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#16
01-02-2022, 07:59 AM
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Question: doesn't it also apply to your bank account as inflows and outflows? So whether or not PayPal reports F/F or you take cash at a card show, once it gets deposited into your bank account, the IRS will be informed about the overall amounts entering your bank accounts during a year. Then you'll just have to explain where all the income came from, that wasn't from W2 or 1099.
https://www.usatoday.com/story/news/...se/8411799002/ You're still playing the "I hope I don't get audited" lottery. Keep all your receipts from sales to show your expenditures for items you might sell. If you've been skirting the federal tax laws for years, let this be a wake-up call.
__________________
-- PWCC: The Fish Stinks From the Head PSA: Regularly Get Cheated BGS: Can't detect trimming on modern SGC: Closed auto authentication business JSA: Approved same T206 Autos before SGC Oh, what a difference a year makes. 
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