I try to always find the best interest rates. This sometimes results in changing banks. Is this reported to the IRS?
Untitled
Only indirectly. At year-end, each bank will send the IRS a report of the interest you earned, if more than $10, on Form 1099-INT, but there is no report that says "John Doe moved $XX,XXX from Bank A to Bank B."
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Only indirectly. At year-end, each bank will send the IRS a report of the interest you earned, if more than $10, on Form 1099-INT, but there is no report that says "John Doe moved $XX,XXX from Bank A to Bank B."
