The IRS Is Coming for Crypto Investors Who Haven’t Paid Their Taxes

Re:The IRS Is Coming for Crypto Investors Who Haven’t Paid T... by happytoexplain on Friday May 14, 2021 @09:46AM (#27154247)

Assuming you're being facetious, I have always wondered where the line is. If I discover ten thousand dollars in cash in a hole in the ground and deposit it, will the IRS notice? Will the bank require some kind of information? What about if it's a hundred thousand?

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Re:The IRS Is Coming for Crypto Investors Who Haven’t Paid T... by dsr_ on Friday May 14, 2021 @09:51AM (#27154295)

The bank will fill out a form about "structuring deposits" for any transaction around $10K. They will also report transactions in general over $10K.

https://en.wikipedia.org/wiki/Structuring

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Re:The IRS Is Coming for Crypto Investors Who Haven’t Paid T... by je_bailey on Friday May 14, 2021 @09:53AM (#27154311)

Yes, When large amounts of money are deposited into an account there is an automatic notice sent to the government. A One time event shouldn't be an issue however if you have multiple events of large deposits then it's going to trigger algorithms and the government is going to start asking where you got the money from and they'll perform an audit. If you attempt to bypass the system they have systems in place to detect that and will perform an audit. Just pay your taxes

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Re:The IRS Is Coming for Crypto Investors Who Haven’t Paid T... by Supermancho on Friday May 14, 2021 @11:29AM (#27155300)

Try depositing 50k at any US bank. Instant paperwork. Try depositing 10k. No questions asked.

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Re:The IRS Is Coming for Crypto Investors Who Haven’t Paid T... by bluedino on Friday May 14, 2021 @09:51AM (#27154292)

The bank will have to report it to the IRS. They will cross-reference it with your taxes. They will also come talk to you if you have a pattern of doing it regularly. But you will probably not have an issue with it.

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