Gina, it's not a question of what the IRS will do, it's a question of what they WON'T do.
And it's a damned short list.
You better believe Sparky Gina. About a few years both hubby and I took a loan out on our 401 k for home repairs. We went down to our bank to set up a new checking account so we did not mix the money in with our regular accounts. We needed an easy way to separate the money for the repairs from our every day bills in case we wanted to sell in the future.
We both had checks from the 401K but as they were combined slightly to over $10,000 the bank refused. We had to make an appointment with the bank manager to Explain why we NEEDED another checking Account.
This was so Odd to me, we had to convince the manager why we wanted another account. I told her about our plans and that it involved allot of money.
She took our checks and tried not to smile as to us, this was a huge amount to us, and ALLOWED us a separate account. How nice our bank allowed us to have a separate bank account for a reason we should not have had to explain to ANYONE.
Now another thing, when we had saved up enough money to pay cash for our Jet Skies, the dealership dropped the price for the skies and trailer by $ 500.00 so he would not be required to submit a report of a cash deal over $10,000, Yup, for accessory's we had to go to another dealer to buy them.
I expect a big wangle over hubby's 401 k any day now. He worried about the stock market and over 59 took out half to pay off the house and buy a 5 year old car. OH yes, someone is watching to see where your money is and what you are doing with it. No such thing as privacy and a mind your own business today.
The supermarkets you shop at using a check or credit card have a tally of everything you have bought in their store.
The public works keeps out an eye for people that begin to use more electricity or water and come out with the cops to see why.
Gina, we are being remotely watched by not just the government but by private businesses to your own credit union or bank to the people next door or down the street and every place you buy anything unless you pay cash.
Only privacy is to go camping and hope the big bears don't run to ranger Rick to tell him you are drinking beer or playing a boom box too loud and scaring the critters away.
