So I am interested in buying a property but have concerns about my bank statements being audited. I have a lot of large deposits on my statement and various e-transfers to my account. Some of these are anonymous, others non anonymous. I am very concerned that when submitting my statements for preapproval, the bank/lender will question these transactions. For context, the total amount is mid five figures, or about half of the down payment which I’d like to put. I don’t want to get audited by the IRS. Does anyone have advice or should I contact a tax professional? Even to just report these as a gift would be complicated because some of them are anonymous. Don’t want to share too much detail but any advice is appreciated. Edit: added in comments but it’s gifts on apps like Venmo, Cashapp etc, and transfers of balances from those platforms to my account. Edit 2: okay a lot of people are suggesting that there are illicit implications of this. Without revealing too much detail, it’s related to content creation (hence anonymous monetary gifts) and dating wealthy partners
Why haven’t you laundered the money first if it’s illegitimate? Rookie move.
Yes they will question source of fund up to 3 to 6 months past bank statement
What kind of transfer are you talking about? Bank account to bank account transfers are completely traceable to the source and unlikely to pose elevated risk of laundering accusation What do you mean anonymous transfer, cash deposit?
Anonymous transfer as in through say, Venmo or Cashapp. And then deposits from those apps into my bank account. Like some people have their name/identifying information in those accounts, while some can be anonymous etc.
You will have to source them if you want a loan or just don’t use that money. Talk to your banker and see what they need to qualify.
Btw IRS does not audit based on your bank transfer. It’s based on your income tax submission. Low chance that you will get audit. I would worry more about source fund declaration for the loan
For the anonymous money deposits yes they gonna ask how you got this money, you need gift deed if you want to use that money for down payment. But better one to talk to is tax accountant. Anonymous money means you didn’t blackmail people for ransom right?
Realistically it’s not feasible to get a gift deed for the entire amount. I can likely get a gift deed for part of the total, but not for all. And having a gift deed in the first place will draw attention to the rest of the gifts being questioned so not sure if it’s worth it
You should have maintained different bank accounts! Like when lender asked recent statements you could just show from the salary credited one. Or atleast next 6months from now maintain different bank accounts for different purposes. Now if IRS/new bank/existing bank asks about deposits then that’s different story. But for lender you don’t want to show any of these transactions then you can maintains different accounts
Sounds like you got some illegal money transfer from another country evading limit from origination and entry limit
This is not the case if it helps
Ok IRS agent guy
From onyfans and sugar daddy
Send me money else I will share this screenshot with irs