Originally Posted by
Coldmode
Have you been paying income tax on the cash your wife is bringing in? If that's not the case, and you're audited, the IRS is going to hit you with a bill for taxes on all the cash your wife has made, plus penalties (and interest? I'm not an accountant/lawyer), and they'll have the power to drain your bank accounts to get it.
Most of it yes, I think her math is off and forgets a few here and there... lol
My thing was just avoiding an audit which i would come out fine but I'm sure i would be scrambling looking for ever receipt etc for her job and mine..
I think i will just tell her to take checks as payment and no more cash....
So quick questions, Do check deposits count as cash deposits...
For example would a personal check from someone that say bought a car from you trigger a CTR or is it just cash...
Reason i ask that specific question is a w2 part time job i have we are aloud to buy auction cars to flip and make a few bucks... Ive done this quite a few times over the last 10 years and never had any issues but since talking about my wifes work i just thought of this .
I would for example use 8k of my own money from my personal bank account to buy a car then later post of craigs list for 12k... Some buyers have paid with personal checks and cashiers checks. I would just redeposit all the money back into my savings for the 4k profit....
Did this trigger anything depositing those checks in my savings? Like a SAR or CTR