USA Am i in tax trouble... lied!


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I opened up a savings account with large sum of money i got for selling my car. I am unemployed and havent had to file a return in a long time.

When i opened saving account, banker asked my occupation i thought as small talk and i lied and said "self employed". I realize now she probably put it on the account.

Would the IRS investigate my imagineary self employment?

Im an unemploed person, there is no business whatsoever and i dont file taxes.

Because the deposit in the account was over 20g i asdume it gets reported to IRS .


Am i in trouble for saying i was self employed?
 
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kirby

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I myself would not worry about that. If it bothers you, I suggest you close the account and open a new one at a different bank and this time answer all questions correctly.
 
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From my experience, the banks do not relay any information to the IRS unless the IRS asks for it (usually when they are already proceeding with collections effort after months of noncompliance from the taxpayer). If you are not currently under investigation from the IRS, you do not have anything to worry about.

However, the sale of your car is considered a taxable event and may warrant reporting on a tax return, if the capital gain is substantial enough. I'd advise you to consult with a tax professional on your particular case.
 

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