It's amazing that the government considers $10K deposit/withdraw over an ENTIRE year as "rich". LOL And I agree with Republican lawmakers on this one in that it's a gross violation of privacy. The broker that you trade with already files all of your trades via the form 1099 to the IRS and you are also required to file the same form 1099 to the IRS to report all of your trades. So WHY does the government still needs to know how much you deposit and withdraw to/from your brokerage account? Those should be private transactions that are none of anybody's business but your personal financial management choice not to mention that those deposit/withdraws are totally irrelevant to your tax situation. This is really the government invading your privacy for nothing.
Every retail trader who withdraws money from their account to live will be caught up in this now?
- Thread starter David Donner
- Start date
At 600 this will affect the underground economy more than the wealthy. Teenage babysitters, housekeepers, nanny’s, handymen, etc who are paid in notionals of a few hundred a job and it’s all under the table.
At higher levels it will affect gift transfers. It’s real easy to just transfer money from one relative to another and avoid gift limits by not telling anyone.
it won’t affect traders who earn on a schedule D.
there’s no way the IRS will go after you because you wired 50k from your brokerage account to your bank account. However if you take 50k out of your brokerage account in the form of small unmarked bills and then deposit it in your bank you might get flagged but that would be a simple correspondence audit to clear up the transaction.
At higher levels it will affect gift transfers. It’s real easy to just transfer money from one relative to another and avoid gift limits by not telling anyone.
it won’t affect traders who earn on a schedule D.
there’s no way the IRS will go after you because you wired 50k from your brokerage account to your bank account. However if you take 50k out of your brokerage account in the form of small unmarked bills and then deposit it in your bank you might get flagged but that would be a simple correspondence audit to clear up the transaction.
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THRE HAS been a $10k rule for many years, dont worry about that.
Be more concerned about breaking up a $10,000 order in TQQQ or SPXL,UPRO.LOL
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Looks like ABA +all rebuked the dems to much to do 5or $600................
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Do not travel overseas with you broker check book ledger. I got caught up in a 12 hour interrogation by U.S. customs over this. The dog hit on my luggage when flying in from Amsterdam. They found no drugs but went ballistic over my check book ledger.
If you are relatively young & have large transactions in your checking ledger, are not an employee, & travel to multiple countries on one trip you are a suspected drug kingpin or whatever to these dim wits.
If you are relatively young & have large transactions in your checking ledger, are not an employee, & travel to multiple countries on one trip you are a suspected drug kingpin or whatever to these dim wits.
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Didn't know drug dealers take their checking ledger with them when they travel. LOL Thanks for the tip. Yeah they really don't like it when you are not part of the Matrix. 12 hour interrogation over a checkbook?? That's ridiculous!!! You should sue for police brutality or improper use of force.
Taxes are not needed to fund the government. They are, nevertheless, needed, but for a different purpose. The Democrats proposal will make things better for everyone, except, of course, the bigger tax cheats who don't report their true incomes, or run underground cash businesses. They will be inconvenienced some by having to keep their money under the mattress and having to pay their bills with postal money orders...
Since all of us are honest, why are we concerned about this. The government is not going to snoop on your individual transactions so they still won't know how much a month you spend on porn. A legitimate nation needs a legitimate tax base. If you want to cheat there are good options, such as learning Spanish and moving to Puerto Rico where the average Physician earns $17,000/yr --
-- according to their tax returns... Everyone knows how efficient and competent the Island Government is!
Since all of us are honest, why are we concerned about this. The government is not going to snoop on your individual transactions so they still won't know how much a month you spend on porn. A legitimate nation needs a legitimate tax base. If you want to cheat there are good options, such as learning Spanish and moving to Puerto Rico where the average Physician earns $17,000/yr --
-- according to their tax returns... Everyone knows how efficient and competent the Island Government is!I really don't know why they decided to go with something as low as $600. Even with the best of AI software they would have a hard time not getting millions of false positive hits, making it worthless even for babysitter scofflaws. And unlike the SEC, the IRS isn't even close to the best AI software, I think they are still working on 1980s COBAL code in some areas.
You are correct sir, obviously before even my time!