Checking on my checking account
in Banking, Insurance & Loans ·
Look, I’m not sure how many people here actually follow the nuances of tax law, but I am looking for an answer exclusively from those who are intimately familiar with this specific scenario and can provide a concrete response. Today, I went into my local bank to open a checking account, and the representative informed me that under the current regulations, these types of accounts are now subject to automated fiscal monitoring. I only opened this account because I have some miscellaneous items I'm looking to offload, and I plan on listing everything on eBay. What I really need to know is this: am I technically liable for taxes on these sales, even if we are talking about negligible amounts? If someone sends small payments directly into my checking account, does the IRS flag those tiny transactions? Furthermore, is there any legitimate way to receive these funds without triggering a tax liability? I need to ensure that the cost of settling any potential tax bill doesn't completely wipe out the profit from selling these items online. Thanks in advance.