Just signed up monthly for the NIL Initiative

[GloryDawg]

Where did you get the 10K figure?

You can deposit cash or check up to 9999.00 with out the paper work being filled out at the bank. They only report 10K or more. If it is suspicious it is reported to state police, Sheriff, or city police. That's per deposit. The Mormon Church has it's own welfare program it's members. They don't give money but they will pay you mortgage, utilities, buy food if you get in trouble financially. That will never be reported.

 

[mcdawg22]

You can deposit cash or check up to 9999.00 with out the paper work being filled out at the bank. They only report 10K or more. If it is suspicious it is reported to state police, Sheriff, or city police. That's per deposit. The Mormon Church has it's own welfare program it's members. They don't give money but they will pay you mortgage, utilities, buy food if you get in trouble financially. That will never be reported.

I don’t know if you are talking about ctr’s, but CTR’s are for cash only at 10k or greater. Checks are not reported. The transactions are reported to FinCEN which is part of the us treasury and is for anti money laundering purposes l, but the IRS can use the reporting for investigations. I’ll let you know if you keep depositing 9999.00 in cash every day, chances are a SAR or suspicious activity report is being submitted on you to Fincen as well. If you keep telling your bank you are putting cash in a SDB that’s probably getting reported too.

 

[patdog]

If it is taxable, the charity would be required to file a 1099 if it's over $600. That said, I don't know if it would be taxable, or if a charity even can just give money to an individual.

 

[ronpolk]

I don’t know if you are talking about ctr’s, but CTR’s are for cash only at 10k or greater. Checks are not reported. The transactions are reported to FinCEN which is part of the us treasury and is for anti money laundering purposes l, but the IRS can use the reporting for investigations. I’ll let you know if you keep depositing 9999.00 in cash every day, chances are a SAR or suspicious activity report is being submitted on you to Fincen as well. If you keep telling your bank you are putting cash in a SDB that’s probably getting reported too.

I’d imagine most tellers would file a SAR if someone walked in a deposited $9,999, even the first time but definitely if you did it more than once. Just too close to the limit.

 

[GloryDawg]

If it is taxable, the charity would be required to file a 1099 if it's over $600. That said, I don't know if it would be taxable, or if a charity even can just give money to an individual.

If, it is taxable and the only way it is taxable is if the charity receives something in return that is value more than 600.00 given. If a charity just gives me money and nothing is return for it then the IRS say no tax. If it is more than 10,000 and I deposited it in the bank the bank will be required to report it with the proper paper work. To be honest the IRS has not made any definite rules for it. It is charity. The Mormon church has its own welfare program for its members. They don't give cash but will pay 1000's in bills, car payment, house payments, buy food for members who have lost their job and fixing to lose everything. It will be more than 600.00. The donation is coming from a charity. When we pay tithing we can give extra to the church welfare fund. It does not come from tithing. It is ear marked welfare on the tithing slip. We have no paid ministers and any one can be call to be a Bishop. I have not been a Bishop but my father in law has and I know how it works and not 1099 is ever given.

I am not trying to argue because who really knows. I would like to know. I have the 2022 tax facts sitting on my desk at the office. I will look it up. I am out on vacation and will look it up when I get back. It its three books and is hard to navigate a lot of it. I can usually find what I need for my job.

When it comes to the NIL I think the IRS is going to come out with rules. Too much money to ignore. Order will be restored.