I noticed a potential "loophole" in interest income this year. If it's less than $10 from a single institution, you don't need to report it. In fact, they will not even issue a 1099. I called my bank and they confirmed that I don't need to do anything.
So, in theory, you could have 100 bank accounts each with $9.99 interest and not pay any taxes.
But then again, maybe having 100 bank accounts would automatically trigger an audit.
then again, maybe having 100 bank accounts would automatically trigger an audit
Don't you have to mention your Social Security number every time you open a bank account? Yes, I think having 100 different bank accounts would get attention from some government agency, perhaps the Department of Treasury office that tracks money-laundering.
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I noticed a potential "loophole" in interest income this year. If it's less than $10 from a single institution, you don't need to report it. In fact, they will not even issue a 1099. I called my bank and they confirmed that I don't need to do anything.
So, in theory, you could have 100 bank accounts each with $9.99 interest and not pay any taxes.
But then again, maybe having 100 bank accounts would automatically trigger an audit.
then again, maybe having 100 bank accounts would automatically trigger an audit
Don't you have to mention your Social Security number every time you open a bank account? Yes, I think having 100 different bank accounts would get attention from some government agency, perhaps the Department of Treasury office that tracks money-laundering.
$999 whole dollars! Every year!!! And not giving %25-35% to the Feds. Zomg that is so totally worth it.
Can you share the URL to the relevant part in the tax code that provides for this?