Which internet banking system doesn’t report to the IRS?
Sunday, June 19th, 2011
at
1:53 pm
A question asked by da_hal: Which internet banking system doesn’t report to the IRS?
e.g. paypal, eWallet, etc.
parsnippiana: 
Best answer:
Answer by NC
Those based out side USA – but most of them will not let US residents open account.
What do you think? Leave you answer below!
Tagged with: banking • doesn't • internet • report • system
Filed under: Online Banking
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What information would Paypal report to the IRS? Neither your checking account or your Visa reports debits and credits to the IRS. Hmm…unless…did you figure a way to launder money on Ebay?
The only info that banks and other systems must report is “income” – such as interest, dividends, and other payments which represent gain or profit, and transactions that are larger than $ 10,000. Some banks may have a policy to report smaller ones, but it is not required by law.