Did you ever wonder about when banks report deposits to the IRS? Well, the only time that a bank keeps track of a deposit and reports it to the IRS is when it is over $10,000. Anything under that amount, the bank is not required to report. So if you deposit $500 or $1000, the bank will in a sense keep that between you and them. If you are a person like me who does not have a lot of money, then
. you don't really have to worry about this. However, those of you that do need to make sure that you report your money correctly at the end of the year so that you don't have a problem when it comes time to file your taxes.
