Reason: None provided.
For those who think this is for TRANSACTIONS $600 and over, IT IS NOT.
This requirement to report ALL withdrawals and deposits to the IRS would apply to all accounts "worth more than $600".
That means if you deposit $1000 to pay your mortgage, your account is now "worth more than $600", and ALL DEPOSITS AND WITHDRAWALS WOULD BE REPORTED TO THE IRS.
3 years ago
1 score
Reason: Original
For those who erroneously think this is for TRANSACTIONS $600 and over, IT IS NOT.
This requirement to report ALL withdrawals and deposits to the IRS would apply to all accounts "worth more than $600".
That means if you deposit $1000 to pay your mortgage, your account is now "worth more than $600", and ALL DEPOSITS AND WITHDRAWALS WOULD BE REPORTED TO THE IRS.
3 years ago
1 score