Fact or Fiction

[Jim Reid]

Anyone else heard about the new rule OUR Goverment is trying to pass about depositing $600.00 dolars or more you have to prove where it came from?

 

[Nelson 634]

If passed. Banks would have to report all $600 dollar transactions. Frankly I can't see it passing and if it did I don't think it would stand a court challenge.

 

[Eugene]

Partially true. You can research/look up on the internet.

The $600- is the threshold at which some transactions have to be reported to the IRS.

Good/bad news. If the IRS is investigating you, they will be at your financial institutions before you find out.