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If $ is transferred between accounts (ex. from savings to checking and then transfer it back), is it considered taxable income?
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posted
June 6, 2019
10:03 AM
last updated
June 06, 2019
10:03 AM
2 Replies
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If $ is transferred between accounts (ex. from savings to checking and then transfer it back), is it considered taxable income?
No, money transferred between your own accounts is not considered taxable income. If it is showing up as taxable income, you will need to adjust the amounts to reflect the correct figures.
June 6, 2019
10:03 AM
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If $ is transferred between accounts (ex. from savings to checking and then transfer it back), is it considered taxable income?
ok..let me re-phrase the question...is transferring $ between a business account and a personal account considered taxable income? in other words, we take $ from personal and transfer to the biz account at the beginning of a month, then at the end of the month transfer the money back to the personal account. would this be considered taxable income at any point?
June 6, 2019
10:03 AM
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