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lighterjobs 06-30-2005 05:51 PM

neteller eft question
 
will my bank start sending me paperwork for taxes and the like if my neteller transfers start exceeding a certain amount?

Siegmund 06-30-2005 07:51 PM

Re: neteller eft question
 
Assuming you are in the USA, your bank ALREADY SENDS YOU a 1099-INT form every year showing you exactly how much interest income you have earned from your accounts with them.

What income levels you have to reach before they are required to also report this to the IRS and not just to you, I don't recall offhand.

It is possible that very large transactions will cause them to report unusual account activity. But in general, moving money between accounts has no direct impact on what your tax liability is, only on how likely the tax man is to see what you're doing if you try to underreport.


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