Does the IRS get involved when you make a large deposit into bank account?
Sunday, January 17th, 2010
ME asked:
I’m thinking about investing in the new Iraq dinars which is a very LOW investment right now with the possibility of HUGE return. I’m already researching pros and cons, so not looking for opinions on this investment.
I’m thinking about investing in the new Iraq dinars which is a very LOW investment right now with the possibility of HUGE return. I’m already researching pros and cons, so not looking for opinions on this investment.
My questions are…
*IF* that day ever comes when I do have an obscene amount of money to deposit into my account, does the IRS automatically step in to take a piece? If so, how much?
Is there a certain deposit amount at which this occurs (i.e. any deposit over $10K raises a tax flag)?
Also, would something like this be considered “income,” to be declared on my tax forms?
Thank you for any info you can offer.
