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New Member
posted Jun 6, 2019 10:03:37 AM

If $ is transferred between accounts (ex. from savings to checking and then transfer it back), is it considered taxable income?

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2 Replies
Level 2
Jun 6, 2019 10:03:38 AM

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.

New Member
Jun 6, 2019 10:03:40 AM

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?