| Author |
Message |
    
John Beltsos
Citizen
Username: Belts_boy
Post Number: 175
Registered: 4-2004
| | Posted on Wednesday, February 1, 2006 - 11:42 am: | 
|
Very hypothetically: if I keep my cash in my safe in the attic - because I don't trust banks - do I have to declare it in my tax declaration. Let's assume it has grown to a nice amount after all those years of mistrust. |
Handygirl
Citizen
Username: Handygirl
Post Number: 559
Registered: 2-2004
| | Posted on Wednesday, February 1, 2006 - 11:51 am: |
|
Did you, hypothetically, pay tax on the money in the attic when you acquired it? If so, then no, you've already been taxed on it. If no, then yes, because income is income regardless of how you choose to store it.
Handygirl
|
Smarty Jones
Citizen
Username: Birdstone
Post Number: 294
Registered: 10-2005
| | Posted on Wednesday, February 1, 2006 - 12:01 pm: |
|
You don't need to declare cash holdings to anybody. It's the interest on the cash (whether it's from a Bank, or somewhere else) that the IRS wants to tax.
What is your home address, and when is your next vacation? |
Tom Reingold
Supporter
Username: Noglider
Post Number: 12249
Registered: 1-2003
| | Posted on Wednesday, February 1, 2006 - 12:11 pm: |
|
Yeah, it's called income tax, not property tax.
"mem's signature is trendier than mine."
|
mooewe
Citizen
Username: Mooewe
Post Number: 321
Registered: 6-2001
| | Posted on Wednesday, February 1, 2006 - 12:41 pm: |
|
I want to know where I can get one of those safes where money grows inside. |
Parkbench87
Citizen
Username: Parkbench87
Post Number: 3464
Registered: 7-2001
| | Posted on Wednesday, February 1, 2006 - 1:27 pm: |
|
What happened to the time honored tradition of hiding the money under the mattress. Young people these days  |
Handygirl
Citizen
Username: Handygirl
Post Number: 561
Registered: 2-2004
| | Posted on Wednesday, February 1, 2006 - 2:47 pm: |
|
Smarty Jones (true to your name), thank you for saying what I meant to say, but more articulately than I.
The only thing that I would add, is that the IRS might be interested if the cash holdings are the result of past income that you haven't, to date, paid taxes on.
Handygirl
|
Closed: New threads not accepted on this page