IRS

The IRS recently announced “Operation Hidden Treasure,” aimed at identifying unreported crypto-related income. This is just the latest effort by the IRS to crack down on unreported income from cryptocurrency activity.

Most people are aware that cash transactions for $10,000 or more have to be reported to the IRS to help identify and prevent money laundering activities. For cash-based businesses, this reporting requirement can be burdensome, so people will try to arrange payments in such a way as to avoid the $10,000 limit.

Realtors are often experts at keeping multiple matters in the air. They must handle clients, closings, listings, and showings without breaking a sweat. But one thing that can be quickly dropped is taxes.

Claiming someone as a dependent on your taxes generally allows a benefit to the person providing the support. When most people think of a dependent, they think of a minor child that a parent is raising and supporting.