you going guys Kurtis from Cutting Edge engineering todays job we have a h-link from a 23 ton excavator has come in for repair this h-link is off a Kobelco excavator what the h-link does is connect the bucket cylinder down to the buck this is what controls the crowding of the bucket we actually have an excavator in the yard so lets show you what the h-link does and where it goes so this originally came in for line boring the bores are very very worn out on the bottom position of the h-link but H links on all different brands of excavators are made from a really unusual material that can be very difficult to weld so if you were to attempt to weld this with a standard wire or a standard electrode it goes rock solid and you cant machine it or it doesnt stick at all the only way to really find out what material youre trying to repair is to do a couple of weld tests on it and see if you can file the weld if you cant file it youre probab

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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Do I need to report crypto under 600?

You owe taxes on any amount of profit or income, even $1. Crypto exchanges are required to report income of more than $600 for activities like staking, but you still are required to pay taxes on smaller amounts.

What happens if you transfer more than $10 000?

If transactions involve more than $10,000, you are responsible for reporting the transfers to the Internal Revenue Service (IRS). Failing to do so could lead to fines and other legal repercussions.

What is the difference between a CTR and a SAR?

A Currency Transaction Report (CTR) should be filed when a transaction or series of transactions exceeds the $10,000 threshold within a 24 hour period. A Suspicious Activity Report (SAR) must be filed when financial institutions become aware of suspicious behavior that could potentially be crime-related.

How do I enter cryptocurrency on tax return?

Reporting your crypto activity requires using Form 1040 Schedule D as your crypto tax form to reconcile your capital gains and losses and Form 8949 if necessary. You report your total capital gains or losses on your Form 1040, line 7.

How much money do you have to report to customs?

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Use the online Fincen 105 currency reporting site or ask a CBP officer for the paper copy of the Currency Reporting Form (FinCen 105).

What is the IRS question on virtual currency?

For the 2022 tax year, the question asks: At any time during 2022, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, gift or otherwise dispose of a digital asset (or a financial interest in a digital asset)?

What happens when a CTR is filed?

A CTR is a form used by banks or other financial institutions for any transaction greater than $10,000. The use of this form is mandatory in most cases whether the bank customer is withdrawing or depositing the funds. These CTRs are forwarded to federal regulators in their effort to combat money laundering.

How much do you have to make to report crypto?

For 2022, you can also avoid paying taxes when selling your cryptocurrency if your table income is less than or equal to $41,675 if you file as a single person, as married, filing separately, or your taxable income is less than or equal to $83,350 if you file jointly as a married couple.

Why do you need to declare 10000?

The Form 8300, Report of Cash Payments Over $10,000 in a Trade or Business, provides valuable information to the Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) in their efforts to combat money laundering.

Does a CTR trigger an audit?

Having an IRS Currency Transaction Report on your file increases your likelihood of being audited, which is one of the reasons even people who have nothing to hide try to avoid the CTR.

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