Tricky situation here. Say i'm a freshman in college and will see my bank account grow into the 6 figures very shorty... do I have to give this information to fafsa? I wouldn't be paying tax for this either, so is it possible to hide this bank balance?
2006-09-16 06:22:26 · 6 answers · asked by Billy188 1 in Business & Finance ➔ Personal Finance
If I recieve this money in cash form, where can i put it so that I wouldn't have to claim it on fafsa... besides hiding it under my bed haha
2006-09-16 06:34:10 · update #1
it's completely legal if that's what you're implying... lol
2006-09-16 07:07:03 · update #2
The bank is required to report a large cash transaction to the Federal Government so there is no legal way to hid it. If you are planning to defraud the FAFSA by failing to disclose material facts about your financial condition, you might end up with a felony on your record. I would not recommend that.
2006-09-16 06:27:02 · answer #1 · answered by united9198 7 · 0⤊ 0⤋
If "it's completely legal" why do you want to hide it? All US bank accounts can be looked at by the US government for whatever reason they want. Cash transaction of $10,000 or more are reported immediately to the authorities, as are any/all activities and/or transaction which look suspicious to the bank. It is foolish to think that you can hide any bank activities.
2006-09-18 02:21:28 · answer #2 · answered by paleblueshoe 4 · 0⤊ 0⤋
Just wondering if this is the type of thing you might be better off putting in an overseas account. Like a swiss bank.
2006-09-16 06:45:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Its possible...but you are setting yourself up for tax trouble in the long run. In the whole risk / reward thing, you should to things by the book.
2006-09-16 06:26:04 · answer #4 · answered by gbass34 2 · 0⤊ 0⤋
only in cash form.
2006-09-16 06:26:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Not sure,from your social they can find out though!
2006-09-16 06:26:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋