If you purchase something at home Depot on a debit card and then
return it, they will only give you a cash refund.
Even when you don't have the receipt, their system is able to find
your purchase if you give them the debit card, so they are obviously
linked up in the bowels of their computers.
Every other store I know puts the refund back on the debit card, most
times without even having to show them the card.
I'm now walking around with close to $200 in cash because of some
returns I processed yesterday.
I wonder what their rules are if I buy $10K worth of lumber and then
returned it. Would they give me $10K in cash which I would then have
to report to the IRS?
Yep! The same reason they allow you to get cash back from the transaction.
Grocery stores used to allow one to write checks for an amount above the
purchase, too. Some had quite a high limit ($50 or even $100). People bitch
about credit card fees (or the lack of a discount for cash) but handling cash
isn't free either.
Likely because there are bank fees involved if they do a transaction
back to the debit card. Since I didn't believe "too big to fail" and
don't care much for banks I say good for them.
If you received over $10k and have a business you need to report it on
Of course there would be no liability on your part since you would have
the backup to show it was a refund.
Every once in a while (maybe twice a month since I have direct deposit
on two separate retirement incomes), I visit my bank to grab $100 from
the ATM machine. The $200 refund would save me two trips, or I can go to
the bank and deposit the $200 back into the checking account.
I think he's mostly paranoid over the fact that he has a significant
amount of cash in his pocket.
Of course the only way the bad guy would know you had that much cash
on you is if you walked along fanning yourself with a stack of $20
bills... If you don't advertise it, nobody knows you have it, and the
likelihood of getting held up is no more than any other person on any
What else could it be? The principle of the thing???
Surely you take cash out of your bank account on a regular basis.
Hell, I go through $100 in cash each week just for incidentals. What
you perceive as a major inconvenience is at worst a minor
inconvenience and at best a major time-saver because now you don't
have to stop at the bank to take out cash for a couple of weeks.
On Wed, 20 Jul 2011 07:52:24 -0700 (PDT), firstname.lastname@example.org wrote:
I regularly have $500-$1000 in my wallet. I'm a bit low now ($300) because we
went to the big city over the weekend. As noted here, as long as you don't
flash it around, no one knows you have it so it's not a big deal.
On 07/20/11 10:52 AM, email@example.com wrote:
Well, it could be that I pay for just about everything with my debit
card so I don't have to deal with getting change, waiting while they
count it out, jingle the coins around in my pocket, etc.
I slide my debit card, push a few buttons and I'm done. It's quick and
I've got no problem carrying cash when there's a need for it and I
usually have $40 - $50 in my pocket at any given time, but rarely do I
need to have $200+.
Indirectly, yes. When I think I want a little cash, I use the cash back
feature of my debit card and get $40 or $50 back from the cashier.
Grabbing 2 twenties out of the register is pretty easy for most cashiers.
Even if they offered it, I'd never ask for $200.
Incidentals can be bought with a debit card, you know.
I don't have to stop at the bank *ever* to take out cash. I get my cash
at the same place I pay for my purchases - the store's cashier or self
check out registers. So having $200 in my pocket saves the minuscule
amount of time required to have the cashier hand it to me. There's no
"stop at the bank" saved.
Besides, it isn't about the current $200 anyway. If I buy something for
$16.57 on my debit card and return it, that's coins in my pocket that I
don't need. In fact, when I returned the $200+ items, it was on multiple
receipts and the cashier processed each return as a separate
transaction. I had well over a dollar's worth of coins in my pocket and
a bunch of singles when I was done. Who needs that?
perhaps HD doesn't want to pay a SECOND fee to credit your debit card?
Use of the card incurs a user fee to HD,then when "refunding",it might
incur a second fee to HD.
Every electronic monetary transaction incurs a fee to someone.
<< Are you mentally deficient?
Why would you have to report YOUR OWN money, that you ALREADY PAID
TAXES on, to the IRS?>>
1.. Who must file Form 8300?
Any persons who receive more than $10,000 while conducting their trade or
business must file a Form 8300. The $10,000 may occur in a single
transaction, or a series of related transactions.
2.. What payments must be reported?
A business must file Form 8300 to report cash paid to it if the cash
a.. Over $10,000,
b.. Received as:
1.. One lump sum of over $10,000,
2.. Two or more related payments that total in excess of $10,000, or
3.. Payments received as part of a single transaction (or two or more
related transactions) that cause the total cash received within a 12-month
period to total more than $10,000.
c.. Received in the course of trade or business,
d.. Received from the same buyer (or agent), and
e.. Received in a single transaction or in two or more related
He is not receiving $10,000 as payment in a business transaction, he is
being given a refund of $10,000 in a business transaction..
Are you implying that he would have to pay taxes on the $10,000 twice?
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