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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 wil
by kqr2 18y ago
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.
- tokenadult 18y agothen 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.
- joubert 18y agoCan you share the URL to the relevant part in the tax code that provides for this?
- njharman 18y ago$999 whole dollars! Every year!!! And not giving %25-35% to the Feds. Zomg that is so totally worth it.