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Fact or Fiction
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Jim Reid
- 10+ Years
- Posts: 1301
- Joined: Fri Jan 30, 2004 10:51 am
- Location: East Bend,NC
Fact or Fiction
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?
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Nelson 634
- 5+ Years
- Posts: 308
- Joined: Thu May 24, 2018 9:57 pm
- Zip Code: 22958
- Tractors Owned: 5 Cubs
1952 100
1960 460 Utility - Location: Central Va.
Re: Fact or Fiction
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.
Walter
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Eugene
- Team Cub Mentor
- Posts: 20378
- Joined: Fri Jul 02, 2004 9:52 pm
- Zip Code: 65051
- Circle of Safety: Y
- Location: Mo. Linn
Re: Fact or Fiction
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.
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.
I have an excuse. CRS.
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