Posted by LAA on April 04, 2012 at 10:34:49 from (86.51.147.113):
In Reply to: Re: Cash sale posted by Nathan (SD) on April 04, 2012 at 09:59:02:
A deposit or cashed check of any kind is not considered income to the IRS because they will not have access to the vast and greatest majority of them, your income is what you report and the IRS will not question it very closely unless a payer reports otherwise or you are obviously and grossly living above your means, even then they would have to find out about your lifestyle. Businesses and tradesmen are required to report cash transactions in excess of $10,000 on IRS form 8300, banks are required to report deposits in excess of $10,000 even if broken into smaller deposits if in the same account and a pattern is likely. Banks do not report or track smaller deposits unless under a court order, the IRS could not possibly track down even 1/100 of 1% of the daily banking transactions in the USA. Except in the most obvious cases of fraud under audit I cannot imagine many scenarios where the IRS would press someone to prove every deposit, in the first place they would have to subpoena your bank records to even find out unless you took the records to them.
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