Tax Audit What To Do
March 9th, 2007
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Question: How can I have someone’s money in my bank account and prove incase of a tax audit that it’s not my money?
My cousin is leaving to Mexico and asked me to keep his $10,000 until he comes back. I know theres a certain amount that if deposited to any account, the bank reports it to the IRS. How can I prove incase of an audit that I was just holding it for a while and it’s not my money; Or what would I have to do?
Answer: The only time the bank reports anything is when it is cash. The report we file is called a currency transaction report (CTR) it is nothing to worry about. It is mainly used to detect and prevent money laundering, and terrorist funding.
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