When $10,000 dollars or more is deposited in an account, do you pay taxes immediately on that deposit?
Untitled
No. The deposit of money into an account is not automatically taxable income. Those funds could have been transferred from another account or could have been a tax-free gift. To determine whether the transaction you have in mind is taxable, contact a qualified tax adviser.
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No. The deposit of money into an account is not automatically taxable income. Those funds could have been transferred from another account or could have been a tax-free gift. To determine whether the transaction you have in mind is taxable, contact a qualified tax adviser.
