perklabs
New Member

Deductions & credits

With the new $10K bank reporting law "in and out" of your bank account, I am concerned that my shared living expenses with my GF would be a flag. She deposits monthly payments into my account that exceeds this 10K a year threshold to cover 1/2 of the expenses including rent and utilities and other expenses that I then pay out of my account or credit card to gain points etc. Should I be concerned that the IRS will audit me because I have more than the 10K coming into my account a year that is not otherwise reported? I have additional moneys from my mom that would put even more unreported money into my account. I put every thing on my credit card and she pays me back. This new tax law has me concerned and I would like to avoid an audit. Any suggestions?