Home | Community | Message Board


This site includes paid links. Please support our sponsors.


Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Shop: Bridgetown Botanicals Bridgetown Botanicals   Unfolding Nature Unfolding Nature: Being in the Implicate Order

Jump to first unread post Pages: 1
InvisibleVinci
I'm You
 User Gallery


Registered: 08/26/19
Posts: 629
Audits and cash
    #27631393 - 01/24/22 07:15 PM (2 years, 3 days ago)

Let's say I'm legally unemployed since March 2020 and I made $30,000 between then and June 2021 from unemployment. Between Jan 2021 and Jan 2022 I've put cash into my bank by depositing $1000 money orders online about 7ish times. I've also received venmo payments of less than $300 a piece adding up to maybe $2000ish. Right around $10,000 of unexplained income this tax season. Should I be worried about being audited/investigated? If I were to be audited/investigated, what might that look like?


--------------------
Vinci loves you


Extras: Filter Print Post Top
OnlinegeokillsA
∙∙∙∙☼ º¿° ☼∙∙∙∙
Male User Gallery

Registered: 05/08/01
Posts: 23,417
Loc: city of angels Flag
Last seen: 1 minute, 3 seconds
Re: Audits and cash [Re: Vinci]
    #27632087 - 01/25/22 11:57 AM (2 years, 2 days ago)

Since you're getting paid unemployment benefits, that may increase your risk profile of an audit a bit, however the IRS is ridiculously underfunded and behind schedule, so for the amount of money you're talking about, I wouldn't think it worth their time to investigate.  However, if you do get caught avoiding legitimately owed taxes, expect a minimum 10% penalty + interest due.


--------------------

--------------------
··∙   long live the shroomery  ∙··
...π╥ ╥π...


Extras: Filter Print Post Top
OfflineEclipse3130
Servant of the Fungi
Male User Gallery


Registered: 10/06/13
Posts: 6,220
Loc: PNW
Last seen: 1 hour, 28 minutes
Re: Audits and cash [Re: geokills]
    #27638239 - 01/30/22 05:58 AM (1 year, 11 months ago)

Worry doesn't help anyone. Report the taxable income if you want to rid the worry, or if it was illegal then don't report it. Cash transactions aren't reported to the IRS unless it's over 10k in one shot, and PayPal/Venmo doesn't report unless they are business transactions


--------------------
"In The Material World One seeks retirement and grows Old
In The Magical World One seeks Enlightenment and grows Wiser
In The Miraculous World One seeks nothing and grows Lighter
As we all tread the Homeward Path we will explore many Realms
And one day... we will all Realize that all experiences are Simply
Different ways in which The
All-That Is
Perceives Itself"


Extras: Filter Print Post Top
OnlineIce9
3X Ban Lotto Champion
I'm a teapot User Gallery


Registered: 03/20/14
Posts: 11,229
Loc: daterapeville,USA
Last seen: 3 minutes, 1 second
Re: Audits and cash [Re: Eclipse3130]
    #27638718 - 01/30/22 03:02 PM (1 year, 11 months ago)

Give me the non-reportable income.  I will report, don't you worry :scarygrin:


--------------------
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. -- George Brenard Shaw


Extras: Filter Print Post Top
InvisibleVinci
I'm You
 User Gallery


Registered: 08/26/19
Posts: 629
Re: Audits and cash [Re: Ice9]
    #27639621 - 01/31/22 12:23 PM (1 year, 11 months ago)

Quote:

Ice9 said:
Give me the non-reportable income.  I will report, don't you worry :scarygrin:



Ok, thx :pm:


--------------------
Vinci loves you


Extras: Filter Print Post Top
InvisibleLotKid
Never.Trust.A.Prankster
Male User Gallery


Registered: 01/07/17
Posts: 8,169
Loc: Shakedown St.
Re: Audits and cash [Re: Eclipse3130]
    #27775191 - 05/13/22 07:02 AM (1 year, 8 months ago)

Quote:

Eclipse3130 said:
Worry doesn't help anyone. Report the taxable income if you want to rid the worry, or if it was illegal then don't report it. Cash transactions aren't reported to the IRS unless it's over 10k in one shot, and PayPal/Venmo doesn't report unless they are business transactions



Theyre trying to make the reporting limit $600 and not $10k


--------------------

:mushroom2: LotKid's PE Tips        :shpongle:    LotKid's Chocolates :mushroom2:
:dancingbear: :dancingbear:


Extras: Filter Print Post Top
Jump to top Pages: 1

Shop: Bridgetown Botanicals Bridgetown Botanicals   Unfolding Nature Unfolding Nature: Being in the Implicate Order


Similar ThreadsPosterViewsRepliesLast post
* This crypto stuff is CRAZY- Perhaps even criminal
( 1 2 3 4 5 all )
Fiery 1,581 95 05/14/22 06:37 AM
by Tulipslave
* Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects
( 1 2 3 4 ... 500 501 )
geokillsA 250,325 10,002 01/27/24 05:04 PM
by geokills
* Silver - the most concentrated short of any commodity
( 1 2 3 4 ... 25 26 )
Gorlax 9,796 518 01/12/24 11:35 AM
by gopher
* STOCKS - An Intro Tutorial & Ongoing Discussion
( 1 2 3 4 ... 289 290 )
geokillsA 296,579 5,796 01/22/24 08:56 PM
by geokills
* PAX Gold [PAXG] -- A gamechanger in crypto & gold investing.
( 1 2 all )
Asante 1,008 22 05/15/22 11:21 AM
by ashfiken
* Selling on ebay and others vs. tax time Schwip 1,745 6 07/19/06 04:59 PM
by Prisoner#1
* Got $7,500 to invest...help?
( 1 2 3 all )
gogrowgo123 11,512 45 04/03/08 06:28 PM
by Techno_Raver

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: geokills, automan
428 topic views. 0 members, 3 guests and 1 web crawlers are browsing this forum.
[ Show Images Only | Sort by Score | Print Topic ]
Search this thread:

Copyright 1997-2024 Mind Media. Some rights reserved.

Generated in 0.023 seconds spending 0.004 seconds on 12 queries.