Will my bank notify the IRS if I'm 15?

Question

I'm 15 and I just had 13,200$ wire transfered into my bank account. Will my bank notify the IRS? What should I do about this?

Answer 1

yah that "privacy act" is they can keep everything private from us.  Yep your going to have to expain where it came from and yep pay taxes on it.  great country we live in!  get a good tax prep person to help you.

Answer 2

Yes, the bank is required to notify them of any transactions over the amount of 10,000 dollars. Where did you get the money from? If it was a gift you would have to declare it on your tax return and pay state, and federal income tax on it.

BTW, congratulations

Answer 3

Congrats on selling your web site.  It's not really the bank that will notify the IRS.  The purchaser of your web site will declare the money as a business expense to the IRS.  The bank will have to notify Homeland Security because there was a transaction over $10,000.  But since that was a "business sale" transaction, Homeland Security won't really care.  As far as your "income" from your web site sale, you will have to declare that as income.  But since you are only 15 and you probably don't have any other income, you will owe a very small amount of income taxes, if any.