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Entirely hypothetical question

Benjamin Grimm Nov 15 2019 02:32 PM

Let's say a young person has been working at a job and being paid under the table. No W-4. Several thousands of dollars have accumulated. This person now wants to buy a car, using that money. Is this the kind of thing that would raise a red flag with the IRS? Remember, this question is entirely hypothetical. I know of no such person, and can't even imagine that such a person might exist. It's really just a thought exercise.

Frayed Knot Nov 15 2019 02:46 PM Re: Entirely hypothetical question

Benjamin Grimm wrote: Is this the kind of thing that would raise a red flag with the IRS? I don't see how. - how would the IRS even be informed that he/she/it bought a car? - even if they were to know, why would they make assumptions about the source of the money? - and even if they did, how c/would they prove they money was ill-gotten? So I think [CROSSOUT]your kid[/CROSSOUT] this hypothetical person who might ask such a question at some point needn't worry about repercussions. Tell the Feds that you gave him/her/it the cash. And then tell them to fuck off. The bigger red-flag raiser might be a bank account that suddenly and steadily grows despite no reported source of income, especially if interest gains are enough to trigger the need to file which could in turn bring the money's source into question. So just have [CROSSOUT]the kid[/CROSSOUT] any such person who might ask to store the loot under his mattress until he needs it for the purchase.

Edgy MD Nov 15 2019 03:54 PM Re: Entirely hypothetical question

Last I heard, it's purchases over $10,000 that get the IRS' attention. So if you hate America, remember to operate under that threshold.

LWFS Nov 15 2019 05:41 PM Re: Entirely hypothetical question

That's one tart lemon. Unless you want to go the Wayne Kemp/Johnny Cash route and buy, like, a Bugatti one piece at a time.

Lefty Specialist Nov 15 2019 06:12 PM Re: Entirely hypothetical question

Edgy MD wrote: Last I heard, it's purchases over $10,000 that get the IRS' attention. So if you hate America, remember to operate under that threshold. It's a little less than that- the IRS checks an unspecified amount below that because people were moving $9999 and not triggering any alarms.

Ceetar Nov 15 2019 06:41 PM Re: Entirely hypothetical question

I've heard white people in the northeast almost never get audited anyway, so..hypothetically.. odds are in favor.

MFS62 Nov 15 2019 06:53 PM Re: Entirely hypothetical question

=Ceetar post_id=26644 time=1573868489 user_id=102] I've heard white people in the northeast almost never get audited anyway, so..hypothetically.. odds are in favor.

So I guess Trump's tax returns can be made public now.

Later

Fman99 Nov 15 2019 08:47 PM Re: Entirely hypothetical question

So I should take all of these (hypothetical) rolls of quarters out of my anus then?

whippoorwill Nov 16 2019 08:20 AM Re: Entirely hypothetical question

I read on Facebook that you can get two whole raccoons up your butthole I'm hoping that is a hypothesis

Edgy MD Nov 16 2019 09:20 AM Re: Entirely hypothetical question

I have trouble believing that I'd be logging on to Facebook if I had two 'coons up my ass.

whippoorwill Nov 16 2019 10:29 AM Re: Entirely hypothetical question

Well.....some people might do it just to brag

Frayed Knot Nov 16 2019 01:51 PM Re: Entirely hypothetical question

Edgy MD wrote: Last I heard, it's purchases over $10,000 that get the IRS' attention. So if you hate America, remember to operate under that threshold. I thought it was money deposits (or transfers, or whatever) of over $10K that triggered bank notification to various overseeing agencies (though not sure about the IRS). Didn't think purchases over that amount were automatically flagged. I mean, is your local Ford-Mercury dealer required to tell the IRS who's buying what? How 'bout the local franchise of Bob's Discount Furniture? " Uhh, that's right Agent Smith, one Mr. F. Knot just picked up THREE Bob-o-Pedic mattresses which sounded suspicious to me as I don't even think he has a summer home to furnish ... that's why I'm calling it into you guys directly."

Edgy MD Nov 16 2019 04:38 PM Re: Entirely hypothetical question

It's probably done a little more electronically than that, but my tax knowledge, all gleaned from rewatchings of Say Anything, appears to hold up.