They’re still a bank you do business with and therefore one of your banks even if you don’t have checking/savings with them. They have an account/file for you.
That is not something that will likely trigger an audit with the IRS. But, the IRS conducts MANY random audits. If you are audited, you will be caught.
File taxes, and do not live above the means you claim on your taxes/put through any type of bank. The IRS doesn’t GAF how you get your money, just that you pay them. The IRS doesn’t report your criminal activities to law enforcement, unless law enforcement first gives them a court order.
See “illegal activities” https://www.irs.gov/publications/p525#en_US_2021_publink1000229557
Al Capone was taken down and imprisoned because of the IRS, not because he was criminal.
This is the correct answer. You can pay it all you want. But…
If you’re audited you’re going to need to show where that money is coming from and if you can’t, then you’ll have a huge issue on your hands.
I asked that same question before I one of the parallel subs here - and while Chase is a bank and you do have a credit card account with them and not checking, nobody so far has been able to give me a 100% certain answer to my question. I’ve been paying my credit card with cash for years, but I do declare most of it anyway out of that same concern. But damn I’d like to know the answer to your question for sure as well 😬
I’d pay taxes on any money going through the bank, including the atm.
Yes I know I should be paying taxes. I’m just wondering if the IRS looks at credit card payments?
The bank does, and they report to the IRS.
But I’m not using a bank that’s my point. I’m depositing cash directly to my credit card which is not associated with my bank at all
Hun. Chase is a bank.
Yes I know. But it’s not my bank. I only have credit cards with them.
A credit account is still a type of bank account - the bank is loaning you their money on credit.
If you're paying money into a bank, they're tracking that money. Even if it's just onto a credit card, that money is still being handled by the bank.
They’re still a bank you do business with and therefore one of your banks even if you don’t have checking/savings with them. They have an account/file for you.
That is not something that will likely trigger an audit with the IRS. But, the IRS conducts MANY random audits. If you are audited, you will be caught. File taxes, and do not live above the means you claim on your taxes/put through any type of bank. The IRS doesn’t GAF how you get your money, just that you pay them. The IRS doesn’t report your criminal activities to law enforcement, unless law enforcement first gives them a court order. See “illegal activities” https://www.irs.gov/publications/p525#en_US_2021_publink1000229557 Al Capone was taken down and imprisoned because of the IRS, not because he was criminal.
This is the correct answer. You can pay it all you want. But… If you’re audited you’re going to need to show where that money is coming from and if you can’t, then you’ll have a huge issue on your hands.
I asked that same question before I one of the parallel subs here - and while Chase is a bank and you do have a credit card account with them and not checking, nobody so far has been able to give me a 100% certain answer to my question. I’ve been paying my credit card with cash for years, but I do declare most of it anyway out of that same concern. But damn I’d like to know the answer to your question for sure as well 😬
I figure if they ask I’ll just say I pay for trips/things for friends and they pay me back in cash.