As April 15 approaches ... more tax questions

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#12

04-07-2007, 11:48 PM

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As April 15 approaches ... more tax questions

Posted By: George Dreher

All transactions of 10K or more fall under the auspices of the Currency Reporting Act, so a report will be generated and sent to the IRS by bank, PayPal, or credit card company.

Transactions less than 10K? If you're going to deposit it into an account and let it sit there, then you would be wise to report it as income.

Just my two cents worth.

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