Reply to Thread

Message:: [QUOTE="Mark T, post: 935646, member: 20061"]I do have a financial background degree in accounting. The IRS does not tax you on your life style. The proper way to make that statement would be if you are audited the IRS will take into consideration your spending habits and lifestyle to determine your income and then they can tax and penalize you on what they have determined to be unreported income. A lot of items can be kept in a safe deposit box. How large and how often you go to your safe deposit box is not circumstantial evidence. The IRS does not use circumstantial evidence to prosecute. How often you access you safe deposit box is irrelevant unless they can prove what you had in the box. The IRS has more sophisticated ways of determining if you are a tax cheat, determining how often and how large you safe deposit box probably is not one of them. If the IRS wants to audit you and they suspect you are a tax cheat then they can seize your assets including what is inside your safe deposit box. Want to know when the IRS really cares about your safe deposit box?? It is when you die. If you sell some coins , make a small amount of money and do not report it, the IRS is not going to waste their time with you. They go after the big fish. If you are being audited for something else and they find that you did not pay taxes on the gains you made from your coins sales  then they got ya.[/QUOTE]