3 ms·
Banks don't report every transaction and even if they did it may not be "income". E.g. moving money from one account to another is a transaction but no income
by jdsully 3y ago
Banks don't report every transaction and even if they did it may not be "income". E.g. moving money from one account to another is a transaction but no income was earned and it is not taxable.
- voxl 3y agoHow does this meaningfully affect the thesis of the comment you're responding to? What is the point of nitpicking something like this? I conjecture there isn't a point beyond "I found someone wrong in a comment you spent less than 5 minutes on even though the core thesis is still correct."
- jdsully 3y agoIts not possible for the IRS to auto create a return for you from your bank statements full stop. The idea is flawed. Surveys show as much as half of workers make money outside normal employment so this is not some obscure side effect but the common case. [1] https://finance.yahoo.com/news/side-gigs-2023-50-americans-110022968.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAACaSl8JyAjoKHk4kMbRfn6tHZq9jft_1onIr-_eW1gDaeS2ec7sxlBdlJQFCFhrXi3cUZK9DkBHDuGWMRvJlP-d-oKHrlVEb8bByZOsePauLicRH5rDusGe1Wweh8s_fUSkIarPTMov3hmmjroCJvmbN4PxrwPO5aI3bUsm02Rvp https://finance.yahoo.com/news/side-gigs-2023-50-americans-1...