Banking transactions report to IRS

[jfugger]

Hi, would like to know if US banks report to the IRS or send you a Tax form when you pass a certain threshold in deposits i.e. Paypal sends you a tax form when you have had deposits over USD 20,000. This question is pertaining to PERSONAL banking current/savings account.

 

[negon]

jfugger said:
Hi, would like to know if US banks report to the IRS or send you a Tax form when you pass a certain threshold in deposits i.e. Paypal sends you a tax form when you have had deposits over USD 20,000. This question is pertaining to PERSONAL banking current/savings account.
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I believe they deal with personal accounts in the US like they do in most European countries and report any personal account to the IRS.

 

[Fibor Stanogievsky]

So in Europe all personal accounts are reported no matter the amount?
I thought that would be valid only if someone surpasses a specific threshold...like 10K or 100K Euro

 

[goldies]

All bank account holders will be reported to the IRS. Even if you have a signature on a corporate account your info ends up on the desk of the IRS. Banks will collect your data and just submit it (The bank will take no risk for you). FATCA