Or would it never be touched if I am a tax payer and fulltime worker? and what if the balance went up higher than that,like up to $100,000? would that be taxed or can some of it be taken out of my account without my input on it since the amount is so high? I’m trying to get a better understanding on taxing and economics
Categorized | Affiliate Marketing 101
If I Put $30,000+ In The Bank Right Now,would It Be Taxed Or How Does That Go?
Posted on March 20, 2013.
Since you did not mention if the deposit is by check or cash, it is not possible to give a clear answer. Anyway fyi as a freelance finance consultant due to the almighty grail of the patriot act if you deposit more than 10k in cash and you dont own a business they reserve the right to investigate your account, the bank is also obligated to send a report of this deposit to the irs. You might want to think about some small investments to keep your money safe, give you tax write offs but also gives you cash flow like I did with real estate investing. Hope this helps some. Check the link below they were very helpful and created a great niche for me.